The Nevada Independent reported today that state lawmakers blocked a 395 million dollar deal for a new ballpark in Carson City.
Nevada lawmakers are only willing to contribute up to 195 million dollars in transferable tax credits to bring the Oakland A's to Las Vegas, and the amount they will offer depends on how much money Clark County will offer in the form of County issued bonds paid by taxes generated on the ballpark site.
The Nevada Independent granted anonymity to sources so they could speak freely about the status of negotiations, and said the news comes less than 20 days before the end of the state's 120-day legislative session.
The A's want to build a 1.5 billion dollar stadium on nine acres on the south end of the strip near the Tropicana Hotel and Casino, but the public financing piece has been holding up the process.
The A's were initially looking to secure legislative support for a 500 million public funding package, but the amount was reduced when the team abandoned its original location two weeks later for a free site.
Bally's Corporation operates the Tropicana through a lease agreement with Glpi, which gave the A's free land and agreed to provide up to 175 million dollars towards shared improvements within the future development.
Bally's Ceo Sue Kim said the project has received support from the Culinary Workers Local 226 and several Chambers of Commerce.
The State of Nevada is not going to give the A's the entire amount they've requested, so it falls on the county and bonds to contribute to the ballpark. The A's could have handled it all by themselves, but they didn't.
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