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New details on NFL stadium proposal

Posted at 11:34 PM, Aug 24, 2016
and last updated 2016-09-07 15:06:11-04
As talks continue to build a 65,000-seat stadium to bring the Oakland Raiders to Las Vegas, those tasked with drawing up the plan also have a backup plan in place.
The preliminary draft of the legislative recommendation being discussed by the Southern Nevada Tourism Infrastructure Committee includes a plan that could get UNLV a new stadium even if the NFL plan falls through.
The draft that will be discussed a the SNTIC meeting Thursday morning calls for a .07 percent increase to the room tax in the Strip corridor, and a .05 percent increase to the room tax at hotels within 25 miles of the proposed stadium.
That would add up to an extra $1.40 on a $200 room on the Strip and an extra dollar on a similarly priced room elsewhere.
Paperwork accompanying the draft shows the developers, Las Vegas Sands Corp and Majestic Realty, hope to raise $750 million through the room tax increase.
The proposed increase would extend for up to 33 years.
While the draft does not specifically mention the Las Vegas project, it says the funding model can be used by Nevada counties with a population of 700,000 or above. Clark County is the only county in the state that qualifies.
If approved by state legislators, the Oakland Raiders would have up to a year to get approval from the NFL for a move to Las Vegas.
As SNTIC members have been discussing potential stadium locations, the draft does not specify a location.
According to some of the accompanying documents, the committee is working off the $1.8 billion estimated cost for the entire project.
The proposal would also create a Stadium Authority to oversee the new funding.
The initial draft calls for the seven-member board to be made up of 3 people appointed by the governor and two each appointed by the county commission and the developers.
A supporting document shows the developers are asking for four seats on the board, which would get them a majority of the votes.
The committee is also looking at a backup plan should the NFL plans fall through.
Clauses in the draft would allow UNLV to pursue a stadium of its own using funds collected from the room tax.
To trigger that clause, the university would have to raise $200 million in public funding.
The committee will have a chance to discuss the preliminary draft and any potential changes at its meeting Thursday morning.
They are expected to make a recommendation to the governor by a Sept. 30 deadline.