LAS VEGAS (AP) – The Oakland Raiders would not pay rent at the proposed stadium they want to use in Las Vegas.
A draft of a lease agreement calling for no rent was unveiled during a Thursday gathering of the public entity overseeing the proposed $1.9 billion project.
Las Vegas Stadium Authority board chairman Steve Hill has said the entity, which would own the stadium, cannot receive any revenue because it could cause bonds for the project to lose their tax-exempt status.
A previous version of the lease agreement called for a $1 annual rent.
The Raiders paid $3.5 million in rent to play at Oakland-Alameda County Coliseum in 2016, up from $925,000 for the 2015 season.
NFL league owners approved the Raiders relocation last month. Raiders president Marc Badain says the Raiders have received thousands of deposits for personal seat licenses.
— Steve Sisolak(@SteveSisolak) April 20, 2017
The entity overseeing a proposed Las Vegas NFL stadium is set to meet for the first time since league owners approved the relocation of the Oakland Raiders to the nation’s gambling mecca.
Las Vegas Stadium Authority board members on Thursday are expected to discuss progress on a stadium development agreement and a lease agreement for the $1.9 billion project. Both documents must be finalized before construction could begin.
The Raiders’ relocation was approved last month. The team is already allowing fans to place refundable $100 deposits to secure personal seat licenses even though a site has not been picked for the 65,000-seat domed stadium.
A draft of the lease agreement that the Raiders presented to the stadium authority board in January called for a $1 annual rent for the team.