Agreements must be complete before ground breaks on Raiders' stadium

LAS VEGAS - The Raiders and the Stadium Authority are under a relatively tight deadline to get all of the agreements in place before opening kickoff in 2020.

Contractors will have to stick to an aggressive timetable to get the stadium built by August of 2020, and labor reps repeatedly say they're up for the challenge. But when will they be able to get to work?  Well, that all up to the attorneys.

For the past six months the numbers making headlines in the Las Vegas Stadium Project have all been related to its cost:
$750 million from the state
$1.1 billion from the Raiders

However, the buzz is turning to new numbers related to time.  The magic number five: It'll take five months to finish a dozen agreements, most notably, the lease and development agreements.
 
If everything isn't in order by then, there's a risk the stadium won't be ready on time.

"I had heard there's a break ground date of December, but you know, September, October is one when all these documents need to be done, and the financing needs to be in place, and we need to be ready to go," said Mark Arnold, Stadium Authority Attorney.

"If we get past October, that's probably problematic, because they're going to break ground, they're going to have to get moving, and they're not going to do that until these agreements are done," said Steve Hill, Chairman, Las Vegas Stadium Authority.
   
The Stadium Authority is also starting to move money.
The additional room tax brought in $4.6 million in March.  The Stadium Authority predicts by June 2018 it will have collected nearly $64 million.

That money can be used for construction costs once the Raiders spend $100 million, which was a safeguard put in place in case the stadium deal fell through.


 


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