Cordish Cos.
Published Wednesday, Oct. 1, 2014 | 10:36 a.m.
Updated Wednesday, Oct. 1, 2014 | 3:16 p.m.
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A proposed $200 million downtown soccer stadium is still alive after the Las Vegas City Council approved a two-month extension today.
The council voted 6-1 to give the development partnership of Findlay Sports and Entertainment and Baltimore-based Cordish Cos. until December to finalize the stadium’s financing plan. The lone no vote came from Councilman Stavros Anthony.
The decision keeps alive the frenzied debate over how to finance a $200 million downtown stadium that would play host to a Major League Soccer team if the developers can win a franchise.
The plan was first presented in May and has faced consistent criticism for the public’s share of the cost.
The financing terms being considered by the council today call for the city to issue $50 million in bonds to help pay for the stadium’s construction. The bonds would be paid back using $3 million in annual hotel room tax collections. The city would also contribute $14 million in infrastructure and land in Symphony Park.
The financing terms were revised last week to shift more of the project’s risk to the developers.
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