Las Vegas RDA approves $26.9M TIF package, land purchase and Cashman Field operating agreement with Lennar
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Summary
The Redevelopment Agency approved three related agreements with Lennar covering tax‑increment reimbursements (principal capped at $26,920,417), a $1,899,244 purchase of 2.64 acres at 850 Las Vegas Blvd N., and a real‑property operating agreement for Cashman Field; staff said eligible public improvements total $16.7 million with a 6% carry‑forward rate and the OPA runs to 2046.
The City of Las Vegas Redevelopment Agency on April 15 approved three related agreements with Lennar that together advance a major Cashman redevelopment and associated public‑improvement funding, city staff said.
Dina Babsky told the board the RDA would enter an agreement to reimburse eligible public‑improvement costs through tax‑increment financing with a principal not to exceed $26,920,417. She said the agency would pay an initial lump sum after mass grading and the first building permit; in the presentation that lump sum was recorded in the meeting as "10,000,000, dollars 207,000" (staff presentation language as recorded in the transcript). Babsky said eligible public‑improvement reimbursements total $16.7 million and the agreement carries a 6% interest rate on amounts carried forward. The OPA term will run until 2046, the stated redevelopment area sunset year.
Babsky also described a related purchase: the agency will buy 2.64 acres at 850 Las Vegas Boulevard North from Greystone/Northside interests at a purchase price recorded as $1,899,244. She said the city will buy back a commercial parcel from Lennar after they close and record the final map.
On the Cashman Field operating agreement, Babsky said the Las Vegas Lights will continue to play at the facility through their season and Lennar will contribute toward operating costs; the presentation described Lennar contributing "half $1,000,000," which the city framed as a contribution to operating the facility during transition.
Representatives from Lennar, Robert Johnson and Dave Kennoyer, thanked the city and described the project as delivering attainable housing downtown and large public‑investment needs. Councilwoman Summers Armstrong moved to approve the three items and the chair announced each motion passed by voice vote. Babsky noted one contingency: the city must secure certain general liability insurance by April 21 for the operating agreement to proceed.
