It’s official: The 65,000-seat Las Vegas stadium will cost $1.8 billion to build.
The Las Vegas Stadium Authority late Wednesday posted three documents on its website outlining the guaranteed maximum price negotiated by the Oakland Raiders with general contractor Mortenson Construction Co.
The indoor stadium, under construction at Interstate 15 and Russell Road, will house the Raiders, who are expected to get final NFL approval at owners’ meetings in Orlando, Florida, next week to relocate to Southern Nevada by the start of the 2020 season. The state-of-the-art stadium also will become the home venue for the UNLV Rebel football team.
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The millions of Americans who haven’t saved enough money for retirement still have a potential safety net: their home equity. But recent changes to reverse mortgages mean seniors and their families may have tougher decisions to make.
Reverse mortgages allow people 62 and older to tap their home equity without having to pay the money back until they move out, sell the house or die. Borrowers can take payouts as lump sums, monthly checks or through a line of credit that can be tapped at will. The reverse mortgage debt grows over time, typically at variable interest rates, and may deplete all the equity in the home, leaving nothing for heirs. If the home is worth less than the reverse mortgage balance, though, borrowers and their heirs can’t be held responsible for that loss.
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