New plan would package soccer stadium with possible parks
Las Vegas city officials are working on a plan to help deliver a new downtown soccer stadium by packaging the soccer venue with four possible park projects and a parking garage under a $45.7 million to $50.7 million bond proposal.
City Manager Betsy Fretwell and Bill Arent, the city’s economic development chief, briefed the City Council on the new stadium funding idea Wednesday. Parks were included in the new funding plan after many residents voiced concerns that hotel room tax revenues that were used to pay for city parks projects would be re-directed to help pay for the $200 million, 24,000-seat soccer stadium.
Fretwell said the private developers — the partnership of The Cordish Cos. and Findlay Sports & Entertainment — would still assume most of the financial risk of the stadium.
“They get to eat what they kill,” Fretwell told council. “It becomes their risk, not ours.”
Fretwell asked council members for guidance on the number and types of park projects. Here’s the proposed breakdown on the potential park projects identified in a PowerPoint presentation Wednesday. The list can be modified as staff gets feedback from the seven City Council members:
— Stadium: $20 million to $25 million
— Cragin Park Modernization: $5 million
— Las Vegas Wash Park: $6.2 million
— Harris Trailhead: $6.5 million
— Gilmore Cliff Shadow Park: $8 million
— Total: $45.7 million to 50.7 million
The city would still borrow $46 million to $50 million, by paying $3 million annually for 30 years, Council Member Bob Beers said.
“It’s a reduced public money approach, not an elimination of public money,” Beers said after the council meeting.
In addition, the city would use $20 million in a tourism district/STAR bonds to pay for a public parking garage and related infrastructure in Symphony Park.
Findlay-Cordish would have access to the garage for stadium events, while the parking facility would also meet existing parking needs and future development in Symphony Park.
In the U.S., it’s not uncommon for sports stadiums to be packaged with other public needs such as parks in order to win support from local residents who otherwise would not back public dollars for sports venues. For example, in Hillsborough County, Fla., the county built a new football stadium for the NFL Tampa Bay Buccaneers by using a sales tax increase to pay for the stadium and also other public projects.
Councilman Bob Coffin said he was still unconvinced.
“I warned that putting parks in Ward 3 does not purchase my interest, but it is refreshing to not worry about park funding being cut,” Coffin said in a text.
Justin Findlay, managing partner of Findlay Sports & Entertainment, said he did not have a comment on the specific new funding strategy except to say, “We’re exploring all options and we’re working through it. Nothing has been resolved. We’re exploring every option possible to see what works for both sides.”
Council member Lois Tarkanian said she would have liked to have heard from Findlay-Cordish on the new funding proposal.
“I don’t see anything from them,” Tarkanian said during the council meeting.
Tarkanian, along with members Stavros Anthony, Beers and Coffin oppose using public money to help build the soccer stadium. Mayor Carolyn Goodman and members Ricki Barlow and Steve Ross support public money to help build the stadium.
The next key dates are:
— Nov. 20: Findlay-Cordish presents the Las Vegas case to Major League Soccer. Findlay-Cordish is lobbying MLS for the last expansion team. The soccer stadium would only be built if MLS awards Las Vegas a team. Las Vegas is competing against other cities such as Sacramento, Calif., and Minneapolis.
— Dec. 1: City Council meets to align soccer stadium deal dates.
— Dec. 17: City Council votes on master development agreement between the city and Findlay-Cordish.
Contact reporter Alan Snel at asnel@reviewjournal.com or 702-387-5273. Follow @BicycleManSnel on Twitter.