LV land swap delayed

Erin Neff

Tuesday, Sept. 19, 2000 | 11:41 a.m.

The anticipated land swap that would give Las Vegas a huge undeveloped downtown parcel will have to wait a bit longer.

Although originally set for a City Council vote Wednesday, both the city and Lehman Brothers need to spend more time on the complex deal.

The council's Real Estate Committee on Monday agreed to hold the item until Oct. 2 so three issues can be resolved.

Lesa Coder, the city's director of business development, asked for the delay.

"We need to make sure we have full disclosure of conditions on the U.P. site," Coder said, referring to the downtown land by the initials that accompanied its former owner, Union Pacific Railroad.

Those disclosures are vital for the city as it looks to gain 61.5 acres of undeveloped land that was once contaminated by the railroad, butremediated.

The Environmental Protection Agency has certified the cleanup to a certain depth, but ground water is below that mark, and potential contamination could exist.

If the swap is approved, the city would get the downtown land in exchange for 99 acres at its Technology Center in northwest Las Vegas and $2 million.

Las Vegas Mayor Oscar Goodman is hoping the parcel will be key to downtown redevelopment.

Lehman Brothers acquired the site in foreclosure after the failed development of a domed stadium by Texas entrepreneur Paul Tanner.

In addition to the disclosures about the property, the city needs to examine some zoning issues related to the Technology Park and the timing of some transportation projects that could use that land as a construction staging area.

Coder said the city is also considering employing outside legal counsel.

Councilman Gary Reese asked Coder if two weeks would be enough time to hold the item.

"I'd rather we not take any more time than we need," she said.