Grand total for stadium due soon

Maximum price key to development pact

A final cost figure for the Raiders stadium in Las Vegas is going to be determined over the next few days.

To arrive at the figure, representatives of the Oakland Raiders will meet with the general contractor of the project to itemize the guaranteed maximum price of the facility.

Determining the price Minneapolis-based Mortenson Construction Co. will charge the Raiders to build the 65,000-seat domed stadium, estimated at $1.9 billion, is a critical step toward finalizing a stadium development agreement between the Raiders and the Las Vegas Stadium Authority.

The $1.9 billion estimate has been targeted for more than two years.

If the actual price turns out to be higher, the Raiders would be responsible for paying the extra amount. That is because Senate Bill 1, approved in a special session of the Nevada Legislature in October 2016, locks the public contribution to the project at $750 million, which will be raised to pay down bonds through a 0.88-percentage-point increase in a tax on Southern Nevada hotel and motel rooms.

Don Webb, chief operating officer of the Raiders’ stadium company subsidiary, is expected to review every line item of the construction budget to determine the guaranteed maximum price, which will become a part of the final development agreement document. That document will be considered for approval by the authority on March 1.

Authority board members on Thursday took some major strides toward reviewing several supplementary documents that will be part of the approval process.

STADIUM

In Thursday’s 2½-hour meeting, members received detailed explanations on agreements for personal seat license marketing and sales,

PSL accounts, project development, the construction funds trust and construction funds disbursements.

Contracted attorney Mark Arnold and Applied Analysis principal Jeremy Aguero, the authority’s designated staff, also walked board members through about 15 agreements that don’t require authority approval but were explained to provide the big picture of the final approval process.

The UNLV Joint-use Agreement, which spells out access to the stadium by the UNLV Rebel football team, was briefly discussed. That agreement, already reviewed and approved in January by the Nevada System of Higher Education Board of Regents, will be a supplemental document to the final development agreement.

The authority board didn’t approve any of the outstanding agreements, preferring to tackle all of them March 1. Authority Chairman Steve Hill announced the March 1 meeting would start at 9 a.m., a deviation from the group’s usual start time because the Clark County Government Center’s commission chambers are not available in the afternoon.

The board resolved one critical issue — determining who would chair the Community Benefits Oversight Committee — and the authority opted to appoint one of its own.

Ken Evans, president of the Urban Chamber of Commerce and one of nine members of the Stadium Authority board of directors, was unanimously approved to chair the committee.

The volunteer committee is charged with monitoring the Raiders’ community benefits plan, which assures that businesses operated by small companies, minorities and veterans get a share of jobs and subcontracts on the construction of the stadium.