What SB1 says about the joint-use agreement
Here are some excerpts from Senate Bill 1 describing the relationship between the Oakland Raiders and UNLV:
■ The team or its subsidiaries must “provide for the accommodation of a sufficient number of dates to host at the project the regular and postseason home games of the University football team …”
■ “Any National Football League event has priority of use of the project and the National Football League team has priority to use the project for its home games and priority over dates, stadium assets and the playing surface.”
■ “After the university has finalized the schedule of home games for its football team for the applicable season and the dates of those home games have been approved by the Stadium Authority, the date of a home game may not be changed to accommodate an event that is not a National Football League event without the approval of the university.”
■ “Establish a reasonable rent to be paid by the university for the use of the project for the regular and postseason home games of its football team, except that for each regular season home game of the football team, and not more than three other events selected by the university, the reasonable rent must not exceed the actual operational or pass-through costs, excluding any fixed costs, to host the game or event at the project.”
■ “The National Football League team must have simultaneous access to such areas of the project as are needed by the team to prepare for a home game of the team that occurs on the day following the date of the home game of the university football team, provided that such access must not impede or interfere with the use of, or access to, the project by the university.”
■ “Provide that the Stadium Authority has the discretion to resolve any disputes relating to the provisions of the lease agreement”
they’d get a little bit of time and then we’d come back in a second meeting with any revisions that are necessary to be able to vote on it.”
Jessup said there haven’t been any conversations about the Raiders participating in the regent meetings.
“I don’t know that we’ll need them at that point to do that, but it wouldn’t surprise me if the Raiders volunteered to want to do that and be present at the meeting because they’ve been helpful every step of the way,” he said.
Once the regents give the agreement their stamp of approval, it would go to the stadium authority. Final approval of the joint-use agreement by the authority is essential to completion of the final development agreement, which allows the Raiders to tap the $750 million in public funds.
Access to $750 million
The Raiders must also put in the first $100 million in construction before they can access the public money, which comes in the form of tax-exempt bonds to be paid off through a 0.88-percentage-point increase in Clark County’s hotel room tax. That room tax increase has raised $29.3 million between March and September.
Jessup said he saw Badain and Raiders owner Mark Davis at the groundbreaking, which he described as “an incredible, first-class event,” and he added that everyone is eager to take the next step.
“We all agreed that we’re almost there,” Jessup said. “We’re just about to get this thing done. Let’s go, let’s finish it off and then move on to building a stadium, designing it together, and let’s figure out what our locker room is going to look like. The relationships are very positive, very collegial, and I think we’re very close.”
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702477-3893. Follow @Rickvelotta on Twitter.