CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
|
Petitioner: |
Jessica Colvin, Chief Financial Officer |
Recommendation:
title
Conduct a public hearing; approve, adopt, and authorize the Chair to sign an ordinance creating Clark County, Nevada, Sports and Entertainment Improvement District No. 1 and pledging certain taxes, fees or charges in connection therewith. (For possible action)
body
FISCAL IMPACT:
|
Fund #: |
N/A |
Fund Name: |
N/A |
|
Fund Center: |
N/A |
Funded PGM/Grant: |
N/A |
|
Amount: |
N/A |
|
Description: |
N/A |
|
Additional Comments: |
N/A |
BACKGROUND:
On December 10, 2024, the Board received notification from the Clark County Stadium Authority Board that the Stadium Authority fulfilled its requirements under Section 28 of the Southern Nevada Tourism Innovation Act, Chapter 1, Statutes of Nevada 2023, 35th Special Session (Act). Upon receipt of such notification, the Act requires the Board establish a sports and entertainment improvement district for the purpose of assisting in the financing of the Major League Baseball Stadium (Project).
In accordance with the Act, the proposed ordinance creates a Sports and Entertainment Improvement District (SEID) for the purpose of assisting in the financing of the Project. The boundaries of the SEID shall be on a portion of Assessor Parcel Number 162-28-112-001, totaling approximately 9 acres. The proposed ordinance pledges the proceeds of certain taxes, fees and charges imposed by the State and County as a source of revenue to pay the debt service on bonds issued by the County and pay other costs in connection with the Project.