LAS VEGAS — Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, said he was optimistic three key documents needed to begin construction on a new stadium for the Athletics would be approved Dec. 5.
“We’re rounding third and heading for home,” Hill said after Thursday’s Las Vegas Stadium Authority board meeting.
Hill and the LVCVA were so hopeful the approvals would come at that December meeting that three others were canceled. The board will next meet Oct. 17, and a meeting has been set aside for Dec. 12 as a “safety valve.”
The three documents that need to be approved for the planned $1.5 billion, 33,000-seat domed stadium on the Las Vegas Strip are the lease, non-relocation and development agreements. The lease agreement was presented Thursday without a vote.
That agreement provides an initial 30-year lease that ultimately can be extended up to 99 years. The agreement for the NFL’s Las Vegas Raiders is 30 years without language beyond that time frame.
Allegiant Stadium, which is home to the Raiders, opened in 2020. The A’s hope to open their ballpark in time for the 2028 season.
“I think mostly it wasn’t contemplated in 2016 when we passed the law,” Hill said. “You don’t necessarily need that information in the law. It gives us optionality. We talked about it during the process that we’re going to get to 15 or 20 years and the parties involved will probably reopen the lease and renegotiate it.”
This is the A’s final season in Oakland. They agreed to play the following three seasons, with an option for a fourth, in a Triple-A stadium in West Sacramento, California. The A’s will share that facility with the River Cats, the San Francisco Giants’ Triple-A club.
The A’s have said they expected to spend $350 million in public money rather than the full $380 million allocated by the Nevada Legislature.
The club has said it plans to finance $300 million of the stadium cost and the other $850 million would come from private equity. Hill said the A’s might present their financing plan at the October meeting.
Source: www.espn.com