For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
Dec. 2 — Supporters of a plan to keep the National Football League’s Oakland Raiders in the city are working against a fast-approaching deadline to present their potential counteroffer to Las Vegas’s stadium financing plan.
According to unofficial reports, Oakland, Calif.'s $1.3 billion, 55,000-seat stadium proposal would come in lower than a $1.9 billion proposal adopted last month by Nevada’s Legislature and governor.
Erica Derryck, communications director for Oakland Mayor Libby Schaaf (D), told Bloomberg BNA nothing has been publicly released outlining specifics of the proposal, and said she wouldn’t divulge specifics until the issue goes before the Oakland City Council.
The mayor said Dec. 2, however, “that time is of the essence” to finalize the deal “as the NFL relocation filing window could open as early as January 2017.”
The details, according to media reports, describe a stadium financing proposal consisting of $600 million in private money from Oakland City Pro Football Group LLC, a team of investors fronted by former NFL star Ronnie Lott. It also would include $200 million from the NFL, $300 million from the team and $200 million in borrowed public funds. The public funds for infrastructure improvements would be repaid from revenue generated by the stadium project.
The council and the Alameda, Calif., County Board of Supervisors have been conducting private discussions on the proposal. The Raiders and owner Mark Davis have largely stayed silent on the potential deal.
It is uncertain whether Davis would be receptive to the idea of Lott’s group asking him to sell them an ownership stake in the team.
For now, at least, Davis appears to be standing by recent statements that he remains committed to Las Vegas. He is expected to present his formal case for the team’s relocation at a meeting of NFL team owners in January. A spokesman for the Raiders didn’t return requests for comment.
Also unclear is if Las Vegas would come back with a revised offer if the Raiders decided to remain in Oakland. A spokeswoman for the Nevada Governor’s Office of Economic Development didn’t respond to requests for comment, but the deal was contingent on the Raiders relocating.
On Nov. 15, the Clark County, Nev., commissioners approved a $1.9 billion financing package for construction of a 65,000 seat, NFL-ready stadium, plus revitalization of the Las Vegas Convention Center.
The two projects would be financed through a 0.88 percentage-point hotel room tax increase to fund the stadium, and a half-percentage point increase for improvements to the center.
The new hotel room taxes, which take effect Jan. 1, will add $1.35 for every $100 on a room rate.
The rise in the hotel room tax rate is expected to generate $750 million in bonds for the stadium, the biggest tax subsidy ever awarded for a professional sports stadium, according to the Urban-Brookings Tax Policy Center.
To contact the reporter on this story: William H. Carlile in Phoenix at firstname.lastname@example.org
To contact the editor responsible for this story: Ryan C. Tuck at email@example.com
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)