LAS VEGAS (KTNV) — The Las Vegas City Council is scheduled to consider an exclusive negotiating agreement for a mixed-use live, work, and play development that includes a new soccer stadium at the Cashman Field site for a Major League Soccer team that would move the Lights FC into the MLS.
The council will be in talks with The Renaissance Companies Inc. to explore these options and is scheduled for further discussion during a June 5 Redevelopment Agency meeting at Las Vegas City Hall.
If approved, the agreement would allow for plans for a new stadium and mixed-use development on the 62 acres where Cashman Field is currently located at 850 North Las Vegas Boulevard, according to the City of Las Vegas.
During the 180-day term of the agreement, the city also reports that it and Renaissance will work on drafting a master development plan that would then be brought back to the council for consideration.
The exclusive agreement also calls for Renaissance to present the city a detailed plan for the financing of the development of the stadium for review and approval by the City Council. Further, the agreement calls for a master development agreement that requires team ownership working with the city to make an application to MLS for the Las Vegas Lights FC to become an expansion team.
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Renaissance is a project manager and financial structuring adviser to financial institutions and investors from real estate developments to mergers and partnerships. The company also has a corporate base in Nevada since 2000 among other locations.
The Lights FC made its debut in the United Soccer League in 2018 and currently calls Cashman Field home. The team also released this statement on Wednesday:
More information about this announcement is available here.