702 ENT was curious to find out more information about the reputed Raiders Stadium. We thought it unfair to keep the latest updates to ourselves, so we decided to share the latest scoop…
Last Tuesday, the Nevada Senate revised and passed a bill raising room taxes in Clark County in order to help finance a domed arena and convention center improvements in Las Vegas. Legislators accepted Senate Bill 1 on a vote of 16-5, clearing the 14-vote edge needed to pass a tax upsurge.
The bill now moves to the Assembly. Tuesday’s accomplishment plugged the second day of a special session called by Gov. Brian Sandoval to deliberate the tax climbs and escort in what the Republican governor defined as a chance to take Las Vegas to a whole new level as an international entertainment destination.
It also completed a long day of behind-the-scenes discussions and fervent debate as critics disparaged the public funding as trade welfare and followers addressed the thousands of careers the ventures would produce. With a 65,000 seating capacity, the stadium is said to be built at a site, that still needs to be confirmed. It is the proposed future home of the NFL’s Oakland Raiders and UNLV football teams. Owner of the Raiders, Mark Davis, has said he will pursue to bring the team to Las Vegas if the stadium is made.
The bill would boost the room tax rate by 0.88 of a percentage point to finance $750 million in general obligation bonds over 30 years. Adelson has pledged $650 million; the Raiders have committed $500 million.
Spirited Debate
Although the stadium sparked debate from the public and officials, many of whom questioned why public dollars were being used to fund a project with wealthy backers. Supporters pointed to the $620 million in yearly economic activity the stadium is anticipated to create, along with thousands of jobs it’s expected to create. While State Sen. Patricia Farley, R-Las Vegas, was formerly doubtful about using tax money to back the stadium project, she later supported it because the opportunity to bring “thousands of jobs” to Southern Nevada sound promising.
Project Mandates
The bill was modified to contain a decree that a minimum of 15% of subcontractors hired for projects, would be allocated to local small businesses. Additionally, it requires a stadium community oversight committee to guarantee diversity in the project workforce.
The adjustment also eliminated $4 million in annual room tax proceeds that would have been channeled to Clark County police. Policymakers are deliberating a separate measure to elevate the sales tax to employ more officers for Southern Nevada.
Economic development and Nevada casino power negotiators on Monday applauded the legislature as an audacious step, needed to ensure Nevada remains a top international tourism and convention destination.
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