Four Companies Want to Build Arena in Las Vegas - 8 News NOW

Four Companies Want to Build Arena in Las Vegas

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LAS VEGAS -- Clark County Commissioners will be looking at proposals for a new sports arena in Las Vegas, and it's already giving hope to many unemployed construction workers.

There are four different groups who all want to build the same thing. The hope is to attract more events and a professional sports team to town.

A Texas-based company wants to build an arena on the site of the old Wet 'N Wild water park near Las Vegas Blvd. and Sahara. The company that has leased the land now wants to turn it into the Silver State Arena, a world-class sports arena that is expected to provide at least 10,000 jobs.

See the Arena Proposals

International Development Management says they are ready to break ground by late September. The Silver State Sports arena would be right next door to the Fontaineblue building on the north end of the Strip.

"It will generate a lot of jobs a lot of investment -- a lot of new economic activity," said company president Chris Milam. "The arena we are replacing is almost 30-years-old."

The project would cost $750 million -- about half includes the price of the land. Milam says 85-percent of it will be privately funded by his company. The other 15-percent would have to be subsidized by the county. 

Milam wants commissioners to reinstate the redevelopment agency that takes a portion of property taxes to revitalize blighted areas.

"This project requires no new taxes, whatsoever. No tax burden on anyone in Clark County," he said.

"What I really like is someone to come in and build an arena without using public money. No one has offered that yet," said Commissioner Steve Sisolak.

Sisolak says there are three other proposals to build an arena of the same size. Two of the plans call for a sales tax increase for the Strip corridor. 

Sisolak is optimistic, saying a lot of people want a professional sports team to call Las Vegas home. Economically, it could be a big boost to the area. In the meantime, it would create a lot of jobs.

MGM Mirage and UNLV are against the idea of any sports arena being built. UNLV wrote a letter saying it would lose up to $9 million a year from the loss of events.

Commissioners will meet on Tuesday to hear all the proposals for the sports arena. From there, they may send the issue to the voters on the November ballot and ask if people are willing to support an eight-tenths of a cent sales tax increase. 

IDM officials say they are going to move forward on its project in hopes they will win the bid.

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