Stadium Authority Board meets; Raiders working on long to-do list

LAS VEGAS - The group overseeing the building of the Las Vegas Raiders proposed stadium met Thursday to discuss financial decisions and other key issues regarding the property.  At some points, there was a "show me the money" type moment going over the financials during the big presentation at the meeting Thursday.

The Stadium Authority continues to work on a long list of pending issues that they hope to resolve by an October deadline.

During Thursday meeting the board discussed three more key agreements with the team, including one that will bind the Raiders to Sin City for 30 years.  The team wants to kick off the 2020 season at a 65,000-seat stadium that would have views of the Las Vegas Strip.

Guests of hotels and other lodging facilities in the Las Vegas area are contributing $750 million to the $1.9 billion project.  Approving the Stadium financing plan  s something that is required by state law, so going over the dollars and cents of what makes that up Thursday is a big part of what would happen.

According to Bank Of America, which is funding most of the project, a construction completion date within 31 months is very important. Bank of America said it's encouraged by the more than 50,000 personal seat license deposits already collected. Fourty-three percent of those seat licenses were purchased by Nevada residents.

The seat licenses is the foundation of the $250 million of the project's $1.9 billion in funding. The entire stadium is $1.8 billion. The remaining $100 million goes to the team's practice facility..

During the meeting, team executives also addressed the other elephant in the room which was parking.

"We'll keep working on it. It's been important to us both in Oakland, and it'll be important to us here," said Marc Badain, Raiders President. "We take it very seriously, it's an important part of game day. We need to make sure the fan experience is a positive one, especially in this market, and so we're addressing it and we're dealing with a lot of potential options." 

Team authorities have keyed in on property near the stadium totaling about 75,000 potential parking spaces that the Raiders could try to enter an agreement with the owners to use. Currently, the stadium's lacking 13,000 parking spots.

Among the pending issues is an agreement that would allow the football team of the University of Nevada, Las Vegas to use the stadium.

"We've made good progress on a lot of things; the UNLV progress is probably the most encouraging because there was a lot of misinformation out there about what was going on between us and the university," Badain said. That relationship's been very strong and very cohesive from pretty much day one, so I'm glad that that got cleared up today." 

On Wednesday, the Federal Aviation Administration released information saying that the NFL stadium will not impact airlines taking off or landing at McCarran International Airport.

The 65,000-seat stadium which will be built on Russell Road near the Las Vegas Strip is around 1 1/2 miles from the airport. However, the stadium will be 225-feet tall which does exceed the obstruction standard by 75 feet.


More Stories

Don't Miss

  • #OurPain
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
  • Turkey-Thon
  • Vegas Strong 5K/1-Mile
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
  • Politics Now
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
  • Connect with 8 News NOW
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Latest News

Video Center