The Las Vegas City Council will hear an agenda item proposing an extension of an exclusive negotiating agreement with the Cordish Companies to develop an arena in downtown Las Vegas at the at the Wednesday, Jan. 22, City Council meeting that will begin following the 8:30 a.m. Redevelopment Agency meeting in City Hall council chambers, located at 495 S. Main St.
The agreement sets key business terms that would be used to try to reach a development agreement during the course of the four-month extension. If a development agreement is reached, and approved by the City Council, plans would move ahead for a $390 million state-of-the-art arena with at least 18,000 seats. Plans also call for a live entertainment district with retail and dining offerings.
The arena has been a part of a decade-long discussion and vision for downtown and has been one of the three key elements (academic medicine, performing arts and professional sports) of the downtown revitalization the city pursued over time. Renderings and maps of the project are available for download on the city’s FTP site at ftp://ftp.lasvegasnevada.gov/ls/Arena/. No password is needed.
The estimated economic impact from the arena development is more than $400 million, with 4,500 construction jobs. Estimated economic impact from arena operations is $700 million in total output spent annually, 10,300 new jobs and $30 million in new taxes collected.
The cost breakdown proposed in the extension includes: Cordish Companies ($151 million, 39% of total cost in privately held equity); special improvement district bonds ($52 million, 13% of total cost); and city bonds ($187 million, 48% of total cost backed by the city), for a total cost of $390 million.
Under the agreement, the city would repay the bonds from the revenue of the arena and Live! District. Repayment of the city’s debt would be the highest priority under the proposed terms. The projected annual city bond payment is $13.3 million, while the total projected revenues from the arena and Live! District are $25.5 million annually.
In addition, Mayor Carolyn G. Goodman will recognize the winners of the annual Mayor’s Urban Design Awards. Each project fosters the city’s commitment to livability, historic preservation and sustainability in one of four categories. Nominations for the awards were accepted by the city last year. A seven-member volunteer citizen committee reviewed and ranked the submissions for recommendation to Mayor Goodman, who selected the award winners.
Councilman Ricki Y Barlow will present a ceremonial item celebrating Black History Month and the legacy of Dr. Martin Luther King Jr.
Councilman Steven D. Ross is scheduled to recognize the Arbor View High School girls soccer team. The squad recently won the state championship.
Councilman Coffin is scheduled to recognize Steve Altig, a local resident who has given his time to help support the city’s Youth Offender (YO) Court.
Finally, the City Council will also recognize the Senior of the Quarter and the Employee of the Month.