Courtesy An artist’s rendering of the stadium being built in Las Vegas where the Raiders and UNLV will play football.
Wednesday, April 11, 2018|3:02 p.m.
Clark County on Wednesday sold bonds to finance the public’s $750 million contribution towards building of a 65,000-seat arena where the Raiders and UNLV will play football.
An overall of $645 million in bonds were sold in 90 minutes to 43 different institutional and retail investors, Clark County Manager Yolanda King said. The funds will not be available till May 1, when the sale is settled.
The rest of the $750 million was gathered through the Clark County hotel room tax before Wednesday’s bond sale.
The 30-year bonds have a maturity date of 2048. They are being paid off with revenue from the space tax.
Members of the county Finance Department, including Chief Financial Officer Jessica Colvin, were in New york city for the sale with agents of RBC Bank and JP Morgan.
The $1.8 billion arena is being moneyed by $750 million in space tax profits, $850 million from the Raiders and a $200 million loan from the NFL.
If the Raiders were to leave Las Vegas before their 30-year lease is up, the group would be responsible for any outstanding debt related to the stadium, Colvin stated.
The Clark County Commission authorized the bond sale earlier this month on a 6-1 vote, with Commissioner Chris Giunchigliani casting the only vote in opposition.