Oakland News Now – The Oakland Raiders Las Vegas NFL Stadium Bond Debt Not Covered By Hotel Tax Revenue says a municipal investment banker friend of mine, today. He’s been in the business for almost 20 years, and finally took a look at my analysis, and texted back this message: “The article was post sale. Also, the bds are a ltgo. So, any shortfall will be covered by property taxes. Not the general fund. Not to say this isn’t a bad deal. Most publicly financed stadiums are. But, if this deal goes belly up. Home owners in lv on the hook for it. ”
To which I replied..Which is exactly my point. Jessica Colvin, Clark County Finance Director, SPECIFICALLY TOLD me that would not happen, on the record, and as a reaction to my assertion it would. Because that is the political issue in Nevada. The stadium tax revenue is not covering the bond debt and it will not.
This comes as the Clark County School District laid off 500 people as a result of two $60 million deficits.
So the next step is to keep your name out of this. And report the problem. But thanks
He said “Nice. Just keep me/firm out of it.“
The fact is, the stadium hotel tax revenue, which has actually shrank by two percent over a 12 month period, is also too small to produce a base of money that can pay for the $650 million bond issue, with its monthly debt coverage ratio. But it’s OK – Clark County Taxpayers will foot the bill, contrary to what they were told.
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