Downtown is the birthplace of modern Las Vegas and the center from which its growth and vitality sprung. If <this important redevelopment project> helps turn downtown once more into a sparkling center for residents and tourists alike, the financial risks the city took to help build it will have been worthwhile.
Although this sounds like a¬† quote pulled from this week’s city sales job on the soccer arena downtown, they are actually words more than a dozen years old. They are from a Las Vegas Sun editorial published in 2002 about…
In hindsight, Neonopolis was yet another failed City of Las Vegas redevelopment project that cost taxpayers millions.
About the only successful redevelopment downtown has been accomplished entirely by the private sector. The City’s role was to get out of the way (by waiving its $75K fee to have a bar, which created the Fremont East District, which in turn attracted Tony Hseih).
Here’s how it was supposed to go down, back in the 90s…
The city invested $40.5 million in the project,including $23 million for the land at the corner of Fremont Street and Las Vegas Boulevard, and $15 million for construction of an underground parking garage.
The city received $8 million back from the developer for land rights. With revenue from the 600-space parking garage and property taxes from the development, the city expects to recoup its investment in 20 years.