LAS VEGAS (KLAS) – Governor Joe Lombardo signed Senate Bill 1 on Thursday, June 15 making the A’s stadium funding bill law.
It comes after a five-day special session in which the Nevada Legislative passed the bill with two amendments. One removes an exception to pay prevailing wages in certain monorail projects and the other makes companies give 12 weeks of paid family leave if they take tax dollars. The bill amendments also increased the Community Benefits Agreement to $2 million per year which would come from the A’s and removed the homeless prevention and assistance fund.
The bill gives the A’s a cap of up to $380 million of public financing for the $1.5 billion dollar 30,000-seat stadium. The funding comes from an estimated $120 million in bonds issued by Clark County, combined with revenue from a special tax district. Transferrable tax credits worth $180 million will be issued, and the A’s will pay back $120 million of that over the life of the agreement. A $25 million credit from Clark County will pay for infrastructure improvements for the stadium.
The stadium will be built at the site of the Tropicana Las Vegas Casino Resort. The A’s are expected to begin playing in the stadium when the 2028 season begins.
The A’s have committed to a Community Benefits Agreement spelled out in SB1, with Nevada oversight to ensure $500,000 in donations and programs through 2027, increasing to $2 million per year when the stadium is complete.
The A’s have signed a commitment to play at the stadium for 30 years — or pay the balance of their commitment if they leave.
A few questions still have to be answered. Will the A’s play games at Las Vegas Ballpark until the stadium is ready? They have one more year on their lease at Oakland-Alameda Coliseum. Will Major League Baseball owners check off on the A’s move? They are currently meeting in New York, and a vote is possible.
After the Tropicana is demolished, what will be built on the remaining land around the 9-acre site of the ballpark? It’s just a portion of the 35-acre site. Lawmakers moved to prevent a casino or hotel from being built at the site.
Governor Lombardo released a statement Thursday evening saying:
“I’m excited to officially sign SB1 this afternoon. This is an incredible opportunity to bring the A’s to Nevada, and this legislation reflects months of negotiations between the team, the state, the county, and the league. Las Vegas’ position as a global sports destination is only growing, and Major League Baseball is another tremendous asset for the city.”
The Athletics also released a statement on Lombardo singing SB1 stating:
“Today is a significant step forward in securing a new home for the Athletics. We thank Nevada Governor Lombardo, Legislative leaders, and Clark County Commissioners and staff for their hard work, support, and partnership. We will now begin the process with MLB to apply for relocation to Las Vegas.
We are excited about Southern Nevada’s dynamic and vibrant professional sports scene, and we look forward to becoming a valued community member through jobs, economic development, and the quality of life and civic pride of a Major League Baseball team.”