The Las Vegas Stadium Authority board tomorrow will "hear scenarios prepared by Clark County consultants" on how President Trump's tax plan "could affect" the Raiders stadium project, according to Adam Candee of the LAS VEGAS SUN. LVSA Chair Steve Hill "dismissed chatter that the need to pay federal interest on stadium bonds could jeopardize the viability of the project." Hill said that the authority "might need to redirect" about $3M per year to "pay federal interest if the law changed." That money otherwise would go toward "paying interest on issued bonds or into the bond waterfall -- a reserve fund." If that somehow "led to the room tax funds designated for stadium construction coming up short, the Raiders would need to make up any shortfall." Through a "combination of loans from Bank of America and the NFL," as well as PSL and naming-rights revenue, the Raiders plan to put $1.15B toward the "construction of the stadium and a practice facility." Had the Raiders and the LVSA "completed their required agreements by October as originally planned, they might have mitigated the impact of the provision by beginning bond issues before the law potentially takes effect." The four-month holdup means bond issues "will not begin until" well into '18. The introduction of the tax proposal, which would create an estimated $200M for the federal government over a 10-year period, "could be related to the recent dustup between the president and the NFL" (LAS VEGAS SUN, 11/8). In Las Vegas, Richard Velotta notes the legislation is "expected to be considered by lawmakers this month." The tax plan is not formally on tomorrow’s agenda. But Las Vegas-based financial consultancy Applied Analysis Principal Jeremy Aguero, whose firm serves as the authority’s staff, said that he "researched the matter and will give a briefing at the meeting." Meanwhile, Velotta notes the Raiders have "scheduled a groundbreaking event at the stadium site on Monday, but so far have sent invitations to a select few" (LAS VEGAS REVIEW-JOURNAL, 11/8).
