Existing law creates the Clark County Stadium Authority as a public body to carry out the provisions of the Southern Nevada Tourism Improvements Act governing the National Football League stadium project. (Chapter 2, Statutes of Nevada 2016, 30th Special Session, at page 19)
This bill enacts the Southern Nevada Tourism Innovation Act to establish a method to finance a Major League Baseball stadium project. Sections 3-17 of this bill define terms for the purposes of the Southern Nevada Tourism Innovation Act. Sections 18-35 of this bill establish a method to finance the design, entitlement, acquisition, construction, improvement, repair, demolition, reconstruction, equipment, financing, promotion, leasing, subleasing, management, operation or maintenance of a Major League Baseball stadium project.
Section 21 of this bill authorizes the Stadium Authority to exercise certain powers which are in addition to the powers granted to the Stadium Authority under the Southern Nevada Tourism Improvements Act.
Section 28 of this bill requires the Board of County Commissioners of Clark County to create a sports and entertainment improvement district in unincorporated Clark County to assist in the financing of a Major League Baseball stadium project and authorizes the Board to amend or modify the geographic boundaries of the district by ordinance.
Section 22 of this bill requires the Stadium Authority to negotiate and enter into a development agreement, lease agreement and non-relocation agreement with respect to the Major League Baseball stadium project if the Board of Directors determines that a Major League Baseball team has committed to locate or relocate within the sports and entertainment district. Section 22 establishes requirements for a development agreement, lease agreement and non-relocation agreement. Section 33 of this bill sets forth additional provisions which must be included in the development agreement, lease agreement and non-relocation agreement, including, without limitation, the maximum financial contribution of the Stadium Authority to the development and construction of the Major League Baseball stadium project. Section 24 of this bill provides for the confidentiality of certain information provided to the Stadium Authority under certain circumstances. Section 25 of this bill generally exempts the Major League Baseball stadium project from laws requiring competitive bidding or specifying procedures for the procurement of goods or services, and from the statutory provisions governing public works projects, except that the pertinent construction contracts must comply with the statutory prevailing wage provisions and, if the Stadium Authority determines a subcontract can be competitively bid without affecting the quality of the project, must be competitively bid. Additionally, section 26 of this bill requires that any contract or agreement entered into by a prime contractor for the construction of the Major League Baseball stadium project must include provisions requiring that at least 15 percent of the subcontracts for the project must be with small local businesses.
Section 27 of this bill requires the Stadium Authority to retain the sole and exclusive right to enter into agreements for the sale, license or transfer of personal seat licenses, stadium builder's licenses or other similar instruments for any and all seats in the Major League Baseball stadium project to generate revenues for the construction of the Major League Baseball stadium project.
Section 34 of this bill requires the Board of County Commissioners of Clark County to issue general obligations of the County upon the request of the Board of Directors of the Stadium Authority and once certain requirements have been met in an amount that can be supported by the proceeds of certain taxes, fees and charges described in section 29 of this bill. Section 34 also requires the proceeds from the issuance of the general obligations to be distributed to the Stadium Authority and used for certain purposes related to the Major League Baseball stadium project. Section 30 of this bill authorizes the State Treasurer to provide a credit enhancement on bonds issued to finance the construction of the Major League Baseball stadium project, and sections 38 and 40 of this bill make an appropriation, effective on July 1, 2024, of $25 million to State Infrastructure Bank for this credit enhancement. Section 32 of this bill requires the county treasurer of Clark County, after paying any principal, interest or other costs due in connection with any bonds or securities and establishing a reserve fund, to transfer the proceeds of the taxes, fees and charges pledged to the financing or refinancing of the Major League Baseball stadium project to the Stadium Authority to be used for certain purposes.
Section 31 of this bill authorizes a developer partner of a qualified project to apply to the Stadium Authority for a certificate of eligibility for transferrable tax credits. Section 31 prohibits the Stadium Authority from approving more than $36,000,000 in transferrable tax credits in a fiscal year or $180,000,000 in total for all qualified projects in this State.
Section 20 of this bill requires the Board of County Commissioners to create a resort corridor homelessness prevention and assistance fund to provide assistance to people who are at risk of becoming homeless or are currently experiencing homelessness by supporting certain programs. Section 23 of this bill requires, as part of the development and operation of the Major League Baseball stadium project, the development of a community benefits agreement and the creation of a stadium community oversight committee to oversee the implementation and administration of the community benefits agreement.
Section 35 of this bill provides that the authority of the Board of Directors to undertake the Major League Baseball stadium project expires under certain circumstances.
Sections 36 and 37 of this bill revise the membership of the Board of Directors of the Stadium Authority.