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StumbleCity sells $85 million in bonds to finance downtown projects
Wednesday, March 18, 2009 | 12:42 p.m.
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Sun Archives
- City approves acceptance of federal stimulus money (3-18-2009)
- Commission doesn’t like city’s special district plan (3-13-2009)
- Council OKs up to $100 million in redevelopment bonds (3-4-2009)
- Mob museum walks on public tightrope (2-3-09)
- City sewer fund has $148 million — a good place to steal money for a mob museum (1-28-2009)
- $80 million bet on development is risky (1-28-2009)
In the shadow of a recession and a nationwide credit crunch, the City of Las Vegas today sold $85 million in redevelopment bonds to fund downtown development projects officials hope will spur the local economy.
The Las Vegas City Council unanimously voted today to sell the bonds to institutional investors.
"We had a successful sale this morning," said Mark Vincent, director of finance and acting deputy city manager. "After six months of hard work we were able to sell $85 million of redevelopment bonds this morning. We will be closing shortly."
The money raised by the bonds will go toward building infrastructure for the 61-acre Union Park project, the Smith Center for the Performing Arts and the Las Vegas Museum of Organized Crime and Law Enforcement (the so-called Mob Museum).
Councilmen David Steinman and Steven Ross were absent from the vote.
Union Park is a 61-acre, $6 billion new downtown core that will be built from the ground up. First-phase infrastructure is near completion and curbs and gutters are in place, officials said.
The Lou Ruvo Brain Institute, under construction at West Bonneville Avenue and Grand Central Parkway, is on the southwestern corner of the site. The $50 million medical center, which will be run in partnership with the renowned Cleveland Clinic, is scheduled to be completed this year. The World Jewelry Center, the 426-room Charlie Palmer boutique hotel, and other residential and mixed-use projects also are planned for the site.
Construction on the Smith Center for the Performing Arts, which will be the center of Union Park, is scheduled to begin in late March. The $360 million project will be Las Vegas' first comprehensive cultural center and is scheduled to open in late 2011.
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$85 million in future tax obligations to stir the economy as Billions in planned construction are halting. Only in America does this lose dollars and be happy for pennies seem ok. It's an obamanation.
Goodman and his trained monkeys on the city counsel will do anything to get what they want and add to this city's ruin.
Sell to whom?
BTW, how's that local real estate market going?
Neiman1
In case you're wondering and I know you didn't bother to check your foot before you inserted it into your mouth. McCarran reported HIGHER numbers in February 2009 due to the holiday. Wasn't the holiday AFTER Obama's comments?