Senate bill would create ‘facility district’ to fund Las Vegas sports stadium

CARSON CITY — The Clark County Commission could create a "facility district" that would help fund construction of a professional sports stadium under a bill introduced in the state Senate late Monday.

Senate Bill 501 offers three proposals for districts that would direct tax revenue generated at and around proposed stadium sites toward construction of the project. Under the measure, the County Commission could pick just one option.

Three different developers have proposals that could benefit from at least one of the choices.

University of Nevada, Las Vegas is working with a private developer to build an on-campus stadium that could accommodate the football team and would include retail and hospitality elements.

Texas-based developer Chris Milam is seeking to fund a project west of Interstate 15 near Tropicana Boulevard.

The city of Las Vegas is working with the Cordish Company to build an arena downtown.

SB501 was introduced by the Senate Committee on Finance, led by Senate Majority Leader Steven Horsford, D-Las Vegas.

"I support the concept because it is about jobs and creating an events center that would help Southern Nevada be competitive," Horsford said.

Caesars Entertainment is pushing its own proposal to build an arena near the Strip.

The Caesars plan would raise sales tax near the Strip by nine-tenths of a cent. In March, the Legislature, at the urging of MGM Resorts International, rejected a signature petition authorizing the Caesars proposal, forcing it to the ballot in 2012.

At the time, legislators said no tax money should be used to finance stadiums.

Although the options in SB501 would direct tax money toward financing, it would be money generated only from increases in taxes resulting from the project, including those on sales, live entertainment, property, hotel rooms and tobacco. One of the district options also includes an assessment on parking spaces within 3,000 feet of the project.