Developers proposing a $201M MLS stadium in Las Vegas "must first plug" a $29M funding gap and "reduce the taxpayers' share of the project's costs," according to city records cited by Joe Schoenmann of the LAS VEGAS SUN. Records show that the city is "proposing picking up" 74% of the stadium's total cost. The developers "would be on the hook for the remaining" 26%. The city "would own the land and stadium," while the developers "would pay the city rent to use it." But Las Vegas Economic & Urban Development Dir Bill Arent said that the two-page city funding model "is still under negotiation." Two "key points: the funding gap and splitting the stadium construction cost." Arent said that with regard to the funding gap, execs "will search for ways to reduce the construction costs and the developers will explore other revenue sources." He added that with regard to who pays for the stadium, he "expected the city's final share would be closer to a 50-50 split with the developer by the time the negotiations are finished." Findlay Sports & Entertainment Managing Partner Justin Findlay in a text message wrote he is "still in negotiations with the city, and any comment at this time would be premature." The MLS bid "comes at time when one Las Vegas arena is already under construction and a second is in the works" (LAS VEGAS SUN, 7/26).
SEEKING SHADE: In Las Vegas, Alan Snel reports UNLV has "shelved its desire for a dome, and instead is focusing on a more modest open-air stadium with capacity for 45,000 and sun shades" similar to Baylor's new McLane Stadium. UNLV has been "facing lukewarm support" from the city's resort industry, but the "lesser stadium still supports UNLV's aspiration to achieve Tier 1 status while keeping casino stakeholders at the table to support the stadium." UNLV Chair & acting President Don Snyder said that the school's stadium panel "needs the resort industry on its side not only to contribute dollars to the project but also support public funding." UNLV stadium consultant Bill Rhoda estimated the cost of the shaded stadium at about $523M, the "cheapest of three options outlined last week at a stadium board meeting." A shaded stadium would "attract 11 annual non-UNLV football events and attendance of 372,000, while a closed venue would draw 21 annual events and attendance of 845,000" (LAS VEGAS REVIEW-JOURNAL, 7/29).
