Board OKs tax break for Vegas market
By David Perry -- Furniture Today, September 3, 2001
LAS VEGAS — A proposed furniture market here cleared a key hurdle last week when an advisory panel recommended that the Las Vegas City Council approve a tax break for the developers.
The City Centre Development Corp. board voted 3-1 to approve a memorandum of understanding in which the World Market Center here would be rebated as much as half of the property taxes generated by the furniture project.
The City Council will consider the issue Sept. 5. The council has the final say on the tax breaks.
The project's developers say the tax rebates could be worth up to $75 million over the next 15 years. They scaled back the size of their property tax rebate request when their original request appeared unlikely to win approval.
Rebates are needed to offset infrastructure costs, the developers said.
The developers still plan to buy the first 20 acres of a 57-acre tract for the project by Oct. 15. The 20 acres would be used for the first three phases of the project, with construction scheduled to begin next year. The first market in Las Vegas would be held in January 2004.
