City Parkway 5 Board Meeting – January 26, 2026
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City Parkway 5 Board Meeting – January 26, 2026
The City Parkway 5 board met on January 26, 2026, at 10:30 a.m. to approve prior meeting minutes and adopt the fiscal year 2026–2027 operating budget. The meeting was called to order at 10:30 a.m. by the chair, with a quorum of directors present (Directors Jansen, Heltzley, and Cortez). The board confirmed compliance with the open meeting law. No public comments were received during either of the two public comment periods.
Approval of Minutes
- The board unanimously approved the final minutes of the regular meeting of October 27, 2025, by voice vote (all in favor).
Discussion Items
- Fiscal Year 2026–2027 Operating Budget (Item 5): Administrative Officer Kelly Swanson presented the budget, highlighting:
- Interest earnings from Courtyard Wardell and Bridger deals.
- Miscellaneous rentals from staging agreements and Outfront Media agreement.
- A large gain on disposal of assets: $8 million expected from the sale of O2 and $2.2 million from the sale of JK.
- Consultant expenses: open for potential future spending, with no specific projects defined.
- $265,000 for other professional services, of which $250,000 was previously approved for the Symphony Park Design Review Committee.
- $13,000 in association fees payable to Symphony Park Master Association.
- Insurance premiums (mostly general liability and directors & officers).
- Land purchases: authority to buy land as opportunities arise, with no purchases currently slated.
- General contributions: $10.5 million for the Las Vegas Museum of Arts.
- FY26 projections: $10 million expected from the sale of Parcel E, closing in the current fiscal year.
- Board members had no questions. A motion to approve the budget was made, seconded, and passed unanimously by voice vote (all ayes).
Key Outcomes
- The minutes of the October 27, 2025, meeting were approved.
- The fiscal year 2026–2027 operating budget was approved as presented.
- The meeting adjourned after the second public comment period, which had no speakers.
Meeting Transcript
Just like that. Okay. Calling the meeting to order of City Parkway 5 board meeting on January 26, 2026 at 1030 a.m. So can we have the roll call, please? Director Jansen, excuse Director Heltzley. Present. Director Cortez. Present. You have a quorum. Great. Thank you. Announcement regarding compliance with the open meeting law. Are we in compliance with the open meeting law? We are. Great. Number three, public comment. Comment during this portion of the agenda must be limited to matters on the agenda for action. If you wish to be heard, come forward and give your name for the record. The amount of discussion as well as the amount of time any single speaker is allowed may be limited. And seeing no public, I will close item number three. Moving on to item number four for uh possible action to approve the final minutes by reference of the regular meeting of October 27th, 2025. Is there a motion to approve? I make a motion to approve the final minutes. All in favor? Aye. Motion carries. Number five, discussion for possible action regarding the fiscal year 26-27 operating budget. Is there a staff report? Yes, this is Kelly Swanson, administrative officer with economic and urban development. Um I'll have uh a I'll call out the larger items. Um the others that I don't mention are consistent with prior years, but if questions, let me know. Um, for the other interest earnings, um, this is from courtyard Wardell and Bridger um money coming in due to the deals that we do with we have done with them. Um miscellaneous rentals is staging agreements and outfront media agreement. The uh large gain on disposal of assets that is eight million for expected for the sale of O2 and 2.2 million for the sale of JK. Um to the expenses, the consultants. Um that is uh open for potential expenses, nothing defined but allows us for the option to spend if necessary. Um the 265,000 for other professional services, that 250,000 of that was already approved during last fiscal year for the Symphony Park Design Review Committee, so it just is moving forward the authority to um spend when that is ready to go. The association fees 13,000, that is what we are due to pay Symphony Park Master Association. The premiums paid is for the insurance, mostly general liabilities and directors and officers. The land that is for potential other purchases, nothing slated currently, but again, giving us the authority to um buy land when that comes uh an option in the future uh next year. The general contributions, 10 and a half million of that is for the Las Vegas Museum of Arts. And that is all the um just wanted to also mention the projections remaining for FY26. Looking at the bottom of the budget, there's um 10 million in there for the expected sale of parcel E that will close this fiscal year yet. That's the end of my summaries. Any questions? Thank you, Kelly. I have no questions. Do you have any questions? I have no questions. Okay.
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