Nevada Republican Governor Joe Lombardo announced Wednesday a tentative deal with the oakland athletics and legislative leaders for a stadium financing plan after weeks of negotiations over how much the state will contribute to a $1.5 billion Las Vegas ballpark.
The tentative agreement outlined in a joint statement indicates that a funding bill will be introduced in the Nevada Legislature in the coming days, giving lawmakers less than two weeks to consider it before session adjourns.
The threat of a special legislative session looms if lawmakers can’t agree on terms by June 5. Financing is also not a sure thing.
The announcement comes on the heels of the Oakland Athletics’ agreement to use land on the south end of the Las Vegas Strip home to the Tropicana Las Vegas casino resort, a pivot from an earlier deal for a nearby stadium that had a $500 million price tag that many lawmakers said was too high.
Wednesday’s statement did not specify an amount for the public assistance, although Nevada State Treasurer Zach Conine said the public-private partnership would minimize risk to Nevada taxpayers. Public assistance would cover less than 25% of the total cost of the stadium, according to the statement.
The governor’s office and Senate Democrats declined to provide details about the welfare application. Conine and a representative for the A’s did not return messages seeking specific numbers.
Democratic State Assembly Speaker Steve Yeager said legislative leadership is reviewing the proposal.
“No commitment will be made until we have evaluated the official proposal and received input from interested parties, including affected community members,” Yeager said in a statement.
The A’s have been searching for years for a home to replace the Oakland Coliseum, where the team has played since it arrived from Kansas City for the 1968 season. The team had sought to build a stadium in Fremont, San Jose, and eventually the promenade. Oakland Maritime, all ideas that never materialized.
Las Vegas would be the fourth home of a franchise that began as the Philadelphia Athletics between 1901 and 1954. It would become the smallest Major League television market Baseball and the smallest market to house three major professional sports franchises. The team and the city hope to attract the nearly 40 million tourists who visit Las Vegas annually to help fill the stadium.
Earlier this month, the A’s reached an agreement with the Culinary Union, Nevada’s most politically powerful union that represents more than 60,000 workers in the Las Vegas area, guaranteeing that A’s workers would have the right to organize and bargain. union contracts.