The Oakland Raiders Stadium Events Company finalized lease terms with the Las Vegas Stadium Authority today.
It has been 17 months now since Oakland Raiders owner Mark Davis submitted his proposal to build a stadium in Las Vegas. Today marks the first step of that process with a stadium lease agreement in place with the Las Vegas Stadium Authority (LVSA).
The meeting lasted just over 90 minutes with the first part of the meeting devoted to public commentary. Most of that commentary focused on local minority involvement at all levels of development and the Local 872 Laborers Union.
Once the public comment phase was over, the LVSA quickly dove into the latest changes and finalization of the lease agreement itself with the Oakland Raiders Stadium Events Company (StadCo).
Authority member Tommy White then motioned for the historic vote and it passed unanimously. With this agreement signed, it allows the NFL owners to vote to approve it at next week’s owners meeting. It also means that construction of the stadium should not be delayed, because that was something that might have happened should the lease not been ready by the end of the owners meeting.
The lease can be viewed here.
Now that the lease is signed the focus now shifts to the development agreement.
The Raiders named Mortenson Construction as the General Contractor for this project according to Kevin Bolinger and Matt Guillermo of Fox5 Nevada, which means the next thing the Raiders and Clark County have to work on is a development agreement. That entails many different agreements and recommendations. Major items are an FAA recommendation, parking and infrastructure, and other building permits. This process has a mid October deadline — that is, if the parties want to get construction started by the end of the year.
“Let’s build a stadium” Chairman Steven Hill.
The stadium is currently on schedule to be ready for the 2020 NFL football season.