Oakland Raiders Bank Of America, Las Vegas NFL Stadium Plan Casues Problem With Clark County
Oakland Raiders Bank Of America, Las Vegas NFL Stadium Plan Casues Problem With Clark County As predicted by this vlogger, the Oakland Raiders announced a partnership with Bank Of America to finance the $650 million contribution that was taken away by Casino billionaire Sheldon Adelson. According to NFL Senior Vice President Eric Grubman, the bank would provide “traditional financing” and present itself as offering a line of credit. There's just one problem: the Oakland Raiders do not own the proposed stadium, Clark County, Nevada's stadium authority does. A source who has been involved in the crafting of the Senate Bill One legislation that was passed by the then-Republican-controlled Nevada Legislature October 14th of 2016, said to me “they can't do that” when I asked if the stadium could be offered up as colleral for the loan B Of A plans to provide. “I don't hear anyone around here (and we're in the middle of the Nevada Legislature) talking about changing that bill, my source said and referring to Senate Bill One. “That's certainly news to us.” My source says that if Bank of America would be allowed to take first position in a lien situation, then “that would mean the stadium changes from public to private ownership, and generates a property tax, something we didn't plan for.” The Senate Bill One that wss approved by the Nevada Legislature and gave the green light for an increase in the Clark County hotel tax to fund the $750 million subsidy for stadium construction. The Nevada Legislation calls for Clark County to float the bond issue – that's expressly stated in the Senate Bill One. It's also stated that the owner of the stadium is the Clark County Stadium Authority. What is clear from my discussion is that, once again, the Oakland Raiders failed to include a major player in the loop for their Las Vegas NFL Stadium Plans. This time, it's the Clark County Stadium Authority. Stay tuned.
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