LOS ANGELES — The Southern Nevada Tourism Infrastructure Committee has advanced a proposal to use $750 million of public money to bring the Oakland Raiders football team to Las Vegas.
The proposal moves to Gov. Brian Sandoval following Thursday's approval.
The 11-member committee unanimously supported the stadium developers' preferred funding option, which requires $750 million of bonds and would allow the private partners to reap all stadium profits during the lifetime of the Raiders' lease.
The committee was contemplating an alternative proposal that would have required the developers to contribute $200 million more toward the stadium.
Sandoval now must decide whether to call a special session of the state Legislature to approve the financing plan, which hinges on a 0.88% increase in Clark County's hotel room tax for 33 years to repay bonds.
The Raiders have promised to pursue relocation to Las Vegas if lawmakers approve the plan, though the league itself would also have to approve a relocation.
Clark County Commissioner Chris Giunchigliani was the only person to oppose the project's funding plan.
The governor said in a prepared statement that he will now begin review of the recommendations and discussions with legislative leadership, local stakeholders, and his cabinet to clarify any outstanding questions.
"I will not move forward until all questions have been resolved," Sandoval said.
The governor called Nevada the standard bearer for global tourism, gaming and conventions.
"I am hopeful the work completed by this committee will serve as a roadmap to Southern Nevada's unrivaled and continued success," Sandoval said.
The committee also agreed to create a stadium authority board of seven members. Three would be appointed by the governor and two would be named by the County Commission. The remaining two members would be appointed by the five other members.
Like Las Vegas' Convention & Visitors Authority, the stadium authority would have the power to issue bonds and collect revenue supporting debt through Clark County. A proposed tax increment district would allow for the collection of state and county tax revenues generated by the stadium, which the stadium authority would then allocate to developers. The proposed stadium authority would also have to be approved by the state legislature.
The location of the proposed stadium remains undecided.
A 62-acre area northwest of Russell Road and Interstate 15 is the developers' preferred site, but the 140-acre Bali Hai Golf Club, between I-15 and Las Vegas Boulevard is an option.
The deal would require the family of Las Vegas Sands Corp. Chairman Sheldon Adelson, Majestic Realty and the NFL's Oakland Raiders to pay the remainder of the construction costs for the 65,000-seat stadium, along with any cost overruns. Adelson has pledged to contribute at least $650 million, while the Raiders would pay $500 million.
The lease agreement for a Las Vegas stadium would be for 30 years with two, five-year extensions at team option, according to the plans. Bonds issued by the Stadium Authority Board would not be released until $350 million of project expenditures were incurred by developers.