Soccer swing: How one councilman’s shift brought stadium plan back to life

By Conor Shine

Thursday, Dec. 11, 2014 | 2 a.m.

After nearly a year of discussions, seven city council meetings and five revisions to the financing plan, developers pitching a $200 million downtown soccer stadium are facing what is likely their last shot at getting public funding for the project from the Las Vegas City Council next week.

Unlike previous attempts in which the council wasn't sold on the stadium plan but agreed to give the developers an extension, next Wednesday's vote will likely be the final decision on whether the project lives or dies. With the city's share of the costs having been repeatedly reduced, there's a feeling that there's little room left for negotiation if the council balks on the latest terms.

But after months of fighting uphill to persuade skeptical city council members to support the project and several close votes that nearly ended the stadium's progress, backers have made a major breakthrough that has set them up for an improbable victory.

Councilman Bob Coffin, a consistent opponent to using public money for the stadium, has softened his stance and appears ready to support a new financing plan that includes $25 million in city money to build the stadium. The key to Coffin's shift is a new wrinkle in the plan that would guarantee about $25 million for improvements to city parks, something Coffin says is especially needed in older neighborhoods like the ones he represents.

"It's not the same deal as it was. They've improved it a great deal," Coffin said. "The debt potential is really minimized now. The raid on the revenues for the parks has stopped ... It's going to really help us."

The plan also calls for the city to contribute $31.5 million in infrastructure, build a $20 million parking garage and chip in land at Symphony Park for the stadium.

If Coffin joins the trio of Mayor Carolyn Goodman, Councilman Steve Ross and Councilman Ricki Barlow — all vocal supporters of the stadium — in voting yes next Wednesday, it would provide a surprising ending to the stadium saga that few would have expected just two months ago.

Even if the stadium plan passes the council, the developer partnership of Baltimore-based Cordish Cos. and local group Findlay Sports and Entertainment will need to secure an expansion franchise from Major League Soccer or no stadium will be built. The MLS board of governors would vote next year on whether to award Las Vegas a franchise.

Here's a look at how the stadium plan has changed since January and how Coffin's stance on the project has evolved along with it:

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  Courtesy

  Jan. 22, 2014

  The plan: A $390 million downtown arena suitable for a professional hockey or basketball team. The city would issue $187 million in bonds and the developer would contribute $151 million. A $52 million gap remained unfunded.

  The action: The council approved a four-month extension on a 4-3 vote. Coffin voted in opposition, along with councilmembers Bob Beers and Stavros Anthony.

  What Coffin said: "I don't think we need an arena specifically downtown... Yeah, I'd want one. But do I need one? I don't think so. And that's where we get into that situation where we have to balance the needs versus the wants."

  What happened: A testy hearing before the Las Vegas City Council in January set the tone for much of the future stadium discussions. Developer Cordish Cos. came to the council asking for four more months to work out details on a domed downtown arena. A proposed tax on businesses to close the $52 million funding gap drew fierce pushback and was quickly scrapped. Councilmembers also criticized Cordish for making little progress on its plans despite having exclusive rights to build the arena since 2010.

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  Christopher DeVargas

  May 21, 2014

  The plan: A $200 million, 24,000 seat open-air soccer stadium at Symphony Park. Other financing details to be determined.

  The action: The council approved a three month extension to allow negotiations on financial terms for the stadium on a 6-1 vote. Beers voted in opposition. Coffin supported the motion, but didn't have much to say about the proposal.

  What happened: In a surprise move, Cordish Cos. scrapped plans for a downtown arena, shifted their focus to soccer and brought in a local group headed by Justin Findlay to partner in the project. The change gave new life to the stadium debate and piqued the interest of city council members, who agreed to give the developers until Sept. 1 to work out financing details.

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  L.E. Baskow

  Sept. 3, 2014

  The plan: A $200 million downtown soccer stadium owned by the city. The city would be responsible for $155 million, or 78 percent, of the upfront costs, which would be paid off using room tax revenues and rent from the stadium.

  The action: City Council approved a one-month extension on a 4-3 vote. Coffin, Anthony and Beers voted in opposition.

  What Coffin said: "I'm not going to vote for it. I'm still not satisfied because even today I'm asking questions for which there are no answers. … My opinion hasn't changed. Despite the fact that we have a new group, we keep moving the dates and we keep saying, 'We'll get more information if we keep moving the dates.' But we really haven't."

  What happened: Stadium supporters wearing blue T-shirts packed the city council chambers to voice their support for the project. But the public's high share of the stadium's cost proved too much to stomach for the majority of the city council. With the stadium proposal headed for certain defeat, a last-minute truce was brokered that extended the deadline for another month to gather more feedback from the public.

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  Cordish Cos.

  Oct. 1, 2014

  The plan: A $200 million downtown soccer stadium owned by the city. The city would issue $50 million in bonds for construction, plus contribute land and infrastructure improvements. Its investment would be capped at 42 percent of the project's cost.

  The action: The council approved a two-month extension in a 6-0 vote that allowed developers more time come up with a financing plan relying less on public dollars. Anthony did not vote on the item.

  What Coffin said: "We don't have enough parks on the east side of town. The parks we have are old and they are in need of repair. I know staff are doing the best job they can with the dollars we have, but they aren't enough. ... I know if this passes in its current form it will not help; it will hurt our efforts. I will be voting no at this time unless something dramatically changes."

  What happened: After major changes to the financing terms and extensive public outreach, the soccer stadium returned to the city council but encountered the same resistance about the high cost of the public investment. This was the first time during the stadium debate that Coffin publicly brought up the need for more money for parks. The stadium would be built using city dollars that would otherwise be spent on parks, something Coffin said he couldn't support. Seeking more time, developers promised to rework the financial plan to further reduce the public investment and were granted a final two-month extension.

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  Steve Marcus

  Dec. 1, 2014

  The plan: A $200 million downtown soccer stadium owned by the developer. The city would contribute $25 million towards stadium construction, $31.5 million for infrastructure and a $20 million parking garage to serve all of Symphony Park.

  The action: The council approved a two-week extension on a 4 -3 vote. Beers, Anthony and Councilwoman Lois Tarkanian voted in opposition.

  What Coffin said: "I've seen the (terms) and they go a long way from where we were on Oct. 1. Nothing is perfect when you're talking about these kind of negotiations. We've been asking them to give a lot and we've gotten an awful lot. ... I think I've reached a general level of satisfaction. If what I've seen on paper right now comes to fruition, then I will be able to support it."

  What happened: The hearing dealt with mostly procedural matters to align deadlines and set the stage for a final hearing and vote on Dec. 17. The plan presented first emerged in November and contains several major changes from the version that was rejected in October. The plan shifts most of the cost onto the developers and gives them full ownership of the stadium. Previous plans had the city owning the stadium. This plan is also the first to include funding for park projects.