Sunday, July 15, 2012 | 2 a.m.
- Mayor Goodman talks about the chance that more tourists than locals will use stadium
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Las Vegas officials envision a $400 million arena with about 20,000 seats, large enough to house an NBA team, with additional retail throughout. It would go on the northeastern edge of Symphony Park, close to the Smith Center for the Performing Arts.
Principals behind proposal
The project is a private/public partnership between the city of Las Vegas and the Cordish Cos.
The city wants it, but so few details have come out about financing that opposition, if any exists, has been muted.
Likelihood of attracting a professional team
The city hopes an NBA team, even an NHL team, would make the new arena its home. Although there is no guarantee that building a first-class facility would lure a team to town, NBA Commissioner David Stern has been on record saying Las Vegas wouldn’t be considered without a proper facility.
Financing and/or enticements
Details of financing mostly are being held secret by the city and Cordish officials. Cordish has about another year to act on an agreement made with the city in late 2010. Some form of public assistance — being able to keep sales tax revenue, for instance, to leverage against bond sales — is anticipated.
Legal and legislative obstacles
What hurdles remain won’t be known until the project’s financing scheme is revealed and whether it would be conditioned on government approval.