There was heavy opposition to the city's financial support for the
development plan proposed by Findlay Sports & Entertainment and The Cordish Cos., a Baltimore-based developer. They had been granted exclusive rights to build a sports venue on 13 acres in
The value of what Las Vegas will contribute is significant:
$38 million to $48 million. The appraisal on the Symphony Park parcel, where the stadium will be built;
$31.5 million. Infrastructure improvements for utility lines, drainage and streets;
$25 million. The stadium share of a $50 million stadium-parks bond (repaid with $3 million annually over 30 years from a hotel tax) to held pay for the stadium;
$20 million. A 1,200-space parking garage it will build (the stadium will keep the revenues from 90 events a year).
The developers will pay:
$250 million. Retail, office and residential development around the stadium;
$133.5 million. Stadium construction costs; and
$100 million. The estimated expansion fee.
All this spending may never happen if Las Vegas doesn't get an MLS team. It is generally believed to be third in three-city race with Minneapolis and Sacramento for one or two (if Miami falls through) remaining expansion slots. MLS hopes to make a decision on its next expansion plans in the first half of 2015.