Who pays what? Breaking down cost of new soccer stadium

LAS VEGAS — The Las Vegas City Council will consider moving forward on a new soccer stadium deal on Sept. 3 — yet there remains confusion on how much taxpayers would shell out for it.

Mayor Carolyn Goodman is rooting for soccer. "This is the time. This is a great move. The money is there. We can make it happen."

The city of Las Vegas, and its two private business partners announced terms reached for a Major League Soccer stadium on Tuesday, which would be built downtown near Symphony Park.

The plan still needs council's approval of a term sheet, which holds a breakout of what the stadium will cost.

"This has been a very hard term sheet to reach, but it's solid," Goodman said. "We need to make it happen."

Out of $200 million to build the stadium, the developers would pay more than $44 million. 

That appears to leave nearly $150 million on taxpayers.

However, a city spokesman said the city would only be responsible for $82 million because it's not responsible for paying off the bonds entirely, the developers would foot most of the bill, and a sales tax already in place will help pay the city's portion.

"I don't think it's really that confusing, but there is just so many numbers going into the project from different sources that it can be confusing," said businessman Justin Findlay.

Findlay is managing partner for Findlay Sports and Entertainment, which is teaming up with Baltimore-based Cordish Companies. In addition to their more than $44 million contribution to build the stadium, developers have agree to pay $102 million for the team.

"It's a good deal for the city. I feel it's a very good deal for us, too," said Findlay.

8 News NOW wanted to know why taxpayers should pay anything.

"If it's important for you to have a team, something to support. You know, just having a professional sports team that you can take ownership of is just something we haven't had and I think it is a public asset," said Findlay.

Goodman said she believes the city is being transparent about the process and it's no secret taxpayers will bear some of the financial burden. She insists a new soccer stadium is an investment.

"This is our community. This is our town, this is our city and who but us should make it the most attractive best that it could be. There's nobody coming in from outside unless we can find federal dollars or some grant funds that are out there. We have to do it," she said.

If council approves the plan on Sept. 3, the next vote to keep this moving forward is expected in December.


More Stories

Don't Miss

  • Community Calendar
    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.
  • Deadly Dust: Asbestos
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
  • Community Pride
    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.

Latest News

Video Center