Funding a Raiders Stadium in Las Vegas
Funding a Raiders Stadium in Las Vegas
In an effort to lure an NFL team to Las Vegas, a lot of money funding issues need to be figured out.
((jon tritsch)) >>> the sports world is still buzzing... months after word surfaced that our city could tie the knot with oakland's team.
So much so that owner mark davis has pleged 500-million dollars and applied for a trademark... if the proposed stadium happens.
It seems the support to build it is there... but paying for it is a whole different story.
Jon tritsch: one eye was covered with a patch and the other always romantically glanced at this city of bright lights and opportunity..
Las vegas and al davis had love at first sight (al davis/former owner: "but i always went the other way, we're going to take what we want.") (mark davis/owner: "on august 29, 1964 the raiders and the houston oilers met in the only professional football game that had ever been staged in las vegas.") (carolyn goodman/mayor: "al and carol davis were the best of the best.
Al was at the riviera all the time.") jon tritsch: al davis died in 2011..but his team and sin city sentiments passed onto his son mark.
Following the 2015 season..las vegas saw the raiders flirt with los angeles and wink at san antonio..but after a meeting with nevada's governor..the raiders had a date in the desert... jon tritsch: a committee was formed..ideas were fostered..but the nfl coming here was like floating a hail mary... the raiders went from rumor to real when mark davis walked through the door (mark davis/owner: "the raiders plan to contribute a half a million dollars to this project.") jon tritsch: the stadium would be both colossal and cool..complete with a retractable roof..
A fan friendly plaza and a mere tailgating distance from the strip jon tritsch: but 500 million only goes so far when erecting a contemporary coliseum..
Building a palace comes at a price...the total cost could exceed 1.4 billion the raiders request $750 million in public funding... jon tritsch: sheldon adelson and sand group say they'd pick up the ball and the bill for $150 million and construction overages (andy abboud/sands: "what we need is a package in place so there is a financial package in place in time for the january legislature and we can give it to the nfl owners so they can vote to relocate the oakland raiders to las vegas.") jon tritsch: 3 quarters of a billion dollars could be generated through an increase in live entertainment tax, rental car tax and hotel room tax..
(carolyn goodman/mayor: "that piece is called the public participation.
When in fact neither you or i pay one more cent of sales tax or income tax.
It's not even our money.") jon tritsch: the clark county room tax sits at 12 percent..
The proposed increase of one percent would generate an estimated 50 million dollars a year and still be below the rates of chicago..new york..dallas..ho uston jon tritsch: it would be more than just a residence to the raiders..the stadium would serve unlv and potentially 40+ events a year..ranging from concerts..bowl games..ufc and as one well-dressed guest notes..
(david beckham/soccer: "the interest the players will have in coming to america and coming to las vegas and going to different parts and showcasing their skills around america, without a doubt there will be so much excitement around this.") jon tritsch: building a stadium would light up the scoreboard for economic impact..santa clara's levi stadium created 12,000 jobs alone (marc badain/team president: "all of our employees including our players will make las vegas their home.
They will live here.
They will raise their families here.
They will invest in their communities.
They will start businesses here and they will become part of your family too.") jon tritsch: but re-routing the raiders has road blocks..
The current proposal calls for the largest percentage of public funding ever..
Jon tritsch: and while the raiders mantra is committment to excellence..
The team's commitment to a city is alarming..the franchise has already moved twice.
(mark davis/owner: "everything i've done, i've been open with people and that's where we stand now.
We aren't using las vegas as a bargaining chip.") jon tritsch: the raiders are a risk..but making las vegas one of 32 nfl cities could provide decades of reward... jon tritsch: will a stadium make a team and a town live happily ever after?
Here's a vow..
(mark davis/owner: "let's make the silver state the silver and black state.") ((jon tritsch)) >> as of now... the fertitta site across the i-15 from mandalay bay... and bali hai golf course at russell and las vegas boulevard are the top spots for the stadium.
Before a shovel is in the ground..
The legislature would need to approve the 750-million dollars./// ((jon tritsch))