LAS VEGAS (AP) — After years of planning, dealing and getting millions in public financing approved, Oakland Raiders officials broke ground Monday on a 65,000-seat domed stadium in Las Vegas, across the freeway from the city’s world-famous casinos.
The Governor of Nevada joined Raiders owner Mark Davis and the NFL commissioner for the event early Monday evening.READ MORE: Reports of Jack Dorsey Stepping Down as Twitter CEO Inspire Stock Surge
They each wore silver Raiders hard hats and used shovels with the Raiders emblem to scoop up some dirt.
The ceremony opened up with a stirring performance of the song “Rise Up.”
The performance was to pay tribute to the victims of the Las Vegas shooting.
Davis opened up his speech by acknowledging the tragedy and emergency responders.
“All the first responders, emergency health care workers and local citizens worked together to bring safety to a situation that without team work could have resulted in chaos,” said Davis. “The Raiders are proud and honored to be joining such a special team.”
Comedian George Lopez hosted the event.
Contractors will be working under an ambitious timeline as the team wants to kick off the 2020 season at the new stadium. But the Raiders have yet to reach crucial agreements for the $1.9 billion project and now stand to lose millions under the tax reform bill House Republicans unveiled earlier this month.READ MORE: Travel Restrictions Begin Amid Growing Concerns Over The New COVID Omicron Variant
The Raiders’ relocation to Las Vegas was a plan years in the making that began when NFL owners shot down their plans to move to Los Angeles. Shortly after, casino mogul Sheldon Adelson announced his interest in helping build a domed stadium on the UNLV campus that could be shared by a professional team and the school.
Lobbying began, and the Nevada Legislature approved a tax increase to contribute $750 million to the project. Adelson later withdrew his multimillion-dollar pledge from the project, and the Raiders chose a different site for the stadium.
UNLV and the Raiders will still share the stadium, but the joint-use agreement is pending.
So is an agreement that is meant to ensure the greatest possible participation by the local community in the design, construction and operation of the stadium. The agreement, known as the “community benefits plan,” has been the subject of public debate during meetings of the Las Vegas Stadium Authority board, the public entity responsible for overseeing the stadium. A draft the team presented during a board meeting last week requires that minority and female workers carry out at least 38 percent of construction work hours and 55 percent of operation hours on event days.
While Raiders Executive Vice President Dan Ventrelle described the proposed agreement as the most aggressive ever for a stadium project, board members expressed concerns over the hiring targets.
The financing plan for the Raiders stadium includes $750 million in publicly issued tax-exempt bonds. The Raiders and the NFL are expected to contribute $500 million to the project, while the team has also secured a $600 million loan from Bank of America for construction.
But the tax-exempt bonds are now at risk. The GOP tax reform bill released last week would bar state and local governments from issuing tax-exempt bonds for stadium construction, a common feature of stadium deals over the past two decades.
A study on stadium subsidies released last year by the Brookings Institution found that the federal government has subsidized stadium construction to the tune of $3.2 billion since 2000. The staff contracted by the stadium authority has estimated that the bill could cost the public board $3 million a year.MORE NEWS: Interrupted Car Burglary Turns Deadly In Oakland
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