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November 29, 2009

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Downtown land swap hits snag

Tuesday, Oct. 3, 2000 | 10:25 a.m.

The vaunted land swap that will net Las Vegas its "crown jewel" for downtown development will have to wait a few more weeks.

The agreement between the city and Lehman Brothers will be held for another two weeks as attorneys for both sides "tweak" the agreement, according to Lesa Coder, the city's director of business development.

Coder said she saw no serious concerns by either party, but wanted to allow the attorneys ample time to properly examine the agreement.

Under the proposed swap, the city would trade 99 acres in its Technology Center plus $2 million cash for 61.5 acres Lehman owns downtown.

The tentative agreement, reached in late June, anticipated the land swap going through on Sept. 1. The council's real estate committee held the item in abeyance Sept. 18 and again on Monday.

In addition to making sure the legal language is suitable, the attorneys will also be examining any potential environmental liability resulting from past contamination at the site.

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