The Las Vegas Convention and Visitors Authority is planning to execute another consulting contract for work related to the Las Vegas Global Business District.
California-based Cordell Corp. will be paid $40,000 per month for six months, a total $240,000 contract. The partnership was approved by the authority’s board of directors at their meeting Tuesday morning.
Cordell is a management firm that aids in the development and renovation of high-profile facilities, such as arenas, museums and convention centers. Its services for the authority will include developing project schedules, costs and impacts for the Las Vegas Global Business District.
The privately held Cordell’s co-owner and executive vice president is Terry Miller, who has a history with the convention authority. He was CEO of HNTB, an infrastructure solutions firm that worked with the authority from 2006 to 2009 as master architect for renovations to the Las Vegas Convention Center.
“They bring a unique perspective,” said Terry Jicinsky, the authority’s senior vice president of operations.
The Global Business District is the authority’s $2.5 billion project that calls for aesthetic improvements, technological enhancements, a world trade center and overall Las Vegas branding in the areas leading up to and including the Las Vegas Convention Center at 3150 Paradise Road.
“This is monumental for the whole region,” said Las Vegas Councilman Steve Ross, who is also a director.
He emphasized that because of the project’s scope, he wants the authority to use local talent whenever possible.
Boulder City Mayor Pro Tem Cam Walker said he wanted two things added to the contract before he could sign off: a confidentiality agreement and a clause that prevents Miller and his business partner Don Webb from bidding on future Global Business District-related project work. He cited Miller’s history with the authority as the reason for the latter request, and the privileged information they would receive with this consultancy as the reason for the former request.
Both requests will be added into the Cordell contract. The 12 directors present supported the item. Clark County Commissioner Tom Collins and Tom Jenkin, global president of destination markets for Caesars Entertainment, were absent.
Separately, Rana Lacer, the authority’s senior vice president of finance, presented the annual financial report for the fiscal year the ended June 30.
The authority is reporting $253 million in general fund revenue, 98 percent of which came from Clark County room tax and Las Vegas Convention Center facility use fees. Revenue is up 1 percent from fiscal 2012.
Total revenues, after including the beginning balance, are $286 million for fiscal 2013.
In terms of revenue from Clark County room tax, the convention authority gets 32 percent of the total room tax that comes in, which amounted to $514 million in fiscal 2013. The remainder of the total is divided among education, the Nevada Commission on Tourism, transportation and local jurisdictions.
The authority reported $200 million in general fund expenses and $265 million in total expenses, with almost half of it going toward promoting Las Vegas and 14 percent going to operations. General fund expenses have gone up 4 percent since fiscal 2012.
On June 30, the authority had outstanding debt of $596 million, with transportation projects making up $287.4 million of the total. Piercy Bowler Taylor &Kern audited the report.
Also, the board approved the fiscal 2014 quarterly budget for the quarter ending Sept. 30.
Year to date, general fund operating revenues are $60.4 million, up from fiscal 2013’s revenues of $54.9 for the same period. Total sources are $81.69 million. Total expenses are $81.69 million year to date.