The 51³Ô¹ÏºÚÁÏ Campus Improvement Authority Board (CIAB) at its meeting today agreed to request an extension of the timeline for its work on a proposed 51³Ô¹ÏºÚÁÏ stadium.
The CIAB is tasked with submitting a report and accompanying recommendations to the Nevada Legislature by Sept. 30 on the need for, feasibility of, and financing options related to a new stadium on or near the 51³Ô¹ÏºÚÁÏ campus. The CIAB has also discussed the type, size and potential cost of various stadium options. The report and recommendations are to be presented for discussion during the 2015 Nevada Legislative Session. The extension, which would require action by state legislators in 2015, would enable the CIAB to continue its work through the 2017 Nevada Legislative Session.
"I think the need for a new state-of-the-art collegiate stadium has been clearly demonstrated and the project can be viable, but as I've said before, this is a work in progress and projects like this take time," said 51³Ô¹ÏºÚÁÏ president and CIAB chair Donald Snyder. "This stadium is an important project for the long-term future of the community and 51³Ô¹ÏºÚÁÏ, but it must be weighed against all the other needs at the university and in Southern Nevada. We will continue to work on this project, but it will be developed over a longer period of time."
The 11-member board, made up of public- and private-sector business leaders, began meeting in October 2013. The CIAB's report and accompanying recommendations will be submitted to the Nevada Legislature by Sept. 30. Extending the authority of the CIAB through the end of the 2017 legislative session will allow it to continue to explore additional funding options and refine other elements of the project.
In the meantime, 51³Ô¹ÏºÚÁÏ will continue to pursue obtaining or securing options on property to accommodate the potential stadium or alternative uses for 51³Ô¹ÏºÚÁÏ.
Snyder said he made the recommendation to the board after reflecting on the current economic environment, the multiple demands for revenue streams, the uncertainty of the tax structure, and to be respectful of and to balance current community needs with those of the university.
51³Ô¹ÏºÚÁÏ is seeking funds for such major initiatives as the 51³Ô¹ÏºÚÁÏ School of Medicine, a new building for the William F. Harrah College of Hotel Administration, and for 51³Ô¹ÏºÚÁÏ's Tier One initiative aimed at elevating 51³Ô¹ÏºÚÁÏ as a research institution, improving student graduation rates, and enhancing community engagement and economic development activities.
"Major capital projects such as these that require public financing, take time to develop, but based on experience, they're worth the effort," said Snyder. "A new stadium will have tremendous benefits for 51³Ô¹ÏºÚÁÏ and Southern Nevada, but it needs to be done the right way and at the right time, for both 51³Ô¹ÏºÚÁÏ and the community."
The CIAB is scheduled to meet on Sep. 11 and Sep. 25 at noon in the Blasco Event Wing of the 51³Ô¹ÏºÚÁÏ Foundations Building. Visit the website for meeting materials, minutes, and additional information.
