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New arena plans promise jobs but seek public money
Thursday, March 4, 2010 | 2 a.m.
Reader poll
Steve Sisolak
Sun archives
- City OKs plan to study downtown arena, entertainment district (11-4-2009)
- Cordish projects include sports-anchored developments (11-4-2009)
- Goodman: 20,000-seat downtown arena could lure NBA team (10-29-09)
- Mayor seeking arena development deal for City Hall parcel (10-28-2009)
- With arena plan dead, what next for former REI Neon site? (8-2-2009)
- City quietly ends arena talks with REI Neon (10-15-2008)
- city holds out hope for arena downtown (8-21-2008)
- Told you, critics of arena play say (8-2-2008)
- Casino plan may survive arena's death (5-30-2008)
Competing proposals for a local arena large and modern enough to house a professional basketball or hockey team are making their way into the hands of Clark County commissioners.
If this sounds familiar, almost three years ago the Las Vegas City Council feted would-be arena developers as virtual saviors, with the prospects of bringing in professional basketball and drawings of a futuristic arena as the anchor for blocks upon blocks of surrounding development. Tagged onto the multibillion-dollar venture was even a Vegas-y name, the Pulse Project.
Then the economy soured and the Pulse failed.
But the idea of using public financing to build an arena has been revived. Two contenders want to build 20,000- to 22,000-seat arenas on or near the Strip, and county commissioners could be debating the proposals in two weeks.
Part of the pitch that commissioners — and union officials — like is that the project would create thousands of construction jobs over an 18-month period.
“What gives me interest is the jobs. That’s a lot of jobs,” says Commissioner Steve Sisolak, who has talked to proponents of both proposals in the past two weeks. In the same breath, he adds, “If this thing goes south like the monorail did, I don’t want the taxpayers to have to bail anyone out.”
One of the state’s most powerful company’s, MGM Mirage, says no tax money should be used on arenas, period.
“If any company, investor or developer wants to come to this town with a checkbook to build an arena, they should do so,” MGM Mirage spokesman Alan Feldman says. “We know, because we’ve built two of them. But the thought that anyone would be allowed to use taxpayer money to help a private interest build an arena is unconscionable — especially in a state in such dire condition that we’re slashing education and cutting subsidies for diapers and dentures.”
Details of both arena ideas aren’t completely laid out, but this is what the Sun gathered from county commissioners and some interested parties:
• One proposal would be for a 20,000-seat arena funded in part through a sales tax collected in a designated entertainment corridor near the Strip. Sisolak figures the tax would be about seven-tenths of a cent. Voters would first have to approve the levy in an advisory question on the ballot in November, he says.
Las Vegas Arena Foundation is the nonprofit group proposing this plan, with former County Commissioner Bruce Woodbury at its helm. Others on the board, which Woodbury says has not been completely filled, include Thom Reilly, a former county manager; Pat Shalmy, also a former county manager and retired president of NV Energy; and Danny Thompson, executive secretary-treasurer of the Nevada AFL-CIO.
Woodbury says his group is separate from Harrah’s, but the plan includes 10 acres behind the Imperial Palace that Harrah’s would donate.
Bruce Woodbury
The proposal says the project would create 2,100 on-site construction jobs and 1,300 off-site construction jobs. After opening, the arena would directly support 3,000 jobs and create another 1,000 locally. Groundbreaking would likely be next year, Woodbury says.
Total cost for the 674,570-square-foot arena would be about $488 million. The land donated by Harrah’s is worth and estimated $182 million.
• The other proposal comes from Texas-based International Development Management to build what documents call the Silver State Arena. Its seating would vary from 20,000 to 22,000 based on the event. The arena would be between the Sahara and the incomplete Fontainebleau, on the site of the former Wet ’n Wild water park. County records show the 27 acres are owned by Sahara Las Vegas Corp., a subsidiary of Archon Corp. Paul Lowden is listed in state records as president of Sahara Las Vegas Corp. His wife, Sue Lowden, a Republican candidate for U.S. Senate, is listed as secretary and treasurer.
A year ago, International Development Management tried to buy the 27 acres for an estimated $618 million, but the deal never materialized.
In documents filed with the county, the arena proposal would cost $751.7 million ($404 million construction costs; $347 million for the land), and would employ 4,100 construction workers. An analysis by the group said it would create 7,300 permanent jobs and generate $371 million in tax revenue over 30 years. Groundbreaking could be this summer The arena would be completed in the third quarter of 2012, the company says.
To finance the project, the company wants the county to resurrect the redevelopment agency that commissioners killed last year. The site is in a redevelopment zone, so if the agency is reinstated, developers could keep property tax revenue generated as a result of redevelopment. They would use that revenue to pay off bonds sold to finance construction. Clark County would underwrite some but not all of the bonds. Two-thirds of project’s debt would be paid off with tax revenue, with the remainder paid through taxes collected in the redevelopment area.
Echoing Woodbury, Lee Haney, executive vice president of Rogich Communications Group, which represents International Development Management, said Las Vegas “needs the arena to host bigger and better events.”
Commissioners like the sound of that, but they say a lot of the details still need to be worked out.
“If it involves any public funding, then I think the county should own it,” Commissioner Tom Collins says.
Tom Collins
Commissioner Chris Giunchigliani, who pushed to mothball the county’s redevelopment agency, says she is amenable to increasing sales taxes on the Strip because it “would mostly tax nonlocals.”
Commission Chairman Rory Reid — son of Harry Reid, the senator Sue Lowden wants to unseat — says he is “reticent” to use public money on an arena but cannot ignore any opportunity to create thousands of jobs.
“If I’m going to support any kind of project right now, I have to know that it’s real and that it will benefit the community,” he adds.
Commissioner Lawrence Weekly was on the Las Vegas City Council when, after all the talk about a downtown arena, nothing ever came of it. “I won’t get my hopes up,” Weekly says.
The city’s plans died with the tanking economy.
An arena, though, is still an idea in the city’s downtown plan.
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An arena built next to the Fontainebleau will certainly tempt Icahn to finish the blue beast! Plus, an arena on the strip is a no-brainer to say the least!
WOODBURY, SHALMY, ARE ON THE LAS VEGAS MONORAIL BOARD
ARE THESE CHUMPS SMOKIN' CRACK, OR WHAT....?
LAS VEGAS MONORAIL (in case you missed this):
Corporation's President/CEO in Charge of Managing Entity:
Curtis L. Myles III
Corporation's Board of Directors Who Signed Corporate Resolution to File Bankruptcy:
Bruce Woodbury
Bob Beers
Tony Santo
Donald L. Shalmy
Mike Sloan
AND THESE GOOF-BALLS WANT TO USE MY TAX MONEY FOR THIS MORONIC JUNKPILE..?
SO THEY CAN HELP THEIR 'CONNECTED PALS' MAKE MORE BIG DOUGH ON MY DIME..??
What happened to the Anschutz plan?
If I'm reading the article correctly, the developers would pay off the bonds using money that would normally be expected to go to property taxes AND through taxes/fees collected in the redevelopment area. Basically, the project would generate no new tax revenue, at least within the boundaries of the redevelopment area, but would generate some jobs and tax revenue outside the redevelopment area. The county would underwrite the bonds, which means the county would take the risk.
From a taxpayer perspective, loss of the prospective tax revenue while the bonds are being paid off is probably acceptable. (I assume we're not geting much revenue from the area anyway.) However, I think it'd be better if the developers found private underwriters to take the risk. After all, if it's such a sure bet, private investers should be willing to come forward.
Besides the tax breaks, the county (and the assorted politicians that purport to represent us) should make a concerted effort to line up commitments to use the arena from various potential users (rodeo, NBA, political parties, etc). Basically, drum up business. (They should be doing that anyway, rather than feathering their own nests & posturing for re-election.)
(1) bring back Wet-N-Wild... The Derestuka was awesome.
(2) MGM Mirage is right. Don't waste any public money on an arena that is supposed to bring in professional basketball or hockey.
(3) If we're going to build an arena with some public money then use it to build a place that could house football, baseball, and the NFR.
yes, it will bring jobs until they are done building it.
then what?
a bunch of $7.00 or $8.00 per hour jobs selling soda and beer.
the ONLY people these stadiums benefit are the people that build them and the politicians that get re-elected by throwing out "look how many jobs i brought to town" to their trained seal voters clapping for a fish.
and if this thing DOES get built, please don't put it on the strip. the strip is already a traffic nightmare. put it a few blocks OFF the strip in a ghetto area like lake mead and owens.
Here we go again... this time, its a Sports Arena ON The Strip. For at least 15 years, the City of Las Vegas, and also Clark County Commissioners, et al, have been trying to attract a sports club to LV.
As for the City (downtown), the latest idea was: "THE PULSE;" it was extravagant, and it failed. NOW, there is this idea to SQUEEZE a 20,000 seat arena into a small space between the HUGE Fountainbleau Resort - and the Sahara Hotel. It seems the problems of traffic flow, congestion, access, parking, fire protection, etc., have been ignored.
As an example of such problems, consider the vacant land downtown that the City has been trying to build on since 1995; it is "land-locked." In front of this land is the Plaza hotel with the only major access road being Main Street; a small two-lane road. On the "south side" is Bonneville Road, whidch would cannot provide much greater access because there is no on- or off-ramp to I-15 (and Dept of Highways said there won't be). Further, traffic would run through adjacent housing neighborhoods.
Similar traffic and access problems will exist for a Sports Arena on the Strip next to the Fountainbleau. There will be limited access, and additional (already)traffic congestion. Traffic viability on the Strip reached its capacity over 20 years ago (one reason pedistrian bridges were built).
NOW, even bigger problems loom for residents (and tourists)in Clark County. Politicians are considering providing about $1/2 million (to start) in TAX dollars to support construction of a Sports Area. Along with these "tax gifts" (solicitations to builders) will be other rebates and giveaways to inspire design/build plans (just as has been offered downtown).
An added "cost" to taxpayers will be the loss of potential tax-revenues from builders due to the 35% property tax exemption passed by our legislature for "green construction" projects. And for what its worth, what about the environmental impact? 20,000 people - plus the Fountainbleu Hotel and Casino crowd - moving in and out of that up-to-the-curb limited space will be a bunch.
But where is the money for this arena going to come from?
Don't the Clark County Commissioners have anything better to do during this DEPRESSION (as it was called in the Miami Herald Newspaper, yesterday) - than look for ways to SPEND money on projects of questionable use and viability? And how will Commissioners plan to provide County services, inspectors, fire protection, etc. during and AFTER construction?
Like the bankrupt condos on the Strip, the politicans and powers-that-be continue looking for ways to make an extra buck; to make Las Vegas shine above all others. While this may be their job (and a reasonable goal), it seems obvious this is not the time to build a Sports Arena - or anything else - as many builders are finding out (like CityCenter).
To: bring back Wet-N-Wild... The Derestuka was awesome.
YES IT WAS! There always seemed to be a lot of folks there - including me. This one kind of attraction that brought, and could again, more diverse excitement to Las Vegas; one more thing to do outside of a casino.
Looks like maybe Woodbury and Sisolak will be on opposite sides of this one. Woodbury worked like crazy to beat Sisolak, and now he is going to need his support. What do they say about politics, no permanent friends and no permanent enemies?
Las Vegas should move forward with building a new stadium. It's in step with the direction of the city and would create much needed jobs. Let's see if our county commissioners can get this right.
You can have our team the Indiana Pacers...The owners have screwed the taxpayers over here. Demanded a new arena and said that they would pay the upkeep and maintenance on it. The cost are running about 15 million a year for that. Now the owners (Simons) who are worth over 3 billion are saying they are broke and that the team has never made a profit in the 25 year they have been in Indy. They are saying they won't pay the 15 million and want the taxpayers to suck it up after we sucked up the cost of building them a new arena. Plus attendance is in the bottom of the NBA teams. Guess the taxpayers are voting with their pocketbooks. Plus we are on the hook for the Colts new stadium and we can't afford to operate it and the owner Jim Irsay gets all the money from events held there. They jacked up our food/beverage tax 1% to pay for that monstrosity and still not raising enough money to cover the payments and operating costs.
Don't allow them to railroad this through or the taxpayers will be stuck bearing the costs just like Indianapolis residents!
"Don't allow them to railroad this through or the taxpayers will be stuck bearing the costs just like Indianapolis residents!"
Also reminds me of the Stadium that the owners of the Chicago White Sox built. Swore no tax money would be used, but only if the team did X amount in attendance - which they never achieved, and I believe, didn't even achieve the year they went to the World Series. But by then - the taxpayers had already foot the bill. Mind you - this is in a City where there are numerous (if not crappy) PRO sports teams and the huge fan base to go with those teams, something Vegas does not have.
So there would be a seven-tenths of a cent sales tax collected in the resort corridor to help pay for it. How will Gov Gibbons let this new tax be enacted "unless those paying it agree to it"? Is he going to conduct a survey of the tourists to see if they want to pay a higher tax?
If Harrahs 'donates' the land, will they then be able to reduce their tax burden by the millions of dollars of land value?
If this is such a slam dunk, let those who will profit from it pay for it and own it.
I agree with STEVEM. Jobs now, then $7-$8 flunkies. That type of income will not support a family or a city.
My question is; Why do they have to "pitch" it to the Union officials? Wouldn't / shouldn't it be pitched to the people that live here? And they toute that it would create 7,300 permanant jobs. How do they know that? What areana in the world, has 7300 people working for it and even outside service companies? It doesn't add up..
$751 million now, $1.8 billion by the time it's done..What construction job in this city has ever come in on budget? You know who, will be padding the invoices and re-design fee's.
Unless you have a team committed,, what if you build it and they DON'T come? Now here's an arena - vacant waiting for a prof. team.
The idiots that built CC will probably get the contract, so that won't help anyone. (see above - $751million will be over budget for sure..
Great sales pitch, but I don't see it happening. And using Public funds right now? Is like building a new city hall - NO ONE HAS ANY MONEY!!!!
to: SufferinSuccotash
I disagree that a new Sports Arena would be of any benefit to Las Vegas. As other comments have said: it would have extra costs, not provide the jobs predicted, the location for this arena - next to the Fountianbleu - is not good, and there is NO FAN BASE HERE. IF there is a fan base for some team, lets get a committment from them BEFORE a stadium is built.
As far as tax payers are concerned, the way the subject is presented in this article - yes, we would pay for it; now or later; probably both.
As for the INDIANA PACERS example, I also refer to the Jacksonville Jaguars football team who have their residnce in a stadium OWNED by the City of Jacksonville, Florida. Currently, that City is $58 million dollars "under water" in terms of revenue vs. expenses. The mayor is advocating some severe cut-backs to meet their mandated balenced-budget requirement by October 1st.
In this discussion, the people of Jacksonville have commented about the cost of maintaining the Jaguars stadium - since the City must pay for it - just like the in Indiana does and Las Vegas will be required to do.
Don't think so? One example: the MONORAIL, that would not cost citizens of Las Vegas tax money.
So, lets not be so quick to make firm comments on an issue so big - with so much financially adverse history in Las Vegas to think about - that a summary judgement is made as to whether this arena project is desirable, or even possible in our current financial crisis. This could turn out to be one more good example of "promises, promises" - that never come true. .
By the way, what is the Thomas and Mack Center; chopped liver?
People have to remember that Las Vegas has at least one core advantage. THE WEATHER!!! People love the nice weather here..retirement, change of residency. If we had a Baseball Stadium, a Hockey/Basketball/NFR (all in one) venue like Anaheim, not only would the hotel and casinos be packed, but it would create thousands of jobs. Now the Monorail could be a very big part of this. Link the Monorail from Paradise or Swenson, whereever the main station is, and send the tracks either behind each casino and have drop off points at each casino, if they would permit, or send the monorail right down the center of the strip. Close the Strip to vehicular traffic with exception of taxi's (for now), and let people either walk the strip or hop on the monorail or take a taxi. The monorail should service every casino on the strip, the McCarran Int'l airport and downtown casinos, World Market Center. Moving people is what it's all about if you are planning on building these venues close to Strip Hotels. County has the land for lots of these projects. Entice private investors. Use all available resources. I think the monorail could become a brillant thing if used properly. Think of Disney in Orlando!!!
people are stupid.
vegas doesn't NEED a sports stadium, bumpkins.
vegas is one of the most visited cities on earth, and it WAS one of the fastest growing cities in america for about 10 years.
and guess what?
brace yourself.
we did it WITHOUT a sports stadium.
freaking grow up. it's like "mommy, that OTHER city has a stadium...i want one, too".
if vegas NEEDED one...don't you think it would have been built in the "boom years"?
don't you think wynn or the maloofs or trump or mgm would have at least cranked out an excel spreadsheet once or twice to see if it could make money?
explain to me how NOW with the economy in the dumper and tourist numbers down, local unemployment at record highs, and increased taxes on the middle and upper class giving them LESS money to spend, vegas could support a sports team.
these things are nothing more than kickbacks to the construction companies that build them.
Whomever owns the team should own/build the arena otherwise there will always be revenue/lease issues. Downtown is the best location. Gut out Neonopolis if necessary. And if ur worried about traffic just grab a room at the Vegas club for $ 15 and chill out.
OMG we have the STUPIDEST politicians in the country here, and that is saying alot!
in the current economic climate, they want to waste even more of our taxpayer dollars on a sucker's bet.
unbelieveable.
Why waste money on another 20k person venue? Rebuild the T&M or Silver Bowl to a 40k person capacity and make Las Vegas more competitive and viable.
Don't need a new stadium? We have been fine without one--the tourists still come? Only $7-$8/hour jobs? It didn't work in Indy?
Child, please...
We'll get back to you after the NFR heads to Dallas, along with our prize fights and UFC bouts. How much do these events pump into the overall Vegas economy, not just into the pockets of the guys who sell cokes?
We didn't have a racetrack before and we did just fine but now we do and thank god we do as it generates several hundred million bucks to the city/county.
I'm not advocating using taxpayer money here (although this is so much different than a half-assed monorail that doesn't even go to the airport) and I'm not sure an NBA/NHL team would succeed but we should have top notch stadium/arena facilities to attract top notch events and we don't.
While we don't seem to want the NBA All-Star game back (yes, I understand the reasons--see: Minxx shooting), the NBA wouldn't come back even if we wanted them as they stated our facilities are, basically, bush league.
The T & M is more than fine for a college hoops arena, but it sucks for pro-quality events (not just sporting events) as does the Silverbowl, and the 51's rinky dink stadium. It's downright embarrassing and yes, it's bush league.
As a recent Sun article stated (http://www.lasvegassun.com/news/2010/feb...) Las Vegas has lost its edge on all sorts of things and lacking the facilities to attract--or keep--top-of-the-line events goes on the list.
Personally, if we're going down we may as well go down swinging. I'm still not sure what to think of CityCenter but I admire the attitude just as I admired the attitude of ol' Steve when the Mirage was being built and the same when the MGM was being built, etc., etc.
It's real easy being a boo bird and a naysayer on every idea that pops up but this slow death Las Vegas is experiencing is just, well, killin' me...
BUILD IT...Just make sure the monorail stops there,do it just like SF's AT&Tpark keep the parking lot small so people have to use mass transit or hitch a ride on the monorail and a little bigger would be a real winner
Oh I forgot make it a multi use facility...And bulldoze the T&M center..
If the county builds an arena AND the city builds an arena...maybe we'll get 2 NBA teams!!
There aren't any pro sports teams coming here. We couldn't lure one here in the best of times when we had a red carpet to roll out. Why would we get one now?
Look at the Neonopolis, reference "the riverwalk" and the myriad of hairbrained ideas that our gin soaked mayor and his cast of myopics have nodded yes to. Now we have the MOB museum, the Neon boneyard and the new 200 million dollar city hall. When are the voters going to vote these small thinkers out of office?
What a great business plan. Let me try....
I come up with an expensive plan and then have taxpayers foot the bill. I'll have to use the unions since I need the county commissioners seal of approval and since I know the unions will pay him off and the chump owes them. If the project makes money, I win. While they are building it, I make money and I win. If the whole thing falls apart, I walk away with some money, I win!!! Virtually zero risk and guaranteed reward!!!!
This is just like how we own the auto industry and how GM gives us great deals since we (the taxpayers) own most of the company. Since on those that live in Las Vegas will pay into this business idea, I think we will get to see free ball game and activities all the time. Wait a second...... I think cars have gotten more expensive for me and the proposed plan wouldn't actually give anything to the taxpayers.
What a crock!!!! The MGM executives are correct when they say public money should not finance this private business venture. Rory certainly didn't fall far from Harry tree since it sounds like he enjoys the idea. This could bring $$$$ in campaign contributions for aiding the unions again. To top if off, Nevada gets no new money that enters the state because the money is funded by its own taxpayers.
There's some pretty funny comments in these posts!
Anyway, looks like there's some mixing of what Vegas is known for and the fact there really is a "City" and a "State" with its own goals that have nothing to do with gaming.
The Strip stuff for a stadium is hystercial. (You gonna' dig a 15 level underground garage soon?) Seriously - where are people supposed to park? A separate lot and then have people shuttled to the arena? Possible. And what's with this need to do a stadium anywhere NEAR the strip! Let's not forget a lot of people do not like the Strip area. Tourists and locals alike.
What does a football game or rodeo have to do with the gaming industry anyway? This is like thinking the new Yankee Stadium should have been built near Times Square in Manhattan. The Speedway isn't near the strip, right?
Nevada is an ENTIRE STATE! Not just a 3-4 mile long corridor. You put the thing, if at all, away from all the gambling. People that want to see sports can go see sports and gamblers can go gamble and never the twain shall meet. (Even when gambling on the sports.)
Unless - unless... Now, I get it... The idea of putting this near the Strip is to fill the hotels. But MGM Mirage is against any public funds that could benefit them in the long run so that can't be right. Hmmm. Oh - it must be the free land from Harrah's then behind the Imperial Palace. Nah - land further out can still be cheap. Then that means... yes! We want them near the strip so they can gamble in the hotels and eat at those restaurants! OK - THAT makes sense. Sort of like having TONS of NFRs year round.
On another point about us citizens owning the auto companies. Well, we don't actually "own" anything. The federal government would have us believe that to make the Bailout Plan more palatable to us, and give their actions some credibility - instead of just looking like they are funding private enterprise and union workers. If anyone, the union workers own a big piece of the auto companies (as part of the mandated bailout agreement).
I only question this ownership idea because I'm wondering - if "we the people" are supposed to own a big share of the auto companies - how come we aren't getting paid any stock dividends?
"An NBA team and NHL team coming to Las Vegas would definitely bring alot more than just $7 and $8 dollar jobs as you guys like to claim."
The majority of those jobs WILL be $7-$8 jobs and part time - concession workers, security personnel, the ones that sell in the stands, the ones who clean the toilets. They will only bes working during games. The only full time jobs will be the suits and administrative personnel a pro sports team has - 50-75 people at best in the "front office".
But does Vegas have a fan base to support a pro team of any sport? Major league baseball didn't think so and gave the franchise to Washington DC after Las Vegas was mentioned quite a bit. Heck, Cashman Field doesn't even fill up for major league teams unless it is a popular team such as the Cubs in the preseason games they play. Well, maybe the Dodgers, too. Vegas isn't a pro sports town.
As far as an NBA team - doesn't ANYONE remember the all star weekend fiasco several years back? You guys want THOSE kinds of fans????
One other nuance of public bond financing to consider:
Neither the State of Nevada, nor Clark County, nor the City of Las Vegas can issue an unlimited dollar amount of tax exempt municipal bonds in any one year.
Instead, to keep cash flowing into the IRS, the Federal government sets a tax exempt municipal bond quota for each state for each year. Nevada's is relatively low, because of our small population.
For example, in the year the Monorail bonds were sold, the State of Nevada's quota was only $220 Million for "private purpose bonds", which is why MGM could not build the Monorail it had planned and organized. The projected cost of the Monorail was $650 Million.
As a result, abra cadabra the MGM boys and the Mormon elite organized a non-profit corporation, Las Vegas Monorail Company. They represented to the financial universe that Las Vegas Monorail Company was an "instrumentality of the State", as a means of using up Nevada's "public purpose" tax exempt bond quota to issue bonds to finance the Monorail.
So, let me ask a practical question: What will the land, parking structure, stadium, huge interest reserve required for bond issuances, and all of the bond deal closing costs total up to?
Is Nevada's current annual Federal municipal bond quota for private purpose bonds anywhere enough money to pay all of those costs? Probably not.
Is Nevada's current annual Federal municipal bond quota for tax-exempt public purpose bonds enough money to pay for all of those costs to build a big stadium?
Will it take several years of Nevada's public purpose tax exempt bond quota to fund the building of the stadium?
And what will other communities in Nevada do, in the year or years when the stadium eats up the whole tax-exempt public purpose bond quota, when they need to issue tax exempt bonds for normal things like sewers, streets, water lines and schools?
CynicalObserver - just want to say that your above post seemed to be an extraordinarily intelligent one. So I clicked on your name and started reading some of your almost 500 comments.
So who are you? Elected offical? Newspaper writer? High placed "source" for the media? Just a really smart and astute person? I'm looking to move to LV before the year is out and I'm going to read all your comments. I think they will "catch me up" on a slew of topics that probably deserves thorough inspection. Keep us on the level and thanks.
teamster will have a lot of garbage to haul out of there when they build it.
So, the redevelopment area tax revenues will be used to pay off the bond debt to build the arena? What a sweet deal, build something at little to no risk to you, and get someone else to pay for it. And don't forget, those property "taxes" they pay to themselves are a deduction on their federal tax returns. They won't even have to rent the damn thing out, the depreciation write offs and tax credits will make more money for them than hosting Disney on Ice ever could.
And to top it off, create a special tax district on the Strip to soak the tourists a little more. There's nothing I like more when going on vacation than to pay an extra 10% for the privilege of visiting. It's like your cell phone bill, $40 a month is more like $55 after fees and taxes. No one will even notice.
Sounds like our illustrious politicians don't know WHAT they want. If they are THAT concerned about having an arena in Las Vegas, get the two developers to get together to pool their resources and build a state of the art arena (that would make Cowboy's Stadium look Obsolete)that would draw any type of sporting venue, no need to subsidize the funding with hard working overtaxed taxpayer dollars, it will pay for itself faster that anyone could imagine.