Development deal on Vegas’ 61 acres is facing new delay

Dan Kulin

Wednesday, April 27, 2005 | 11:03 a.m.

Instead of seeing an agreement next week on the development of Las Vegas' prized 61 acres downtown, the City Council might have to wait until July.

The Related Cos. was expected to ask next week for an additional two months to turn in a final version of an agreement, City Manager Doug Selby said.

In recent weeks, city and Related representatives have said they would seek a 30-day extension to the exclusive negotiating agreement between the company and the city. On Tuesday, Selby said the extension now being sought would instead push the final deadline to July 6. The council is expected to vote on the extension during its meeting May 4.

Selby said the delay is "absolutely not" an indication of any problems between the two parties.

"Negotiations have gone extremely well," Selby said. "This is a complex agreement, and one we hope will serve us well for five or 10 years."

"We are close to a final agreement," he said, adding that the two-month extension will give both sides time to "tie up any lose ends and polish the language in the agreement."

If the council approves the extension, Selby said a final version of the development agreement could go to the council for a vote on Aug. 3.

City and Related officials have been negotiating for months the plans for the vacant city-owned 61 acres, which was part of the Union Pacific rail yards.

Preliminary plans call for the 61 acres to include a performing arts center, academic medical center, new City Hall, office and residential high-rises, and possibly a baseball stadium.