Friday, March 5, 2004 | 9:21 a.m.
The Las Vegas City Council lost an opportunity this week to spare taxpayers the possibility of one day bailing out a new program. The members could have voted against a two-year negotiating period for Edward and Mona Sher, thus effectively ending the couple's proposal to build a "world-class" zoo at Floyd Lamb State Park. Unfortunately, the council ended up postponing the matter for two weeks so the Shers would have more time to provide more information to its members.
Under the Shers' proposal, there would be an exclusive two-year negotiating period, during which they would sketch out what the zoo would look like, what kinds of animals would be there -- and how much money the city would stand to make. The couple's plan sounds optimistic, too much so. They would finance the $100 million cost of the zoo through privately purchased revenue bonds and pay them off through admission fees and donations. They predict making a profit, which they say would be shared with the city. The city is listening because its hope to acquire the park from the state rests on being able to afford it. With profits streaming in from the zoo, some in the city see the transfer of ownership as affordable.
We just cannot picture ticket sales being enough to cover such a high cost. If the city owns the park and is sharing in its revenue, and the zoo fails financially, it will have an obligation to maintain the zoo with its own funds. Elsewhere in the nation there have been a number of zoos that recently have lost money, a situation that has resulted in employee layoffs and a reduction in exhibits.
Never mind what a zoo would do to the ambience at this historic and scenic park. Just think of possibly having to pour millions into its maintenance, when we can barely afford our neighborhood parks. If the city votes for this proposal, we hope the state saves us all by refusing to transfer ownership.
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