There has been some confusion surrounding the downtown stadium project so we wanted to clarify a few points:
It is very common to have public financing for stadiums. In fact the agreement proposed by The Cordish Companies and Findlay Sports & Entertainment has lower public financing than other major stadium projects, including:
- Philadelphia Union – 60% Publicly Funded
- Toronto FC – 71% Publicly Funded
- Sporting KC – 75% Publicly Funded
- Chicago Fire – 100% Publicly Funded
For the proposed stadium in Las Vegas 59% of this investment is privately funded, with 41% coming from public sources. Here’s how we get to those figures. The city’s contribution would be:
- $14 million in infrastructure costs including roads, sidewalks, curb-gutter around the stadium.
- $114.8 million in General Obligation (GO) Bonds
- $22 million in Sales Tax Anticipated Revenue Bonds (STAR)
The benefit of the city borrowing the money through bonds is that it would be at a much lower interest rate than the private sector could do it.
As it relates to the $114.8 million in GO bonds, the city would be responsible for paying $3 million per year over the 30-year period to retire those bonds using available sources of funds, anticipated to be room tax revenue. These would be projected taxes on tourists and do not rely on new taxes from local residents or businesses. The Cordish Companies and Findlay Sports & Entertainment would be required to pay the remaining balance through private team rent and private stadium revenues, which is $4 million/year in years 1-10, and $5 million/year in years 11-30.
If for some reason the arrangement with The Cordish Companies and Findlay Sports & Entertainment is broken, the city will own the stadium and the site, and can take steps to recoup the funding to pay back the bonds, such as attracting a new team, provide a venue for other events, etc.
As it relates to the STAR bonds, the city plans to create a Tourism Improvement District which is estimated to generate $3 million in sales tax revenue over a 20-year period. The annual revenue from the city’s portion of the sales tax would cover 100 percent of the annual debt payment.
So while the city is borrowing the money, the proposed agreement calls for Cordish-Findlay to replay the lion’s share of the debt.
Finally, there’s a huge incentive for the private partnership to make the deal successful. Cordish-Findlay are putting out over $44 million toward the stadium, and about a $100 million to secure a team with the MLS. That investment of nearly $145 million will make it unlikely that they would simply “walk way” and leave the city responsible for the remaining debt. Additionally, the city is only paying for a portion of the stadium, which the city will own. All costs to attract and pay for an MLS team will come from Cordish-Findlay. And if they are unable to get an MLS franchise, the entire stadium deal ceases.
This will be heard before the City Council on Wednesday, September 3. You can watch live on KCLV Channel 2 or follow #lvcouncil on Twitter for live updates.
The city of Las Vegas, The Cordish Companies and Findlay Sports & Entertainment announce a term sheet that outlines key deal points for bringing the first professional sports team to the downtown. The plan includes the construction of a state-of-the-art stadium designed specifically for Major League Soccer (MLS). The new MLS stadium would be home to a Las Vegas-based MLS franchise and located in the city of Las Vegas’s expanding downtown Symphony Park area, north of the Smith Center for Performing Arts. The stadium would accommodate up to 24,000 fans and include state-of-the-art concession and fan entertainment experiences. The venue would also be used for other community purposes and could host a variety of events.
The combination of the stadium and team is projected to total in excess of a $300 million investment in downtown Las Vegas. An independent analysis shows the stadium is estimated to generate over $9 million in annual tax revenue for the state, county, city of Las Vegas and other local entities and is projected to generate over 1,200 jobs, including 525 construction jobs and 700 permanent jobs.
The total project cost for the team and stadium including interest on bonds over the next thirty years is $410 million. Of this amount, 69 percent would be privately funded and 31 percent from public sources. The Findlay-Cordish partnership will be responsible for all costs associated with the MLS team. For the stadium, compared to public revenue sources contributed, 59 percent of these project costs would be privately financed. The proposed deal does not rely on new tax revenues from local residents or businesses. Private involvement is significantly higher than most MLS stadium and team deals. Revenues used by the city to fund its portion of the city-owned stadium are primarily derived from projected taxes collected from tourists and from public infrastructure funds.
The proposed deal would mitigate much of the city’s risk. The new stadium will not move forward unless the Findlay-Cordish partnership is awarded an MLS team. This private partnership would be responsible for any cost overruns associated with the design and construction of the city-owned stadium. Once the stadium is open and operating, the Findlay-Cordish partnership would cover any operating losses during the next thirty years. The plan is also for the team to enter into a long-term lease (30 years) and agree to stay in the city for the same period of time.
“The time to bring professional sports to Las Vegas is now,” said Mayor Carolyn G. Goodman. The deal negotiated with Findlay Sports & Entertainment and The Cordish Companies will be a win-win for the city of Las Vegas and its residents. I love that both our partners are family-owned companies with great reputations.”
The partnership between Findlay Sports and Entertainment and The Cordish Companies is 50/50 with respect to the stadium and the team. Findlay Sports & Entertainment is a locally owned company headed by Justin Findlay and principals of Findlay Automotive Group, a well-known automotive group with dealerships in Nevada, Arizona, Utah and Idaho. The company was founded expressly to bring Major League Soccer to Southern Nevada. The company’s leadership plays a significant role within Findlay Automotive Group, the largest automotive retailer in Nevada and a top 20 private dealership group in the United States.
The Cordish Companies is one of the largest and most respected real estate development companies in the country. The Cordish Companies has developed the leading sports anchored districts in the country and is proud to have partnered with many of the leading brands in the world including the St. Louis Cardinals, Comcast Spectacor, Philadelphia Flyers, NASCAR and NBC Sports. The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located.
“The Cordish Companies is excited to be a part of the downtown’s historic revitalization efforts,” said Blake Cordish, Vice President of The Cordish Companies. “Las Vegas deserves and will absolutely support professional sports. Time and again, downtown sports venues are a proven catalyst for broader urban revitalization.”
“We are very excited for the opportunity to bring Major League Soccer to Las Vegas,” said Justin Findlay, Managing Partner of Findlay Sports & Entertainment. “We’ve been working hard with the city of Las Vegas and the MLS to make this a reality. It will be extremely exciting for us and our community to have its first major professional sports team.”
At its next meeting on September 3, 2014, the Las Vegas City Council will vote on a non-binding term sheet. Under the terms of the existing exclusive negotiating agreement between the city, Findlay Sports & Entertainment and The Cordish Companies, the approval of a non-binding term sheet is the next step toward securing an MLS team and constructing the stadium. The non-binding term sheet outlines the proposed scope and financing strategy for the new city-owned stadium. If approved, the city and the Findlay-Cordish partnership would draft and present a binding development agreement to the City Council in December 2014.
View the fact sheet.
We are proud to announce that the Employee of the Month is Vangelina Salazar-Ceja. Vangelina is a janitor on our Operations and Maintenance Team and has only been with the city since December, but she is already making a big impression. Vengelina works at the city’s Development Services Center at 333 N. Rancho Drive. Vangelina is always smiling and has a great outlook, but it is her integrity that we really want to recognize. In March, Vangelina was outside of the Development Services Center when she noticed what appeared to be a piece of trash blowing around on the ground. Upon further inspection she realized it was actually a banking envelop and that there was $260 inside. Vangelina immediately contacted her supervisor and set the process in motion to locate the owner of the money. Wells Fargo was contacted and they were able to find the owner of the money, a local disabled man. This man was so thankful for the return of his property that he actually broke down and started to cry. What may seem like a small thing to some meant everything to this resident, and that is the kind of integrity that we love to see in our employees. Thank you Vangelina for being a great example of the city’s core values and representing the city so well with your caring attitude and honesty.
Executive Director of the U.S. Conference of Mayors Tom Cochran flew all the way to Las Vegas today to help make a special presentation to the Las Vegas City Council. Tom was joined by Amelia McLear with Wal-Mart to announced the city was receiving $25,000 for winning the U.S. Conference of Mayors Climate Protection Award for the city’s sustainability efforts. The funds were presented to Green Chips of Southern Nevada for new solar projects at Opportunity Village of Southern Nevada.
The city of Las Vegas is challenging itself to become the nation’s first net-zero energy, water, and waste municipality. This net zero initiative has seen the construction of more than 1 million square feet of municipal green buildings. Additionally, more than 80 percent of the city’s 50,000 streetlights have been upgraded to LEDs. The city now has more than 5.25 Megawatts of solar photovoltaic at 30 facilities. These systems have reduced city energy consumption by approximately 15 percent, saving the city more than $1 million dollars annually. Comingled recycling at all city facilities has raised recycling rates to 55 percent, up from 20 percent five years ago. The city has reduced its municipal water consumption by 27 percent since 2008, through turf conversions, xeriscaping, and equipment installations throughout city facilities.
Also, Mayor Pro Tem Stavros S. Anthony recognized the Las Vegas Neon under-17 boys soccer team. After four days of play in July in South Carolina, the Neon emerged as national champions at the 2014 United States Youth Soccer National Presidents Cup finals. The Neon was one of 40 participating teams that came from all over the country to compete for a national title.
The council also recognized Vangelina Salazar-Ceja as the Employee of the Month for returning lost money belonging to a man who is disabled.
The council also heard from Myron Martin with The Smith Center for the Performing Arts, on its accomplishments. The center recently welcomed 1 million patrons and has seen 125,000 students since it opened 2 years ago. In addition, 90% of patrons are locals.
Happy Farmers Market Week! Access to locally grown, farm fresh produce is available weekly in our city.
Visit a Farmers Market near you, not only this week but throughout the year!
Las Vegas Farmers Market
Bruce Trent Park
1600 N. Rampart Blvd
Wednesdays, 4 to 8 p.m.
Tivoli Village Farmers Market
Tivoli Village, Rampart at Alta
Saturdays, 8 a.m. to 1 p.m.
Downtown 3rd Farmers’ Market
Casino Center at Stewart Ave.
Fridays, 9 a.m. to 2 p.m.
Las Vegas Farmers Market
Floyd Lamb Park at Tule Springs
9100 Tule Springs Road
First and Third Saturday of each month
Mayor Goodman and the City Council recognized the Sunrise Mountain High School Aviation Club for competing in the National Aviation Design Challenge and beating out 78 other teams from 33 states to win the top prize. The team was able to design a plane in the competition, and after winning, had the opportunity to build the plane they had designed. They also recognized Raymonde Fiol as the Citizen of the Month. She has worked tirelessly to educate our youth about the Holocaust. The Public Affairs team was also recognized as the ACTION Team for their work in supporting the City Council and other city departments.
David Bowers was approved as the new Director of Public Works. Bowers has a 27-year career as a civil engineer in the areas of structural and roadway design, construction management, contracting and team management. He has been employed with the city since 2005 and in his most recent role is responsible for the management of the city’s Engineering, Architectural, Surveying, Construction Management and Special Improvement District Sections. As the new director, Bowers will be overseeing three divisions within Public Works: the City Engineering Division, the Traffic Division and the Environmental Division. In all, there are more than 250 employees within the department, which has an annual budget of $80 million.
The Government Affairs team presented on what are evolving topics of interest during the upcoming Legislative Session in Carson City which will begin in February. Twenty five legislators represent some portion of the city of Las Vegas. Our Government Affairs team stays on top of it to make sure that city interests are upheld during the session. Current topics of interest for our city include things like animal abuse, business licensing, economic development, energy conservation, film production, medical marijuana, public safety, health and medicine, transportation and more. Last year, they kept an eye on the 1,200+ bills that passed through the Legislature during the 120-day session.
Our Sustainability team also updated the Council on our efforts to go green. They offered some pretty impressive numbers:
- Three years ago, our recycling rate was 22 percent. It’s now 55 percent
- We save about $27,000 a month thanks to our recycling efforts (that’s $323,000 a year)
- All of the water that goes down a drain, whether in homes, at parks or in City Hall is reclaimed and then reused or routed back to Lake Mead
The next City Council meeting will be held on August 20.
August is back-to-school preparation time, and the city of Las Vegas is coming together to host several back-to-school fairs where you can get free school supplies (while they last). Be sure to take part in one of these free fun events to get ready for school. You also can sign up for before- and after-school care at these events.
See the “Despicable Me 2” movie in the park, Friday, Aug. 8, after the back-to-school fair that starts at 6:30 p.m. at Centennial Hills Park, 7101 N. Buffalo Drive (at Deer Springs Road). In addition to free supplies, courtesy of Councilman Steven D. Ross, light refreshments and beverages will be provided. Enjoy a balloon artist, face painters and jump house. For more information, call 702-229-6154 or view the flier.
There will be another opportunity for children in grades K-5 to receive a backpack and supplies from Councilman Ricki Y. Barlow Saturday, Aug. 16, 8 a.m. to noon at Lorenzi Park, 3333 W. Washington Ave. Enjoy a morning of music, entertainment, face painting, games, vendors, food trucks and cooling off in the new splash pad. Wristbands will be given out beginning at 7:30 a.m. and supplies to those with wristbands beginning at 8 a.m., while they last. Please bring one nonperishable food item to support local pantries in need of food. See the flier . For more information, call 702-229-5443.
Enjoy the PG-rated “Frozen” movie in the West Charleston Lions/Essex Park, 600 Essex Drive at Charleston, at dusk Thursday, Aug. 21, 7 to 8 p.m. following a back-to-school fair and refreshments (while supplies last). This event is sponsored by Councilwoman Lois Tarkanian. For more information, call 702-229-6405.
See “Monsters University,” visit community vendors and get free school supplies Friday, Aug. 22, 6:30 p.m. at Durango Hills YMCA, 3521 N. Durango Drive. This event is sponsored by Mayor Pro Tem Stavros S. Anthony.
In addition, the Southern Nevada Health District and Immunize Nevada are holding back-to-school immunization clinics in several locations. See the Health District flier and the Immunize Nevada flier for details on dates and locations. Be sure to bring your child’s immunization records to the clinic. Get immunizations early and avoid the crowds.
(Photo credit: LVMPD)
National Night Out™ will be celebrated Tuesday, Aug. 5, in neighborhoods across the United States. Neighbors come together to build community, socialize and learn to cooperate in order to prevent crime. Where will you spend your National Night Out?
You could join Ward 1 Councilwoman Lois Tarkanian, K.E.E.N. and the Las Vegas Metropolitan Police Department’s Bolden Area Command for the National Night Out Celebration & K.E.E.N. Safety Fair at 6 p.m. at Clark High School, 4291 Pennwood Ave. Admission is free and the community is invited to enjoy a crime-prevention safety fair with informational booths by health and safety community vendors. Low-cost vaccines for children will be available (bring shot records) and some free school supplies for children ages 5-16 will be distributed while supplies last.
Or head downtown to Fremont Street, where the community is invited to join the National Night Out celebration of the Las Vegas Metropolitan Police Department Downtown Area Command in the Fremont East District, on Fremont Street between Seventh and Ninth streets, from 6 to 9 p.m. Las Vegas Fire & Rescue will perform a demonstration rescue by rappelling off a building. LVMPD’s mounted patrol also will perform a demonstration. There will be CPR training, face painting, vaccinations for children, a special display from the Mob Museum, and more. See the event flier.
Or you could head northwest, out to Knickerbocker Park at 10695 Dorrell Lane in Ward 6, where LVMPD’s Northwest Area Command and the Providence Master Planned Community will welcome the community for a celebration from 6 to 8 p.m.
This year marks the 31st anniversary of this crime-prevention and community-awareness event, first held by the National Association of Town Watch. To learn more about National Night Out and how to organize a celebration in your neighborhood, go to natw.org. For more information on celebrations in Las Vegas, go online.
Congratulations to the city’s Department of Finance, Purchasing and Contracts Division, for being awarded the 2014 National Procurement Institute’s Achievement of Excellence in Procurement Award (AEP)! This is the fifth AEP award for the city.
This prestigious award is earned by those organizations that demonstrate excellence by obtaining a high score based on standardized criteria. The criteria are designed to measure innovation, professionalism, productivity, e-procurement, and leadership attributes of the procurement organization. It is presented yearly, and is earned by less than 100 of the public procurement organizations in the U.S.
Purchasing Manager Yolanda “Yoli” C. Jones, C.P.M., CPPO will be accepting the award for the Purchasing and Contracts Team at the NPI conference in October.
As summer comes to an end and your back to school preparation begins you might be thinking about before and after school care for your children. The city of Las Vegas provides a safe, educational and fun opportunity for your children during these in between hours, through our Safekey program. Safekey is a structured program for your children that provides nutritional education, homework & tutoring help, life skill training, team building, creativity development, solid friendships and fun.
Programs like Safekey have been shown to improve kids’ school attendance, behavior and their overall success in school. For parents, you’ll have peace of mind and a more productive day at work knowing that your child is safe … and having fun too. Here are some of the highlights:
- Affordable: $7/visit for mornings, $10/visit + for afternoons/early evenings (plus $20 annual registration fee) Financial aid available.
- Convenient: Safekey is offered at more than 60 local Clark County School District schools for children in kindergarten-fifth grade.
- Excellent employees: Staff is carefully selected and have passed extensive background checks, drug tests and are fingerprinted. Mandatory in-service takes place twice a year where staff is trained in emergency and safety procedures.
- Fun activities: Before school, kids participate in board games, arts and crafts, nutrition education and physical activities as they prepare for their school day. A typical after-school day begins with a healthy snack, then continues with homework time, followed by arts and crafts projects, games, physical activities and reading.
- Homework help: Staff has time to work one-on-one when someone needs extra help with homework or with a craft project.
- Nutrition: At select eligible sites, full after-school meals are provided through our partnership with Three Square Kids Café. Through our partnership with the Coordinated Approach to Child Health (CATCH) Kids Club, every day we focus on healthy lifestyle behaviors with physical activities, teaching kids about healthy eating, personal safety and other positive choices.
To sign up visit lasvegasnevada.gov/safekey, call us at 702-229-7529 or email firstname.lastname@example.org.