Las Vegas Sun

September 23, 2018

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Officials sign final documents for Raiders stadium in Las Vegas

Image

Courtesy

An artist’s rendering of the stadium being built in Las Vegas where the Raiders and UNLV will play football.

After more than a year of meetings, the Las Vegas Stadium Authority today signed the final documents for construction of the future home of the Raiders and UNLV football.

Authority Chairman Steve Hill and Raiders President Marc Badain signed lease and development agreements to build a $1.8 billion, 65,000-seat stadium so the NFL team can move from Oakland, Calif., to Las Vegas. The stadium is scheduled to be completed by Aug. 1, 2020.

“Let’s build a stadium,” Hill exclaimed after shaking Badain’s hand.

Today’s action will allow the Clark County Commission on Tuesday to consider issuing construction bonds for the project.

On a 31-1 vote, NFL owners on Tuesday approved the Las Vegas stadium plans and financing, including a $200 million loan from the league.

The Raiders already have spent more than $180 million on the stadium project, mostly for land purchases and site excavation, surpassing the $100 million mark that allows the flow of public funds to begin. A total of $750 million in Clark County hotel room tax revenue will go toward the project.

As part of the deal, the 62-acre stadium site, purchased by the Raiders last year for $77.5 million, is scheduled to be transferred to the Stadium Authority on Friday.