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Group releases report opposing public money for stadium

Posted at 4:46 PM, Sep 28, 2016
and last updated 2016-09-29 00:15:47-04

A faith-based group released a report Wednesday arguing that the proposed stadium for the Oakland Raiders is too risky for taxpayers.

Nevadans for the Common Good, which is made up mostly of churches, released the report that raises the issue of general obligation bonds backing the $750 million in public money approved by an infrastructure committee and slated for legislative consideration next month.

The relatively obscure group apparently was not swayed by the stadium committee's argument that taxpayers are protected by bond reserves and so-called coverage ratios designed to protect the public even in the event of a devastating recession. They argue that the projections could be far off and that promises made are rarely kept when it comes to publicly funded stadiums.

Here is a summary of the report and the more in-depth document.