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Vegas market tax break on hold

Council delays vote until Sept. 19

By Clint Engel -- Furniture Today, September 9, 2001

LAS VEGAS — A city vote on tax breaks for a proposed furniture market development here has been delayed to clear up technical issues.

The Las Vegas City Council was set to vote Sept. 5 on a memorandum of understanding, in which developers of the World Market Center would be rebated as much as half of the property taxes on the project to offset infrastructure costs. But the vote was put off until Sept. 19.

"The mayor and the City Council asked the city attorney to finalize the agreement with a couple of last-minute changes that the city staff had before they vote on it," said Shawn Samson, co-managing partner of the $750 million, 7.5 million-square-foot project planned near downtown.

He said the changes are technical points regarding bond requirements that don't affect the scope of the project or the tax incentives that the developers are seeking. The developers are still scheduled to close on the acquisition of the first 20 acres of a 57-acre tract for the project before Oct. 16, he added.

"There was just some confusion on some of the components of the project," said Andrea Smith, public information officer for the city. "In addition, the city attorney's office had not seen the complete (memorandum)."

World Market Center developers say the tax rebates could be worth up to $75 million over the next 15 years. The current rebate proposal is scaled down from the tax break the group originally sought.

A city advisory board, the City Centre Development Corp., voted 3-1 last month in favor of approving the reworked memorandum of understanding.

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