Today the Oakland Raiders submitted one of the development’s most important documents outlining the final price (GMP) of their glitzy new home near the Las Vegas Strip.
The Oakland Raiders have provided the Las Vegas Stadium Authority (LVSA) Board with the guaranteed maximum price (GMP) – the final overall cost of the stadium itself. That maximum price will not be over $1.8 billion projection initially given. Getting this final price is the final hurdle for the Raiders to secure the pre-approved financing, for the team’s portion of the funding, from its lender Bank of America.
The 391 page document was just made available on the LVSA website as part of the disclosure of documents to be covered at tomorrow’s Board meeting.. The final price outlined (see image to the right) does not include the $100 million that will be set aside for the Raiders Training facility in Henderson. It also does not include the cost of off site parking, which the Raiders will cover as well.
In the report, it also lists the expected completion of the project as August 1st, 2020. To date the project is right on schedule and no delays are expected.
The GMP will be discussed in tomorrow’s meeting and some other documents will be approved “In Form.” Once tomorrow’s meeting is over, those documents will be taken to the NFL Owners meeting in Orlando for final league approval. The documents will then be sent back to the LVSA for a “Blue Ink” signing on March 28th. Once executed and approved by Clark County, they will begin the process of issuing $650 million in bonds needed to cover the cost. Before the bond money is available, the LVSA will approve $50 million of the Hotel Tax collection to be released for the project.
The final $50 million of the state’s contribution will not happen until the near end of the project in 2020.
The document also sheds light on the costs the team has already incurred as the project moves forward. As of today, the Raiders have spent over $179.9 million on the project. That’s roughly 10 percent of the total to date.
The Las Vegas Raiders Report will be covering the meeting live tomorrow so please make sure to check out our profile on Twitter for on-the-spot news. We will also do a Periscope after the meeting sometime tomorrow.