Developers behind a proposed $200M Las Vegas soccer stadium have "floated a new financing plan that would cut the risk to the public in an attempt to boost the sagging project’s chances for approval," according to Conor Shine of the LAS VEGAS SUN. Las Vegas City Council member Bob Beers said that the new plan, which will be presented to Las council members Tuesday, "would reduce the amount of bonds the city would issue for the project" from $115M to a maximum of $50M. The remainder "would be paid for" by the developer partnership of Findlay Sports & Entertainment and Cordish Cos. The developers would "also own the soccer team that would play at the stadium." Under previously proposed terms, the $115M in bonds issued by the city "would be paid down" using a $3M annual room tax collection from the city, $3.5M in annual rent from the soccer team and $500,000-1.5M in "revenue from other events at the stadium." Under the new terms, the city would use its $3M room tax contribution to "pay down" the $50M in bonds it issues (LASVEGASSUN.com, 9/24). Beers said, "It's their first attempt at sweetening the deal." But Council member Ricki Barlow, a stadium supporter, said, “I wouldn’t say it’s sweetening. It’s negotiations ... We’re still looking at the numbers.” Barlow said that he "refers to Cordish/Findlay’s new suggestions as 'Option B'" (REVIEWJOURNAL.com, 9/24).
