Las Vegas Sun

March 28, 2024

Las Vegas unveils finalized plan for downtown soccer stadium

Stadium

Cordish Cos.

Artist’s rendering of proposed stadium.

Las Vegas released a finalized, detailed plan today covering the financing and operation of a proposed $200 million downtown soccer stadium.

Whether the controversial project ends up being built remains to be seen, with voters set to decide its fate through a ballot initiative in the June election.

The master development agreement released today is a key part of the final planning stages for the stadium as the city waits to hear whether it will receive the last Major League Soccer expansion franchise. If the franchise instead goes to Sacramento or Minneapolis, the other two cities competing for the team, Las Vegas' stadium would not be built.

The 77-page master development agreement is the final binding document that lays out in detail the terms between the city and developers. It covers everything from stadium naming rights to architectural design to construction to financing.

The city council will vote on the agreement at its Feb. 18 meeting and it will likely pass on a split 4-3 margin. The council similarly split in December when it approved putting $56.5 million in public funds toward the project.

After that vote, council members Bob Beers, Lois Tarkanian and Stavros Anthony, who all voted against public funding, launched a petition drive to let voters decide on the issue. A Clark County district judge ruled last week the 6,966 signatures the group gathered were enough to qualify the initiative for June's ballot.

Anthony has also launched a campaign for mayor targeting incumbent Carolyn Goodman for her support of the stadium.

The financing plan for the stadium calls for the city to spend $31.5 on infrastructure improvements at the Symphony Park site. Another $25 million in city bonds would be put toward construction costs and paid off using hotel room tax revenues.

The city is also building a $20 million parking garage for use on game days and providing a 13-acre parcel of land valued at $38 million to $48 million.

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