Downtown Las Vegas arena nixed, soccer stadium a possibility

Forget that plan for a $390 million enclosed arena in downtown Las Vegas. Now they’re talking about an open-air soccer stadium where the investment would be about $300 million for the stadium, an entertainment zone and a major league soccer team.

Financing and nabbing a soccer franchise are the keys to building a stadium in Symphony Park.

While not a done deal, the Cordish Companies plans to ask the Las Vegas City Council for more time to work on another public-private partnership, this one involving Cordish, the Findlay family of Las Vegas. The proposal will go to the City Council on May 21.

Earlier this month the groundbreaking for an enclosed 20,000-seat sports and entertainment arena developed by AEG and MGM Resorts International seemed to make it less likely that a competing downtown arena would get off the ground, especially with the June 1 deadline facing the Cordish Companies to present a plan.

Numerous pieces must fall into place, but the first hurdle is council approval of the contract addendum Wednesday. Financial agreements must be approved by the council on Sept. 3.

By Dec. 1, there must be a commitment from Major League Soccer to give Las Vegas one of two anticipated expansion teams. Other cities will be vying for a team, as well.

The announcement by Findlay Sports & Entertainment, a new company formed by Justin Findlay, son of founder Clifford Findlay, and the Cordish Companies said the proposed stadium would seat 24,000 fans.

The two companies would jointly own the team, sign a long-term lease with the stadium and be responsible to developing the funding. Findlay Sports and Entertainment would manage the team. The City of Las Vegas would own the stadium.

The upbeat news release said the stadium and the entertainment area around it in Symphony Park would still have room for an professional basketball or hockey arena.

The idea of an arena or stadium downtown was first advocated by former Mayor Oscar Goodman, and now by his wife current Mayor Carolyn Goodman. Between January 2010 and December 2012, the city paid Cordish $1.35 million to develop an arena. If the new contract is approved Wednesday, the city would pay another $250,000 to Cordish for planning costs.

Cordish Companies worked on the idea for more than three years to no avail, and in January asked for four more months to come up with a financial plan. One proposal included a special tax on downtown businesses to raise $52 million in public funding. That idea died one day after it was reported by the Review-Journal in January.

Las Vegas City Councilman Stavros Anthony said there is no downside to allowing more time to come up with a plan, since the city is no longer paying Cordish.

“There’s not harm to giving them more time,” he said.

Like Mayor Goodman, he was enthused about the involvement of the Findlay family, whom he called “good citizens.”

Councilman Bob Beers was the most adamantly opposed in January to giving Cordish more time. He said then that government shouldn’t be competing head-to-head with private industry. But the certified public accountant also pointed out that the city paid Cordish $2.5 million to surrender its initial site, the old City Hall, to Zappos.

“That two and a half million bucks is why I am comfortable that Cordish will not suffer if we turn down the extension today,” Beers said. “You got the best of us. Thanks, civic partner.”

He went on to say that at the end of the four-year contract with Cordish, there is nothing built and city taxpayers are “coughing up about half a million dollars a month in interest on the debt for Symphony Park.”

But Goodman in a written statement said, “Major League sports are long overdue for out city. I especially love that the Findlay family — longtime supporters of Southern Nevada — are so heavily involved.”

The Findlay family has lived in Las Vegas for 50 years and owns automobile dealerships in four states. Cordish is also a family-owned business.

Justin Findlay said his family is “100 percent committed to bringing MLS (Major League Soccer) to Las Vegas and we will do everything in our power to make that happen.”

But he acknowledges the city will be well positioned to obtain a professional team only “assuming a public-private financing plan can be finalized to construct a stadium that meets MLS criteria.”

Financing is the problem Cordish has faced since December 2010.

Contact Jane Ann Morrison at jmorrison@reviewjournal.com or 702-383-0275.