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Vegas tax rebate vote delayed third time

By Clint Engel -- Furniture Today, October 7, 2001

Las Vegas — The Las Vegas City Council's vote on tax breaks for the proposed World Market Center here has been delayed a third time as developers work to clear up technical issues.

Jack Kashani and Shawn Samson, managing partners of the planned $750 million, 7.5 million-square-foot furniture market center, asked for the vote to be pulled from the agenda until the council's next meeting on Oct. 17.

That pushes the vote back two days after a previous Oct. 15 deadline for acquiring the first 20 acres of a 57-acre tract for the project. Samson said the developers have received an extension on that deadline, but "we still expect to close around that time."

The developers are requesting tax rebates to offset infrastructure costs. The rebates could be worth up to $75 million over 15 years.

There are matters concerning the rebates "that we need to make sure are clarified," said Tim Quillin, spokesman for the project with Hall Communications.

There wasn't "quite enough time to make the points as clear as we needed to make them," Quillin said. "We're extremely confident that within the next two weeks that's going to be handled."

Samson said, "We'd much rather make sure everyone is on the same page, as opposed to simply having a (tax rebate) package that doesn't incorporate all the different aspects of our proposal," he said.

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

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