Deadline extended for downtown Vegas arena backers

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Updated: 1/22/2014 6:16 pm

LAS VEGAS (AP) — The Las Vegas City Council has voted 4-3 to give a developer more time to work out financial details of a proposed, publicly subsidized downtown arena.

The decision Wednesday gives Baltimore-based Cordish Co. until June 1 to complete a construction feasibility report and an investment-grade feasibility study. The city has had an exclusive negotiating agreement with Cordish since 2010.

The $390 million project would be funded with $151 million from Cordish and $187 million in city-issued bonds to be paid off with arena revenue.

The remaining $52 million would come through private financing or by taxing downtown business.

Critics say they don't want public funds devoted to the project.

The arena is one of several proposed in the area, including a privately financed MGM arena on the Las Vegas Strip.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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