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UNLV would have zero priority. It would be at the mercy of the NFL for any home date. The NFL would have the ability to bump it, if needed, even if UNLV already scheduled the game and sold tickets. I don't see anything that says notice would be required. UNLV would also have to work around any other stadium event when planning home games.
UNLV's ability to flex times to accommodate TV is very limited if there is an NFL game scheduled the following day. UNLV would pay rent. It would get $3.5 million a year for 10 years but only after everybody else got paid. This includes investors, stadium operations and Metro's $4 million. That $3.5 million is about what UNLV generates in profit from Sam Boyd each year.
If we were to pay the bonds off early, the hotel tax would remain. The money would then be used to fund remodeling as demanded by an NFL team or deemed necessary by the Stadium Authority.
There is an out for the private group. If the stadium losses are too much for them to want to stick around, they can bail. I don't see any penalty for them if that happens. Taxpayers would then be forced to carry it. Who out there thinks the investors will stick around to foot the bill for its demolition or after the Raiders move again?
The public gets a 0% ROI. We are required to put up a $750 million general obligation bond, even if the stadium costs less than the exorbitant $1.9 billion alleged cost. The tax rate would be 0.88%.
The general obligation bonds would not be tied to the stadium as collateral. This means it goes against the county's credit rating. Our property and sales taxes would be used as collateral and used to pay the bonds if the hotel tax doesn't cover the stadium costs. The next time we need to borrow money for transportation, schools etc, we'll likely pay a higher interest rate as that $1.65 billion GO bond (when interest is included) will almost certainly adversely affect our credit rating.
The bill exempts the stadium from all property taxes. That parcel currently pays about $400k a year undeveloped. The stadium would be exempt from competitive bidding and public works laws, even though it would legally be a public entity. I suspect that part of the deal was created for the purposes of exempting the parcel from property taxes and skirting the Nevada Constitution that forbids the government from entering any type of corporate welfare agreement.
The Raiders would have to sign a 30-year lease. The terms of the lease are not included. It would be up to the Stadium Authority. I'm sure we'd get a great deal there in terms of an out clause if the Raiders decide to bail sooner, right?
The hotel tax would start 90 days after legislative action, even if no NFL team commits. It would get collected for a year waiting to see if the Raiders or some other team signs a lease. The Stadium Authority could extend it to 18 months.
If the NFL stadium deal falls through, UNLV could take the reigns. It would have to come up with $200 million in 90 days. If it did, it could borrow up to $300 million for a 40,000-seat stadium. The tax rate would be 0.5%. UNLV would get the taxes collected from the failed NFL stadium venture. If UNLV couldn't pull this off, the LVCVA would get that money.
The only positive I see is that if the Raiders fail to move here, the convention center expansion still happens.
And a little background into the "Nevada residents will pay nothing for the stadium" nonsense. We're paying for the special session, the NDOT traffic study, as well as taking a parcel of land that could pay millions in property taxes if developed and currently pays mid six-figures off the books. The property tax cap law prevents any appreciable amount of money from being collected from adjoining parcels that are already developed. The additional interest we would likely pay on future bonds is another consideration. All of our property and sales taxes would be used as collateral for this deal.
The average tax liability per Clark County household would be $2,063. That is each household's share of the GO bond we would take out when including interest and assuming 2.5 residents per dwelling.
Last edited by LasVegasPlayer; 10-10-2016 at 03:27 AM..
The average tax liability per Clark County household would be $2,063. That is each household's share of the GO bond we would take out when including interest and assuming 2.5 residents per dwelling.
UNLV would have zero priority. It would be at the mercy of the NFL for any home date. The NFL would have the ability to bump it, if needed, even if UNLV already scheduled the game and sold tickets. I don't see anything that says notice would be required. UNLV would also have to work around any other stadium event when planning home games.
39 (1) Any National Football League event has priority of use of
40 the project and the National Football League team has priority to use
41 the project for its home games and priority over dates, stadium
42 assets and the playing surface;
43 (2) Any date for a regular or postseason home game of the
44 University football team at the project must:
1 (I) Not conflict with the use of the project by the National
2 Football League team for a home game of the National Football
3 League team;
4 (II) Not conflict with major events that are not National
5 Football League events that were scheduled to be hosted at the
6 project before the University finalized the schedule of home games
7 for its football team for the applicable season;
8 (III) Be mutually agreed upon by the University and the
9 Stadium Events Company; and
10 (IV) Be approved by the Stadium Authority;
11 (3) After the University has finalized the schedule of home
12 games for its football team for the applicable season and the dates of
13 those home games have been approved by the Stadium Authority,
14 the date of a home game may not be changed to accommodate an
15 event that is not a National Football League event without the
16 approval of the University; and
17 (4) If a change to the schedule of home games for the
18 University football team is proposed for the purpose of allowing a
19 home game of the team to be televised, the Stadium Events
20 Company or the National Football League team must use reasonable
21 commercial efforts to assess the feasibility of the change and allow
22 the change to be made if it is commercially reasonable, except that
23 such change must not interfere with or impair the ability of the
24 National Football League team to play a home game at the project;
So this hasn't changed from the SNTIC proposal, once UNLV finalized it's home schedule it is set unless UNLV agrees to move it or the NFL starts to have saturday football games. This sounds pretty much standard for any university sharing a NFL stadium
Quote:
Originally Posted by LasVegasPlayer
UNLV's ability to flex times to accommodate TV is very limited if there is an NFL game scheduled the following day. UNLV would pay rent. It would get $3.5 million a year for 10 years but only after everybody else got paid. This includes investors, stadium operations and Metro's $4 million. That $3.5 million is about what UNLV generates in profit from Sam Boyd each year.
16 ¬ If the proceeds remaining after the payments required by
17 paragraphs (a) to (d), inclusive, are insufficient to make a payment
18 due to the University in any given year as set forth in this paragraph,
19 the amount remaining due to the University must be carried forward
20 and made payable in subsequent future years when sufficient money
21 is available. Interest is not due on a payment carried forward
22 pursuant to this paragraph. If an amount carried forward pursuant to
23 this paragraph remains unpaid at the end of the 10-year period
24 described in this paragraph, the remaining amount must be carried
25 forward beyond the 10-year period until such time as all amounts
26 carried forward are paid in full.
UNLV will get that money
Quote:
Originally Posted by LasVegasPlayer
If the NFL stadium deal falls through, UNLV could take the reigns. It would have to come up with $200 million in 90 days. If it did, it could borrow up to $300 million for a 40,000-seat stadium. The tax rate would be 0.5%. UNLV would get the taxes collected from the failed NFL stadium venture. If UNLV couldn't pull this off, the LVCVA would get that money.
Within 24 months after the effective date of sections 39 to
14 52, inclusive, of this act, the University has secured a commitment
15 of private money for the college football stadium project that, when
16 combined with the revenue of the University projected to be
17 generated from the college football stadium project, results in a
18 commitment of at least $200,000,000 for the college football
19 stadium project;
UNLV will have 24 months to come up with $200 million privately and then they will be given the $300 million to continue their own project
UNLV would have zero priority. It would be at the mercy of the NFL for any home date. The NFL would have the ability to bump it, if needed, even if UNLV already scheduled the game and sold tickets. I don't see anything that says notice would be required. UNLV would also have to work around any other stadium event when planning home games.
UNLV's ability to flex times to accommodate TV is very limited if there is an NFL game scheduled the following day. UNLV would pay rent. It would get $3.5 million a year for 10 years but only after everybody else got paid. This includes investors, stadium operations and Metro's $4 million. That $3.5 million is about what UNLV generates in profit from Sam Boyd each year.
If we were to pay the bonds off early, the hotel tax would remain. The money would then be used to fund remodeling as demanded by an NFL team or deemed necessary by the Stadium Authority.
There is an out for the private group. If the stadium losses are too much for them to want to stick around, they can bail. I don't see any penalty for them if that happens. Taxpayers would then be forced to carry it. Who out there thinks the investors will stick around to foot the bill for its demolition or after the Raiders move again?
The public gets a 0% ROI. We are required to put up a $750 million general obligation bond, even if the stadium costs less than the exorbitant $1.9 billion alleged cost. The tax rate would be 0.88%.
The general obligation bonds would not be tied to the stadium as collateral. This means it goes against the county's credit rating. Our property and sales taxes would be used as collateral and used to pay the bonds if the hotel tax doesn't cover the stadium costs. The next time we need to borrow money for transportation, schools etc, we'll likely pay a higher interest rate as that $1.65 billion GO bond (when interest is included) will almost certainly adversely affect our credit rating.
The bill exempts the stadium from all property taxes. That parcel currently pays about $400k a year undeveloped. The stadium would be exempt from competitive bidding and public works laws, even though it would legally be a public entity. I suspect that part of the deal was created for the purposes of exempting the parcel from property taxes and skirting the Nevada Constitution that forbids the government from entering any type of corporate welfare agreement.
The Raiders would have to sign a 30-year lease. The terms of the lease are not included. It would be up to the Stadium Authority. I'm sure we'd get a great deal there in terms of an out clause if the Raiders decide to bail sooner, right?
The hotel tax would start 90 days after legislative action, even if no NFL team commits. It would get collected for a year waiting to see if the Raiders or some other team signs a lease. The Stadium Authority could extend it to 18 months.
If the NFL stadium deal falls through, UNLV could take the reigns. It would have to come up with $200 million in 90 days. If it did, it could borrow up to $300 million for a 40,000-seat stadium. The tax rate would be 0.5%. UNLV would get the taxes collected from the failed NFL stadium venture. If UNLV couldn't pull this off, the LVCVA would get that money.
The only positive I see is that if the Raiders fail to move here, the convention center expansion still happens.
And a little background into the "Nevada residents will pay nothing for the stadium" nonsense. We're paying for the special session, the NDOT traffic study, as well as taking a parcel of land that could pay millions in property taxes if developed and currently pays mid six-figures off the books. The property tax cap law prevents any appreciable amount of money from being collected from adjoining parcels that are already developed. The additional interest we would likely pay on future bonds is another consideration. All of our property and sales taxes would be used as collateral for this deal.
The average tax liability per Clark County household would be $2,063. That is each household's share of the GO bond we would take out when including interest and assuming 2.5 residents per dwelling.
Let up a bit. You are overselling and vastly exaggerating the negatives.
The stadium helps perfect the strip. That is our steel mill. It will add a significant number of visitors and provide significant employment. It will help maintain the Las Vegas strip as the premiere convention and vacation spot in the US.
I would think Clark County and its taxpayers would be in terrible shape if we have a depression and all the Casinos go bankrupt and shut down. We would also hurt if a Meteor struck at LV Blvd and Flamingo leaving a crater a couple of miles in diameter.
Let up a bit. You are overselling and vastly exaggerating the negatives.
The stadium helps perfect the strip. That is our steel mill. It will add a significant number of visitors and provide significant employment. It will help maintain the Las Vegas strip as the premiere convention and vacation spot in the US.
I would think Clark County and its taxpayers would be in terrible shape if we have a depression and all the Casinos go bankrupt and shut down. We would also hurt if a Meteor struck at LV Blvd and Flamingo leaving a crater a couple of miles in diameter.
Which of these things do you consider likely?
That's the problem, accepting a terrible deal at any cost to get something. These were faux negotiators the public had vetting the project. They raise a concern and then go quiet when opposed. It was an utter joke and these were stewards of public interest who got bought off. Why don't you oppose that aspect?
Few people are upset about adding a dome. Some would be upset if a dollar of public money was spent, we all know that. But why say well if we spend a dollar we might as well spend 750 million of them? Why not spend $200m and tell them to make it work? I'm sure they could have got it done with that and if they can't then maybe they would have to admit their projections are pure fantasy.
No. That is the tax obligation over the life of the bond for the average household when it is issued. The tax will remain for as long as the stadium exists but the GO will retire when paid off, assuming we don't renew it etc.
I see Calisoccer's post. I believe he found something I skimmed through and missed that UNLV cant get bumped. That is why I posted link. I assume there was nothing else about what I posted in terms of scheduling that I missed. It was a long 56 pages.
There is no guarantee UNLV will ever get that $3.5m a year. They are behind the investprs, bonds, operations and Metro. Those total somewhere in the $80m-$100m range. The investors insisted UNLV be placed there instead of at the top.
I'm going to go back and read the UNLV stadium part. I'm certain there is a section that says UNLV must commit within 90 days or else LVCVA gets control of that money. My device won't load that massive bill properly to do it now.
Last edited by LasVegasPlayer; 10-10-2016 at 01:02 PM..
I'm going to go back and read the UNLV part. I'm certain there is a section that says UNLV must commit within 90 days or else LVCVA gets control of that money. My device won't load that massive bill properly to do it now.
UNLV has 90 days to agree to go after their own stadium, 24 months to beg the Fertitta family for 200 million
UNLV has 90 days to agree to go after their own stadium, 24 months to beg the Fertitta family for 200 million
I went back and read it and this pretty much sums it up. The bill is so serious about the 90 days but UNLV faces no penalties if it commits and withdraws at any point in the following 24 months. The LVCVA would be the big winner there as it would get another two years of hotel taxes.
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Where are the real journalists in Las Vegas?
