The Raiders and the Las Vegas Stadium Authority on Thursday are expected to finalize an agreement to construct the proposed $1.9 billion, 65,000-seat domed stadium that will house the NFL franchise beginning in 2020.
All agreements and stadium-related documents are up for possible action and are likely to be approved “in form,” said Jeremy Aguero, principal of Applied Analysis and the lead staff member for the stadium authority.
Barring any unforeseen snags, the agreement will cover the development, lease, personal seat license and the UNLV joint-use agreements, among a bevy of other details.
Approved “in form” means the authority will show how the documents are laid out and provide a detailed account of the agreement, but need a more complete legal review before the formal approval. The deadline of March 1 can’t be missed because the agreement needs to be in place ahead of the NFL owners meeting March 25-28 in Orlando, Florida.
The agreement will first be reviewed in league committee meetings in early March. Clark County will review some of the documents when it issues the stadium bonds.
“All these documents need to be approved in form so that the NFL has the ability to review,” Aguero said. “That is why this March 1 deadline is so important, so we can have all those for the NFL to review.”
The stadium authority will meet again either on March 15 or March 22 to address any comments made by the NFL or the county and finalize the agreements. The plan is to have the finalized agreements ready to go for the NFL owners’ meetings at the end of the month.
If the Raiders plan is approved by NFL owners, an early April meeting will be called to request for the issuance of stadium bonds, Aguero said.
“The reason this deal works is because all of these pieces fit,” he said.
The Raiders and stadium builders Mortenson-McCarthy have a deadline of March 12 to come up with a final cost for the project. If it is more than the $1.9 billion estimate, the LV Stadium Events Company (Raiders) will foot the bill because Senate Bill 1 states that the public contribution cannot exceed $750 million.
“We don’t know yet,” Aguero said. “The Raiders are continuing to work through the budget, in terms of developing a gross maximum price amendment and finalizing the design build agreement. We will evaluate those when we receive them.”