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Monday, June 13, 2016

SNTIC : LVCC Expansion Recommendation On June 23rd Not Oakland Raiders Las Vegas NFL Stadium

SNTIC : LVCC Expansion Recommendation On June 23rd Not Oakland Raiders Las Vegas NFL Stadium The latest information on the website of the Southern Nevada Tourism and Infrastructure Committee (SNTIC) reports that the document recommending the expansion of the Las Vegas Convention Center will be presented for “potential action” - note that no such stadium document exists as of this write and no similar action will be taken. Thus, news reports that the Oakland Raiders NFL stadium would be recommended over LVCC expansion are officially wrong. What will happen on June 23rd is that the Nevada Committee will review the document recommending that the LVCC be expanded and then hear the newest information from the stadium analysis work done by Jeremy Arguro. As I was told before by my well-placed source, the SNTIC will need two more meetings before it is ready to make a recommendation on the stadium. The May Meeting minutes say that the next two will be on July 11th and then on July 28th. Again, it's also important to remember that the LVCC Expansion planning process is far further along than that for the NFL Stadium – about five years ahead. The NFL Stadium talk just started this year – to expect a fast conclusion in mere months is just plain fantasy. The main problem in media coverage of this stadium issue is many reporters aren't well-versed in development issues. Thus, they don't understand how to read complex reports or who to call to get the right answers. Just talking to a “source” is not enough – the person could be a local bystander who claims to know more, or a person trying to spin the news in their favor. In development matters where approvals are paramount, its always important to make sure the documents follow what the sources say, and vice-versa. But for the few who do it right, and who know Las Vegas, the real picture of what the SNTIC can and will do is very different. It's not at all hard to see where all of this is really going: toward an eventual SNTIC recommendation to the governor for both the LVCC Expansion and the NFL Stadium, but with a much lower public contribution and a far greater private one. All signs point to one fact: Clark County's hotel tax increase plans can not comfortably afford a $750 million public contribution for an NFL Stadium and a $1.4 billion public contribution for LVCC Expansion. That is a lot to consider, and on top of all that there is this fact: we are in an election year and a number of seats in the Nevada legislature are up for grabs. It's hard to see the SNTIC asking the Nevada Legislature to approve anything close to what the Raiders and Las Vegas Sands are asking for, and I would think the politicians would want the whole deal delayed until 2017 – or at best put LVCC Expansion on for a special summer session and put off football until 2017. When that happens, the entire timetable for a Las Vegas NFL Stadium will be pushed back one year to 2021. That will take the Raiders outside their Coliseum Lease agreement time length of up to three years – the City of Oakland would be in the drivers seat to influence the Raiders future, but can improve their position just by continuing to work with the Raiders on a new stadium at the Coliseum. Stay tuned.



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