Las Vegas Stadium Authority Approves Raiders Development Agreement “In Form.”
The Las Vegas Stadium Authority has unanimously approved the Oakland Raiders Development Agreement to build the area’s new $1.9 Billion stadium – “In Form.”
What does “In Form” mean exactly? It means there are small outstanding issues – as small as typos or slight changes in the document, or as big as the Guaranteed Maximum Price (GMP) of the construction of the project.
The latter, which should be available by the March 15th LVSA meeting, is important to secure final funding of the project. These small issues are not expected to impact the overall document but do need to be resolved before the document can be finalized.
Chairman Steven Hill tentatively scheduled another meeting on, or around, the 29th of March. That meeting would fall after the NFL Owners spring meeting, but before Clark County’s April 3rd meeting. That is when Clark County has scheduled to begin issuing general obligation bonds.
The Stadium Authority meeting actually went more quickly and smoothly than most observers expected. However, the significance of unanimously approving the development agreement, even “In Form,” should not be overlooked. Today’s LVSA actions should put to rest any idea notion that this project won’t happen.
Parking and Tailgating.
Raiders President Marc Badain updated the board on the parking status by saying “the Raiders have always taken parking issues very seriously, In Oakland, and now in Las Vegas. The Raiders have 3,000 spots on site and have agreements or LOI’s (Letters of Intent) in place for approximately 27,000 other parking spots within 1.5 miles of the stadium.”
Badain later followed that up with the fact that the Raiders have identified 100,000 parking spots within 3 miles of the stadium, and that there would have to be a mechanism in place to shuttle those fans in. Another fact Badain confirmed was that the Raiders are still negotiating a possible deal on the Bali Hai Golf Club with Clark County, but would not specify what that was, other than it was one of many options.
Badain also spoke about the Raiders tailgating experience saying it may differ from what fans in Oakland are used to, but reassured fans the team is addressing it and will have a plan to preserve tailgating for games once the move to Las Vegas occurs.
Raiders owner Mark Davis has said in the past, that the Raiders are obviously very serious about the entire fan experience, from ingress, egress, parking and tailgating. Today’s comments from Badain shows how committed the Raiders still are to that experience.
The next Stadium Authority meeting is scheduled for March 15th. The GMP should be the central focus of that meeting and the Las Vegas Raiders Report will be there covering that followed by a live reader question and answer session.