Real estate development firm Majestic Realty Tuesday announced a proposal to build a new football stadium at the University of Nevada, Las Vegas, with the help of tax-increment bond financing.
Majestic plans to ask the Nevada System of Higher Education Regents on Feb. 11 to enter a year-long exclusive planning agreement as it seeks to flesh out project plans.
The highlight of the concept is a retractable-roof stadium, which could accommodate conventions and National Basketball Association games in addition to serving as a 40,000-seat football stadium.
"In addition to providing a platform for UNLV football, basketball, and other sports, the event center will be designed to accommodate other professional sports including a potential home to an NBA team, however it is not contingent upon a pro sports franchise," said a press release issued by Craig Cavileer, president of Silverton Casino and Majestic's local front man for the project.
According to Cavileer, the project will employ multiple sources of funding, including a combination of private and corporate donations, developer equity, and traditional bank debt, as well as the establishment of a special improvement district to allow for tax revenues collected from the proposed development to be used to facilitate a possible bond offering.