Las Vegas Bill Copies Oakland A's Howard Terminal-Ballpark Tax Increment Financing

Las Vegas Bill Copies Oakland A's Howard Terminal-Ballpark Tax Increment Financing
Last year Zennie62Media revealed that Oakland A's Officials paced by President Dave Kaval had met with Tropicana representatives for the past five months to that date, the focus of which was a mixed-use development that included a ballpark for the MLB organization. I remarked to anyone within earshot that it looked lke the Oakland A's copied the Howard Terminal tax increment financing model and brought it to Las Vegas. I had no concrete proof to back my claim, just circumstantial evidence. But now there's more news that brings the pitcture into clear focus. On November 16th 2022, a Nevada legislative bill called “ASSEMBLY BILL NO. 10” was introduced and according to the available documents “Authorizes the designation of a tax increment area for certain transportation and housing reinvestment purposes.” Now while that may not appear to have anything to do with a ballpark, keep in mind the new law allows a land use set up where the property tax from a privately financed ballpark would pay for affordable housing – much like what the still-not-created Howard Terminal Enhanced Infrastructure Financing District in Oakland is supposed to do. The 20-page legislative work calls for the allowancve of the creation of a new tax increment financing zone such that any land or structure within the area has its property tax collected by Clark County and then placed into a “tax increment account”. The money from that account is to be used to retire bonds issued to pay for the specfic transportation or affordable housing (or both) development project. Save for the land use restrictions that Nevada legislation is very much like California law SB 293 Skinner, named for its author Nancy Skinner and signed into law by California Governor Gavin Newsom October 11th 2019. That law was created by Skinner working with Oakland A's President Dave Kaval and Oakland Mayor Libby Schaaf, and off of an idea I shared with Kaval on April 4th, 2017 during a scheduled 4 PM phone call. The Nevada law is necessary because standard tax increment financing rules don't allow for revenue collection to pay for affordable housing and transportation projects. The mixed use / ballpark development concept that has been under consideration in Las Vegas needed new legislation made that would allow that to happen. Enter AB10. Stay tuned.
via YouTube https://www.youtube.com/watch?v=_RwysLGXI4I