20 May, 2017
The Raiders warned Las Vegas that not having a stadium lease agreement in hand for next week's National Football League meetings could delay the team's arrival in Nevada.
Via ESPN.com, the Las Vegas Stadium Authority unanimously approved on Thursday a lease agreement.
The cheers led the Las Vegas Sun to dub the agreement "the lease heard 'round the world" as the construction workers will be part of the group that will build the proposed $1.9 billion, 65,000-seat stadium that the Raiders hope to break ground on this summer.
The team ended up securing a loan from Bank of America.
Last year, the Nevada Legislature approved a hotel tax increase that will cover $750 million of the stadium project.
The document approved Thursday to the cheers of workers in the Laborers Union and others is conditional upon other agreements being reached between the team, the board and other entities.
Also, the Sun reported, the lease "gives the team discretion to relocate certain utilities on the stadium site as needed and agreed to by the authority and the holder of the utility". The Raiders have identified a 62-acre plot of land on Russell Road, west of Interstate 15 and the Mandalay Bay Resort and Casino on the south end of Las Vegas. Ideally, they'll have only one season in limbo.
Raiders President Marc Badain said the design for the stadium has been finalized, but renderings will not be unveiled immediately. He added that the team has heard from entities interested in the stadium's naming rights.