Quote:
Originally Posted by eco74
Anyone who still thinks this is a good idea from an economic standpoint, go read that NY Times article above.
If I were a Nevada resident I would be furious at my representatives.
The process was rigged. Opponents were basically shut out from speaking. It is angering. Adelson flooded lawmakers with campaign cash right before the special session:
http://www.ktnv.com/news/political/c...pecial-session (this list doesn't include PACs Sands contributes to)
The
largest beneficiary was Michael Roberson, leading cheerleader and Senate Majority Leader. Adelson/Sands bankrolled him to try and defeat Tarkanian in the US House race. Money also poured into campaigns that voted against education tax on a no-new-tax pledge that suddenly didn't mind a stadium tax.
I read the bill. It is a disaster. No objective person could possibly support it if they bothered to read it. The $750 million bond will come due without any compelled payments on it, only interest. The investors can bail without recourse. The only term for the lease is that the Raiders must sign for 30 years. There is no penalty in the bill if they decide to bail sooner. We're at the mercy of the Stadium Authority there and have to hope they don't make as bad of a deal that this law is.
The remodel fund is higher on the priority list and is uncapped. UNLV will pay rent to play there. There is a mythical $3.5 million a year UNLV can get to offset losing Sam Boyd that isn't guaranteed and can be completely removed by the Board. The stadium is exempt from competitive bidding laws. It will also pay no property taxes but Clark County gets 0% of the revenues. There is more that would take up another page.
I hope the NFL owners hate Las Vegas and Adelson enough to block this.
Last edited by John Mehaffey; 10-25-2016 at 08:37 PM.