The proposal to move the Oakland Athletics to Las Vegas and house them in a 30,000 seat, $1.5 billion retractable roof stadium, could be one step closer to becoming a reality.
In a rarely used bicameral joint hearing between the Senate Committee on Finance and Assembly Committee on Ways and Means, lawmakers discussed the proposed funding plan for the stadium on Monday night.
With the legislative deadline fast approaching, metaphorically speaking, one could say lawmakers are in the bottom of the 9th, with both teams tied, and possibly looking at extra innings.
The joint-committees discussed the financing plan brought on by Governor Joe Lombardo's office, Senate Bill 509.
The A's are asking for a total of $380 million from Nevada.
The bulk of Nevada's contribution would come from $180 million in transferable tax credits from the state, and $120 million in Clark County bonds, without direct taxes on the public.
State treasurer Zach Conine is touting the agreement between the state and the Oakland A's as fiscally responsible and a good investment.
“The proposal that you have in front of you is the result of negotiations and tough conversations between all parties. To ensure the state of Nevada’s finances are protected, the proposal does not raise taxes at all. The project would be sustained by revenues generated by the sports and entertainment improvement district. The state has the opportunity to recoup at least 90 million in its 180 million investment in transferable tax credits. And, the state has limited its exposure throughout all of the project,” said (D-NV) State Treasurer Zach Conine.
Legislators have until June 5th to consider the bill, with only a simple majority vote needed in both chambers.
The joint committee meeting went on for hours and included a public comment period.
