Las Vegas Stadium Authority Letter: Extension Of Time – Oakland Raiders Stadium Agreement Explained

Las Vegas Stadium Authority Letter: Extension Of Time – Oakland Raiders Stadium Agreement Explained

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Las Vegas Stadium Authority Letter: Extension Of Time – Oakland Raiders Stadium Agreement Explained

Las Vegas Stadium Authority Letter On Extension Of Time For Oakland Raiders Stadium Agreement Explained

Jeremy Aguero, the principal analyst for Applied Analysis, and the de-facto point man on the Oakland Raiders Las Vegas NFL Stadium Project, issued a letter today that has some scratching their heads. It reads as if Aguero is asking for the Las Vegas Stadium Authority itself to extend its life-time because of perceived delays in construction of the stadium.

But a look at the guiding legal document Nevada Senate Bill One, tells the real story. At Section 29, it reads that the Stadium Authority has within 12 months to establish and approve a development agreement after the NFL gives the team, in this case the Oakland Raiders, the go-ahead. That happened on March 26th of 2017 at the NFL Annual Meeting in Phoenix.

So, the normal timeframe is such that the “clock” for review and approval of the development agreement would run out in March of next year. That agreement has to have what the cost of the facility will be. The problem is that will not be ready until, Jeremy says, just after February – although I seem to recall May as the date that the ‘guaranteed maximum price’ (not ‘guaranteed minimum price’) will be ready, according to the Bank of America Elliot McCabe presentation from last month.

So, in order to avoid running up against the Senate Bill One, Aguero is asking for the Las Vegas Stadium Authority to vote to extend its time to wait for a development agreement by six months. That’s allowed in Section 29 of SB1.

Stay tuned.
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