“I’m also pleased that this project will leverage the most private investment of any baseball stadium in the country.” “This tentative agreement minimizes the risk to Nevada taxpayers in the most fiscally responsible manner,” Conine said. The A’s would be responsible for any amount that surpasses $380 million. Those infrastructure upgrades include utilities, roadway and pedestrian improvements, and money for fire and police protection.Ĭlark County also would agree to a 30-year property tax exemption on the stadium site, bringing the total cost to the public to between $350 million and $380 million. The county also would foot the bill for $25 million in infrastructure improvements at the stadium site. The public’s contribution would include $185 million from the state in transferable tax credits, of which $90 million would be repaid over time from stadium revenues, people with knowledge of the proposed bill told the Review-Journal.Ĭlark County’s share would total $145 million, with $120 million via bonds that would be repaid from the newly created tax district.
That would be the third-lowest public funding share of the 14 MLB stadiums built since 2001.
Under the terms of the proposed bill, public financing would make up less than 25 percent of the stadium’s construction funding. Bally’s Corp., owner of the Tropicana, would look to construct a new resort project on the remaining acreage at a later date. The A’s stadium would take up 9 acres of the 35-acre site and lead to the demolition of the hotel-casino. Taxes generated in that district would be used to repay some of the public funding for the project. The tentative agreement includes the creation of a sports and entertainment improvement district for a planned 30,000-seat, retractable-roof stadium located on the southeast corner of the Tropicana Las Vegas resort site. We look forward to advancing this legislation in a responsible way.” “We want to thank Governor Lombardo, the Legislative leadership, the Treasurer, and Clark County Commissioners and staff on the collaborative process. “We’re very appreciative of the support from the State of Nevada and Clark County’s leadership,” A’s President Dave Kaval said in a statement.
The A’s stadium funding bill, which would provide up to $380 million in tax support for a $1.5 billion ballpark, still needs to be introduced in the Legislature, passed by state lawmakers in Carson City and signed into law by Lombardo. “Las Vegas is clearly a sports town, and Major League Baseball should be a part of it.”
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“This agreement follows months of negotiations between the state, the county and the A’s, and I believe it gives us a tremendous opportunity to continue building on the professional sports infrastructure of southern Nevada,” Lombardo said in a statement.
Joe Lombardo on Wednesday announced the agreement between his office, the A’s, state Treasurer Zach Conine and Clark County officials. Baskow/Las Vegas Review-Journal) Oakland Athletics and Nevada leaders have struck a tentative agreement to bring forward a bill that could lead to the MLB team’s relocation to Las Vegas. Tropicana exterior for possible A's stadium site build on Wednesday, May 17, 2023, in Las Vegas.
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