The Las Vegas Convention and Visitors Authority board on Tuesday approved the agency’s request for up to $25 million of Clark County bonds for land purchases, according to published reports.
The authority would pay back the 20-year bonds, expected to achieve 3.2% interest rates, through revenue from local hotel room taxes.
Convention officials are negotiating for three parcels totaling almost seven acres south and southeast of the 155-acre Las Vegas Convention Center.
Potential uses for the property would include additional exhibit space, event parking, or freight loading and unloading, according to the Las Vegas Review-Journal.
If owners decide not to sell, and the authority is only able to purchase one property, it may decide not to issue the bonds. It also may be able to get the properties at a price lower than the $25 million approved by the board.
If the convention authority is unable to close on any properties, it will not issue bonds.
If the agency does move forward with the issuance, the bonds would be priced in August, with a land-purchase date in early September, according to the report.
Executives at the authority said they would present final purchase terms to the board for approval before they closed on any deals.