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Posted on: June 13, 2023, 06:02h.
Last updated on: June 13, 2023, 06:02h.
The Nevada Senate voted 13-8 Tuesday to approve $380 million in public funding for a $1.5 billion baseball stadium planned by the Athletics MLB team for the site of the Tropicana casino hotel. The vote occurred on the fourth day of a grueling special session called by Nevada Gov. Joe Lombardo.
Senate Bill 1 would allocate $180 million from the state in transferable tax credits, of which $90 million would be repaid via a sports entertainment improvement district set up around the stadium site.
According to the bill, Clark County would contribute $145 million, of which $120 million would come from the special tax district and $25 million will go toward infrastructure improvements.
The bill now moves to the Assembly, where it is currently being debated.
The bill was approved with two amendments. The first bars hotels and gaming establishments from the special tax district created to fund the bonds issued to build that stadium. It also absolves the state of responsibility for repaying the County’s bonds.
The same amendment also requires the A’s to fund community benefits programs to the tune of $500K each year before the stadium opens, and then either $1.5M per year or 1% of ticket revenues after that. It also requires the workforce building and operating the stadium to be diverse and paid a living wage.
A second amendment requires businesses with 40 or more employees that receive state tax exemptions to provide 12 weeks or more of paid family leave to its employees after one year of employment. It also removes an state-law exemption allowing railroad and monorail projects to avoid paying prevailing wages on construction and repairs.
The Senate will return Wednesday to consider any changes made by the Assembly.
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