City officials had been concerned it would have to pay too high an interest rate on the debt it needed to build the new city hall but its use of Build America Bonds authorized by the American Recovery and Reinvestment Act prompted the major ratings agencies to give the city's lease-purchase financing arrangement their fourth-highest rating. As part of the stimulus package, the federal government pays 35% of the interest expense on the bonds.

The city's chief redevelopment officer Scott Adams tells GlobeSt.com that the bonds were underwritten by Stone & Youngblood LLC, as representative for itself and Citigroup Global Markets Inc., and Siebert Bradford Shank & Co. LLC. The group purchased $174.5 million of Build America Bonds and $13.77 million in City of Las Vegas Tax Exempt Certificates of Participation, according to city documents.

The new city hall would be built on a block surrounded by Lewis and Clark avenues and Main and First streets. Forest City Enterprises would develop the property in exchange for property within the Union Park redevelopment on which it would develop a casino hotel. Forest City also owns several blocks surrounding the new city hall site. The latest cost estimate for the new city hall is $185 million, down from nearly $270 million prior to the recession.