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Vegas city council delays tax vote

By Clint Engel -- Furniture Today, October 28, 2001

LAS VEGAS — For the fourth time, the Las Vegas City Council delayed its vote on tax breaks for the proposed World Market Center.

Two council members indicated they needed more information, said Erik Pappa, public information officer for the city. The vote now is set for Nov. 7.

Las Vegas Mayor Oscar Goodman, a driving force in government discussions about the proposed $750 million furniture market complex, was in Washington for a Congressional hearing and could not attend the council session.

"We have to get together with the city staff yet again, discuss various aspects and come back," said Shawn Samson, a managing partner for the proposed development near downtown.

He said developer Furniture Mart Enterprises has received an extension on closing on the purchase of the first 20 acres of a 57-acre tract for the project until after the next council meeting.

The developer of the planned 7.5 million-square-foot WMC has requested tax rebates from the city that could be worth $50 million to $75 million over the next 15 years. The rebates would offset infrastructure costs.

"We look forward to the Nov. 7 hearing … and we are confident that a mutually acceptable package will be approved by the City Council," Samson said. "We remain fully committed to making this project the best that it can be for exhibitors and buyers."

Construction of the first phase, a 1-million-square-foot building, is set to begin next year and the first market is expected to be held in early 2004.

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