$150 Million New Las Vegas City Hall Approved By Commission This Week
$150 million new Las Vegas City Hall approved by commission this week. The Clark County Debt Management Commission passed a vote to allow up to $267 million in city hall financing by Las Vegas.
There has been strong opposition by Culinary Local 226 and they have tried to thwart the approval by showing problems with the revenue study that went along with the request.
This next week the Las Vegas City Council will hear financing options and the future building designs.
The current City Hall would be used for commercial redevelopment. The new building will be part of a larger complex.
The state Tax Commission must approve the seven story commercial real estate before building can commence. This site of the new building near Main St., First Street, Clark and Lewis Avenues
Income increased tax revenue would pay for the new $$150 million city hall. At completion, real estate developer Forest City would be able to build a Las Vegas hotel casino on the city owned Union Park parcel.
This week’s hearing will be the first hurdle before the March 4, 2009 approval by the Dept of Taxation. In about one month a lease purchase ordinance and the real estate developer agreement will be introduced. Financing details are expected one month later. Source: Review Journal
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$150 million new Las Vegas City Hall approved by commission this week.