October 24, 2014
LAS VEGAS (AP) - Las Vegas city councilmembers have postponed a vote on a funding proposal for a professional soccer stadium downtown.
The 4-3 decision came after hours of debate Wednesday. More discussion is scheduled for Oct. 1.
Baltimore-based Cordish Companies and its local partner, Findlay Sports and Entertainment Group, are proposing a 24,000-seat, partially covered stadium that would cost $200 million. The cost of acquiring a Major League Soccer franchise is estimated at $100 million.
The deal calls for the partnership to split the bill for the stadium with the city, which would take out bonds to pay for the venue.
If councilmembers approve the plan, the partnership plans to move forward with efforts to attract the soccer team.
City officials say the project won't proceed if Las Vegas doesn't secure a team.