Las Vegas Sun

December 20, 2014

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Meeting on proposed soccer stadium funding canceled

Image

Courtesy

Rendering of the proposed MLS stadium in downtown Las Vegas.

The city of Las Vegas and soccer stadium developers have canceled another meeting to discuss funding of the proposed project.

In a news release late Wednesday, the city said the public meeting at City Hall scheduled for 5:30 p.m. today was canceled. A private meeting with casino operators July 31 and a public meeting Aug. 4 also were canceled.

“The city and developers Findlay Sports & Entertainment and The Cordish Companies are still in negotiations and are yet to agree on terms,” the news release stated.

Findlay and Cordish want to build the 24,000-seat soccer stadium downtown at Symphony Park, just west of the Plaza and the Fremont Street Experience.

At issue is how the stadium would be funded. Early figures put the stadium’s cost at about $200 million, with about 75 percent of it supported with bonds backed by the city, which would own the stadium.

The city has said it will not approve the stadium unless the developers can procure a Major League Soccer team, but Findlay/Cordish says it needs the stadium to draw a team.

The City Council is scheduled to vote on a financing plan Aug. 20. It set a Sept. 1 deadline for finalizing plans.

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