Yes, you read that right. November or December is when the real work will begin on the Las Vegas Stadium per Oakland Raiders President Marc Badain at the Las Vegas Stadium Authority meeting on September 14th. Badain also showed confidence in a deal with UNLV getting worked out soon and was adamant that the negotiation process had been a healthy one.
The rest of his comments can be seen here.
— RaiderRamble.com™ (@TheRaiderRamble) September 14, 2017
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Las Vegas Stadium Authority unanimously approves six-month extension!
With authority given to them by SB-1 2016, the LVSA extended its shelf life for another six months. The reason for the extension is simple. Guaranteed Maximum Price. GMP is the maximum price the stadium, infrastructure, and training facility will cost. That figure will not be available until late January or early February.
The GMP is required for the development agreement to be signed, as well as finalizing the loan with Bank of America. Obviously, it is critical to the process.
Will this news delay the project? No.
The Raiders will move ahead with a Memorandum of Understanding. What that means is the Raiders will begin groundwork in either November or December at their own risk. In fact, the only reason they are working with the LVSA on an MOU is that the Raiders want to ensure that any costs are included in their $100 million spent. That $100 million is required to be spent first before the Raiders are allowed to tap into the $750 million allocated to the project by the State of Nevada.
The only document the Raiders need to begin groundwork is a Decommission Report. That was a stipulation of the Clark County permit approval.
What about the Community Benefits Plan?
The meeting began with some fireworks during the public comment portion. Get Active spokesperson Stan Washington, the person behind the phony flier went all in on his demand for $100 million over seven years from the Raiders. I was the first to report on the 100 million dollar ransom note here. However, Mr. Washington decided this time around to add to that. Not only did he return to his original demand of $100 million from the Raiders, but he then added that MGM Grand would need to pitch in another $50 million on top! This nonsense finally ended when LVSA Chairman Steven Hill made a ruling to allow only one comment per person.
Also talked about was the UNLV agreement with the Raiders and how close that was to being finalized.
At the end of the day, this process has been comprehensive to this point, and I see no reason that it will not continue to be that way all the way throughout February. The process has been one in which all parties are being legally protected, especially the taxpayers of Nevada and UNLV. After the meeting, Chairman Hill was available for comments, and one of the points he touched on was the CBP. Chairman Hill said that ultimately the LVSA had no authority to require anything from the Raiders on the CBP per SB-1 2016.
The rest of that was recorded by the Raider Ramble below.
— RaiderRamble.com™ (@TheRaiderRamble) September 14, 2017
The next meeting is scheduled for October 12th.