The Oakland A’s and Nevada legislators announced their agreement on a new stadium in a joint announcement on Wednesday.
The team is aiming to move to the Las Vegas Strip into a publicly-owned, 30,000-capacity stadium with a retractable roof. The venue is expected to cost $1.5 billion and the statement claimed it would create 14,000 construction jobs.
Assembly speaker Steve Yeager and senate majority leader Nicole Cannizzaro both expressed excitement on seeing the proposal, but did not commit to supporting the bill.
The state is expected to contribute $180 million in transferable tax credits, half of which would be refundable, toward a 30,000-capacity stadium with a retractable roof on the Bally’s-managed Tropicana site on the Las Vegas Strip, according to the Nevada Independent.
Clark County will add $120 million in bonds, though that amount could change depending on interest rates. The county would also chip in $25 million toward infrastructure.
The team would receive a tax break for 30 years. One source told the Nevada Independent that the tax break could be worth close to $55 million over the life of the deal.
Legislation codifying all of that is expected to be introduced in the coming days and details could change in that time. Legislators still have to approve the package. Nevada’s legislative session ends on June 5th, but the governor could call a special session to provide more time to hash out the deal.
Editor’s note: This story has been updated following the A’s and Nevada leaders’ joint statement.