Developers of proposed Las Vegas Strip basketball arena miss key deadline

Developers of proposed Las Vegas Strip basketball arena miss key deadline
Developers of proposed Las Vegas Strip basketball arena miss key deadline
Published: Sep. 8, 2023 at 7:12 AM PDT
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LAS VEGAS, Nev. (FOX5) - The All Net Arena project missed a September 6 deadline and asked for a 90-day extension to start major construction, though a spokesperson said such work could begin within the month and another county hearing could be averted.

FOX5 told you how the deadline for start of major construction on All Net Arena project was extended to September 6, 2023. The project had narrow support at the November 2022 Clark County Commission’s Zoning meeting, with concerns whether the project would indeed move forward and funding sources would be secured.

John Delibos, the director of Legal and Government Affairs and Community Engagement, said project attorneys do report to him but he is not an attorney himself. Delibos stated that the project applied for a grading permit in July and submitted hundreds of pages of paperwork. Delibos said the project is awaiting the county’s final responses, and if all hurdles are cleared, the permit will be secured and major work could begin in September.

The project now faces a October 10 township meeting, and a November 8 date before the Clark County Commission. Delibos said if major construction commences prior to a hearing before commissioners, the agenda item would no longer be needed.

Recent work has included drilling of test wells above what Delibos describes as an “underground river,” which go deeper than any other wells in Southern Nevada.

Delibos stated in an email the project is “utilizing a BELOC line of credit for $5,000,000,000.00 and retiring that with the $5,000,000,000.00 equity investment of Clearwater Premier Perpetual Master Trust, LLC.” McMann Commercial Lending is the sole funding source for the construction loan, he stated.

“It’s not been easy. These projects consistently cost more money,” Delibos stated by phone, explaining about the challenges for securing funding. “We are going to open with 0% debt,” he said.

Commissioner Tick Segerblom, who has been a major supporter of the project, said if the project does go before the commission once more, stated by text that “it will be tough” to clear another hurdle with commissioner votes unless funding is proven.