Mob Museum to advance with tax credits
The mob always knew there was money to be made in Las Vegas. Now Las Vegas is ready to make some money off the mob.
A big step was taken in that direction Wednesday when the City Council approved several agreements intended to move the Mob Museum project forward in downtown Las Vegas.
Because the museum is housed on Stewart Avenue in the first post office and courthouse built in the city, the city and the affiliated nonprofit organization, the 300 Stewart Avenue Corp., are eligible for historic tax credits, which are made available when municipalities breathe new life into historic structures.
The City Council voted unanimously to accept $10.6 million in the equity credits, with $5.5 million due the city for its role as project developer and the remainder going to the 300 Stewart Avenue Corp., which will manage the museum.
But the tax credit money won't be available until next year. To keep the project moving along, the City Council also agreed to reallocate $2.5 million from the Regional Public Safety Complex.
The complex, now in its infancy, will help the county's multiple jurisdictions train for and respond to emergencies.
Funding for the complex won't be needed until next year, and when it is, the city will replace it with tax credit funds.
The Mob Museum will cost $42 million. Dedicated to the history of organized crime and the police officers who hunted and hounded them for decades, the museum is expected to draw 600,000 visitors a year after it opens Feb. 14, 2012 -- the 83rd anniversary of the infamous St. Valentine's Day Massacre.
Seven men were gunned down in a Chicago garage. Most were members of Bugs Moran's gang.
Al Capone is generally credited with masterminding the violent Prohibition-era crime.
Contact Doug McMurdo at dmcmurdo@reviewjournal. com or 702-224-5512.
