An investment group seeking to build an arena on the Las Vegas Strip claims it is on the cusp of purchasing an NBA team to play in the facility. For the deal to go through, said Chris Milam, CEO of International Development Management LLC, the group must strike a deal with the county to fund construction of the arena — dubbed the Silver State Arena — slated for the old Wet ’n Wild water park site. “We have an NBA team under contract,” Milam said, declining to name the franchise. But the deal will take effect only if “other pieces of the puzzle fall into place: One of those pieces will be that a building (arena) is approved,” he said. The key to Milam’s plan is persuading Clark County to revive its redevelopment area and fund the arena using what is known as tax-increment financing. Milam is scheduled to make his case to county commissioners at an Aug. 4 meeting. Commissioners last month discussed arena proposals — three plans have been floated this year — but did not vote on whether they would support construction of any project. Based on their remarks, there appeared to be little support for any arena plan requiring public assistance. Of the three proposals, two call for formation of a new tax district along the Strip to repay public bonds that would fund construction. http://www.lasvegassun.com/news/2010/jul/14/nba-team-under-contract-if-las-vegas-builds-arena/
