LAS VEGAS (FOX5) -
UNLV is one step closer to getting an on-campus stadium. On Friday, The Nevada System of Higher Education, in a 12-4 vote, approved a partnership between the university and Majestic Realty Co. to move forward with plans for a "mega events center" on the northwest part of campus.
"We are pleased that we can now enter a more intense phase of development of this extraordinary project," said UNLV President Neal Smatresk. "We hope the entire region will get behind our plans to make UNLV competitive with the top state institutions in the country and significantly enhance our regional economy."
If approved, the project would include a 50,000- to 60,000-seat stadium, campus housing, dining and retail facilities.
"(The vote) allows us to, with confidence, make a significant investment in moving the project forward," said Majestic Realty Corp. representative Craig Cavileer.
Majestic will pay the money to make specific building plans, perform traffic studies and come up with official cost numbers.
"By the first quarter of next year, we will have identified, in general, what all the infrastructure costs are," said Cavileer.
Early in 2013 is when the Nevada state legislature will also vote on the tax financing district Majestic and UNLV are asking for.
In simplest terms, the project would not raise or impose any new taxes. They're asking that the project area be tax exempt, just like the UNLV campus already is.
"This project does not raise taxes on anyone. On the campus, off campus, in the state, on the planet," said Cavileer.
It means no direct tax dollars would be generated for a state in a financial funk, but the project would bring thousands of jobs plus an estimated $400 million a year in economic impact.
It's a tradeoff Smatresk says the state would be wise to make.
"This is something that really benefits the city in a very major and direct economic way," he said.
The Board of Regents could approve a project master plan later this year.
Cavileer estimates construction could begin by the end of 2013.
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