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Friday, May 14, 2004

Vegas Stadium Funding Still Unclear

Nevada baseball promoters are scrambling to come up with public money for use in stadium construction. MLB wants local taxpayers to pay 2/3 the cost of any new stadium, but none of Las Vegas' proposals would come close to generating the $300 million that ratio would suggest.

Stadium supporters have talked about using tax increment financing, but it may not even be available. The proposed stadium would be adjacent to the Las Vegas Strip, behind Bally's and Paris Las Vegas, but the state law authorizing Clark County's redevelopment authority says that TIFs are intended for "blighted areas." In a masterpiece of understatement, the Las Vegas Sun acknowledges, "The Strip, however, is not generally considered a decaying urban neighborhood."


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