Published Monday, March 18, 2013 | 6:13 p.m.
Updated Thursday, March 28, 2013 | 12:48 p.m.
An Assembly bill introduced Monday would create a tax increment financing district for the proposed 60,000-seat UNLV Now stadium project.
The special tax district would encompass any property owned or leased by the Nevada System of Higher Education and UNLV within an area bounded by Maryland Parkway, Tropicana Avenue, Swenson Street and Flamingo Avenue – essentially UNLV's Maryland Parkway campus.
If the bill is approved, any taxes collected from the TIF district over the next 20 years would be reinvested back into the area for its redevelopment. Affected taxes include any property taxes, payroll taxes, the live entertainment tax, sales and use tax, slot tax and room tax collected on campus.
Much of the money generated from the TIF district would be used to pay off the cost of the stadium, or “mega-events center,” a public-private partnership of UNLV and Majestic Realty that has been hailed as a “game changer for UNLV and Las Vegas," by Don Snyder, UNLV Now's project lead.
Assembly Bill 335 also would create a UNLV Campus Improvement Authority that would oversee the TIF district and any tax monies collected within it.
The authority would be governed by a nine-member board of directors, which would include four members from the NSHE Board of Regents (one of whom could be substituted for an UNLV administrator), one member appointed by Gov. Brian Sandoval, one member appointed by the Clark County Commission, one member appointed by the Clark County Fair and Recreation Board and two members from the hospitality, gaming or tourism industries.
"I have been working on the stadium issue for the last year," said Assembly Speaker Marilyn Kirkpatrick, who authored the bill. "There has been a lot of discussion back and forth, and I feel it's important that we now have that discussion in the Legislature this session."