Nevada Governor Approves Funding Plan For Las Vegas Raiders Stadium
Nevada Gov. Brian Sandoval signed a funding plan for a new $1.9B domed stadium in Las Vegas, reports the Mercury News. Lawmakers previously agreed to raise already approved public funds of $750M through a hotel room tax.
Back in Oakland, a development company owned by Edward DeBartolo, former San Francisco 49ers owner, met with Oakland officials earlier this month regarding the Oakland Coliseum development.
Mayor Libby Schaaf says she is still working on a deal with the team, the NFL and a group of investors associated with Ronnie Lott and Rodney Pete, according to the San Francisco Chronicle. Talks are ongoing, but there’s been little word on who would fund a new Oakland stadium. Oakland could provide as much as $200M, Schaaf tells the Chronicle.
Oakland and Alameda County are still dealing with the $95M in public debt left over from the 1995 renovation of the Coliseum, which brought the Raiders to Oakland. Taxpayers are fronting about $20M a year. The money would still be owed even if the Raiders move to Las Vegas. [MN]