Henderson to sell land to Raiders for half appraised value

The city of Henderson is planning to sell a 55-acre piece of property at half of its $12 million appraised value to the Oakland Raiders for a practice facility and the team’s future headquarters.

According to an agenda item listed for the Henderson City Council’s January 2 meeting, the city is planning to sell a 55.56-acre plot of land located near the Henderson Municipal Airport to an entity owned by the football team for $6.05 million, half of the appraised $12 million value.

The city resolution announcing the sale notes that the City Council “believes that the Property is an ideal location for the Headquarters and that the Headquarters will bring significant notoriety and economic investment to the City.” The parcel is currently vacant and doesn’t have any proposed use.

Henderson Mayor Debra March said she and the council were “extremely excited” about the proposed sale.

“We’re only on the 20 yard line when it comes to this proposal, but we’re looking to score a touchdown if this sale goes through,” she said in a statement.

The release, sent after a Nevada Independent reporter inquired about the sale price, didn’t provide a rationale as to why the price was set at half of the appraised value.

Nevada law allows cities and other governing bodies to sell real estate to private investors without first offering it to the general public and below the assessed price as long as the sale is made “for the purposes of redevelopment or economic development,” and as long as the land is appraised and the council approves a resolution noting that the sale is in the “best interest” of the public.

The resolution states that the team estimates the “investment” into the site, excluding the price of land, would be approximately $50 million including construction costs, and estimates that the headquarters will employ 250 full time, non-football player jobs.

The long-rumored sale is to be made to LVR Real Property LLC, a Nevada-based business first registered with the state in November that lists the Oakland Raiders as its sole manager. The team had initially estimated the cost of building a practice facility to be closer to $100 million.

If the resolution is adopted by the council, the council would vote on a final purchase and sale agreement in February.

Earlier in December, Henderson city officials also approved a $300,000 contract expanding Sunridge Heights Parkway to connect with Executive Airport Drive and Bermuda Road in Henderson, near the site of the proposed practice facility and team headquarters.

This isn’t the first economic break the Raiders are receiving from elected Nevada officials — the team made the decision to move from Oakland to Las Vegas in 2016 after state lawmakers approved spending up to $750 million in hotel tax dollars on a new domed stadium near the Las Vegas Strip.

Disclosure: Debra March has been a financial supporter ($2,500) of The Nevada Independent. A complete list of Indy donors and sponsors can be viewed at https://thenevadaindependent.com/our-donors.

Story provided courtesy of The Nevada Independent www.nevadaindependent.com.