Raiders, Bank Of America Unveil Stadium Financial Package To Las Vegas Officials
The Las Vegas Stadium Authority on Thursday got its "first collective look at a financial package being negotiated by the Raiders with Bank of America that won’t be finalized until a guaranteed maximum price contract is signed," according to Richard Velotta of the LAS VEGAS REVIEW-JOURNAL. Bank of America Managing Dir of Sports Finance & Advisory Group Elliott McCabe told the LVSA BOD that the package with the Raiders includes a $600M loan for construction-related costs and up to $250M generated through PSL sales with "proceeds going toward the project." McCabe said that the Raiders have budgeted $1.8B for project costs and $100M for a practice facility and team HQ. That will be paid for with $750M in public funding and $1.15B in private money. McCabe said that negotiations with the team include "consideration" of the Raiders’ $378M relocation fee. BofA has "worked on NFL stadium projects across the country." McCabe said that this experience gives BofA a "high level of confidence that the team will be able to meet its obligations." Meanwhile, California-based Cordell Principal & co-Founder Don Webb, who serves as a stadium consultant, said that the the non-retractable roof will be "made of a high-strength polymer that is lighter but more durable than glass." The stadium also will have a "see-through video wall on the east side." People on the concourses inside will be "able to see through it, but those outside the building will see a video wall, a feature similar to a screen at T-Mobile Arena." Webb "repeated the three biggest issues of concern" -- keeping costs within budget, keeping construction on schedule and parking (REVIEWJOURNAL.com, 8/17).