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New Soccer Stadium Proposal Cuts Risk

The developers behind a proposed $200 million soccer stadium in downtown Las Vegas say they have a new financing plan that would cut the risk to the public.  The new plan, which will be presented to members of the Las Vegas City Council on Tuesday, would reduce the amount of bonds the city would issue for the project from $115 million to a maximum of $50 million, Councilman Bob Beers said. 

The rest of the cost would be paid for by the developer partnership of Findlay Sports and Entertainment and Cordish Company.  Under the previous proposed terms, $115 million in bonds issued by the city would be paid down using $3 million annual room tax collected by the city, $3.5 million in annual rent from the soccer team and $500,000 to $1.5 million in revenue from other events at the stadium.

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