Las Vegas Sun

December 21, 2014

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Major League Soccer:

With new MLS proposal, taxpayers’ cost grows 22 percent, developers’ share flat

Las Vegas' new MLS proposal shows that taxpayers' share of the stadium's upfront costs grew by 22 percent compared to an earlier version of the proposal.

In a July 22 city memo, Las Vegas' costs were listed at $128 million and the developers' share was $44 million. The development team is led by Findlay Sports and Entertainment of Las Vegas and Cordish Cos. of Baltimore.

At the time, the $200 million stadium had a $29 million funding gap. Since then, the city and the developers have been negotiating to close the gap.

The new proposal released Tuesday shows that the city alone will cover the gap.

The city's share has grown from $128 million to $156 million, a 22 percent increase.

The developers' share has been flat at $44.3 million.

To come up with more money, the city boosted its debt to support the stadium by $23 million. It also agreed to find $5 million through New Markets Tax Credits, a federal program designed to attract private investment in low-income neighborhoods.

As a share of the total costs, the city's share has grown from 74 percent to 78 percent.

The developers' share has fallen from 26 percent to 22 percent.

In their press release announcing the new deal Tuesday, city officials described the developers' share as 59 percent of the stadium's total costs over the next 30 years. City documents don't detail exactly how officials arrived at that number.

Ryan Frank is the Sun's political editor. He can be reached by email at [email protected] or on Twitter @rfrnk.

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