Published Tuesday, Nov. 20, 2012 | 10:03 a.m.
Updated Tuesday, Nov. 20, 2012 | 10:29 a.m.
- Take a closer look at stadium proposals in and around Las Vegas in the Sun's Racing to Build Vegas' next venue report from July 15.
Clark County commissioners unanimously approved an agreement between the county and UNLV regarding some 60 acres of county property that UNLV needs to develop its mega-event center.
Tuesday’s action is another step toward realizing the 60,000-seat domed stadium is built on the UNLV campus.
The UNLV/Clark County deal is contingent upon UNLV gaining approval for its mega-events stadium from the university system board of regents, as well as obtaining funding for the development.
Commissioner Tom Collins said he saw "no harm" in approving the memorandum of understanding with UNLV because it's an initial step. Once UNLV obtains financing and university system approvals, the university will come back to the county as the plans go forward.
Commissioner Lawrence Weekly said he just wanted to make sure UNLV’s neighbors are involved. UNLV’s Don Snyder, who had previously led the effort to build the Smith Center for the Performing Arts, responded that he believed in "being inclusive."
"I'm committed to doing that. This needs to work for everyone. UNLV and the neighborhood around it is important,” said Snyder, dean of UNLV’s Harrah College of Hotel Administration.
The mega-events center, a joint venture of UNLV and Majestic Realty Co., is envisioned at the site of the current UNLV baseball facility, north of Harmon Avenue and east of Swenson Street. The baseball field would be moved south, between Harmon and Tropicana avenues.
The stadium’s cost is estimated around $800 million. UNLV and the developers earlier had said about one-third, or about $270 million, of the cost would come from long-term naming rights and numerous forms of advertising. Another third would come from revenue generated at the site; the last third would come in the form of a sort of tax-incremental financing plan, which would help developers obtain long-term financing.
The Legislature will be asked to approve the tax-incremental financing plan in 2013.