August 29, 2014
LAS VEGAS (AP) - Officials say construction could begin thisspring on a $485 million performing arts center in downtown LasVegas, after the City Council approved a financing plan.
The council on Wednesday approved selling $105 million in bonds backed by a 2 percent tax on rental cars in the city, and another $85 million in bonds backed by city redevelopment revenues.
Smith Center for the Performing Arts board chairman Don Snyder says backers also have $200 million in private commitments, and fundraising is continuing.
The building is expected to be a cornerstone of the 61-acre Union Park development off Interstate 15 and the U.S. 95 freeway.
A 2,050-seat main theater is being designed as the home of the Las Vegas Philharmonic and the Nevada Ballet.
Information from: Las Vegas Review-Journal, http://www.lvrj.com
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