Oakland A’s, Nevada leaders announce tentative agreement to bring MLB to Las Vegas
LAS VEGAS, Nev. (FOX5) - Nevada Governor Joe Lombardo on Wednesday announced that a tentative agreement has been reached between his office, the Oakland Athletics organization, Treasurer Zach Conine, and Clark County officials to bring forward a bill for consideration that would bring Major League Baseball to the Las Vegas Strip.
According to a news release, the bill will be considered by the Nevada Legislature.
“This agreement follows months of negotiations between the state, the county, and the A’s, and I believe it gives us a tremendous opportunity to continue building on the professional sports infrastructure of southern Nevada,” said Governor Joe Lombardo. “Las Vegas is clearly a sports town, and Major League Baseball should be a part of it.”
The release notes that “the tentative agreement is being drafted into legislation that will be introduced in the Nevada Legislature in the coming days to be publicly debated and considered.”
“We’re very appreciative of the support from the State of Nevada and Clark County’s leadership,” said A’s President Dave Kaval. “We want to thank Governor Lombardo, the Legislative leadership, the Treasurer, and Clark County Commissioners and staff on the collaborative process. We look forward to advancing this legislation in a responsible way.”
According to the release, which did not provide details of any funds that would be put towards the Las Vegas ballpark, the tentative agreement includes the creation of a “Sports and Entertainment Improvement District” for a planned 30,000-seat, publicly owned, retractable roof stadium located the Las Vegas Strip.
FOX5′s Jaclyn Schultz has reported that Nevada lawmakers are willing to offer $180 million in bonding and tax breaks to the Oakland A’s, according to a source late Tuesday, lower than figures FOX5 has previously reported.
Lawmakers want some “guarantees” from the team. FOX5 is still waiting to get answers on what exactly that means.
Lawmakers have discussed using $120 million in Clark County bonds for the project, and FOX5 has learned that Tuesday’s talks resulted in $25 million of county funding. There is also a 30-year property tax exemption. According to a Clark County official close to the matter, after concerns raised earlier in the week on the debt reserve and potential impact on taxpayers, the source now said county officials are “comfortable” with the “times coverage” in GO bond agreements.
A Clark County official said the $25 million will go to stadium infrastructure including the need for a development agreement with the stadium. Funding would also go to roadways, water, sewer, utilities, fire, police and any pedestrian needs.
Construction is estimated at $1.5 billion and will create more than 14,000 construction jobs, the release says.
The A’s currently have a 10-40 start to the season, which is the worst by any MLB team in 91 years.
This is a developing story. Check back for updates.
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