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Thursday, May 19, 2016

Las Vegas Oakland Raiders NFL Stadium Tax Subsidy Is $1 Billion

Las Vegas Oakland Raiders NFL Stadium Tax Subsidy Is $1 Billion - Video

Las Vegas Oakland Raiders NFL Stadium Tax Subsidy Is $1 Billion If the Nevada Government somehow does the unthinkable and grants Oakland Raiders Owner Mark Davis and his partners hotel casino billionaire Sheldon Adelson and Majestic Realty the $780 million transient occupancy tax subsidy their proposal to build an NFL stadium calls for, that will trigger another tax subsidy Majestic wants. The total tax subsidy for the stadium project would then come up a conservative estimate of $1 billion. The reason for this is Majestic Realty has remarked that it would need a tax increment financing revenue district to recover costs. Given the proposal, that means the stadium would be part of the TIF district and if the bond issue designed to be the use of the TIF revenue were floated, the annual increment revenue over a 30 year or 40 year period would be around $200 million according to my calculations. $780 million plus $200 million comes to $980 million. That would be the largest subsidy ever given to the builders of an NFL stadium in history. The question is what does the NFL itself think of this giant cost to the public? That is a question I will raise at the NFL Spring League Meeting next week. Stay tuned.


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