Las Vegas Raiders Stadium Plan Passes Second Major Hurdle

Friday’s vote was taken in the Nevada assembly; the state senate approved the bill earlier in the week by a vote of 16 in favor to five opposed.

The Nevada state senate passed a stadium deal during a vote at the state capitol on Tuesday.

The bill now goes to Nevada Gov. Brian Sandoval, who has indicated that he will support the deal. In case revenues from the stadium aren’t enough to make the bond payments, the bill mandates the stadium authority build up a two-year reserve to make those payments.

The Nevada Assembly worked until 1 a.m., hashing out the implications of a Nevada Department of Transportation report that detailed necessary road improvements if a stadium is built.

Raiders owner Mark Davis praised Sandoval and lawmakers in a statement.

Raiders owner Mark Davis does not have the necessary approval from his fellow National Football League owners to move his team to Las Vegas.

No matter how this plays out, for now at least, Mark Davis is speaking like somebody who believes his team is moving to Las Vegas. Las Vegas County Commissioner Chris Giunchigliani, who spoke at the hearing, said the project is an egregious case of misplaced priorities. Las Vegas needs to pick a site for the stadium and National Football League owners would have to approve the team’s move.

Get free real-time news alerts from the San Leandro Patch. A hotel tax will be the source of the funds for the stadium. The amendments now head to the Senate for final approval before the legislation heads to the governor’s desk.

What is clear is that Adelson and his minions demanded $750 million from new tourism taxes to pay for part of a stadium – that could cost $1.3 billion, $1.4 billion or $1.9 billion, depending on what figure is thrown out – or they would walk. The measure needed 28 votes to pass, and Republican leaders who were trying to round up sufficient votes called for a vote Friday morning before lawmakers could have any protracted discussion about the bill.

Twenty-four of the 32 owners must approve any franchise relocation. And as the Chronicle explained, Oakland and Alameda County taxpayers are still paying off $95 billion in debt from the 1995 renovations to the Oakland Coliseum that were made in order to lure the Raiders from Los Angeles.

Davis has pledged $500 million toward the stadium, and billionaire Las Vegas casino mogul Sheldon Adelson has pledged an additional $650 million.

“We can’t change what’s happening in Las Vegas”, McKibben said. “This magnitude of public money for a legacy project of one of the wealthiest people in the world is just plain unacceptable”.