RAPAPORT… Las Vegas` City Council approved the World Jewelry Center`s disposition and development agreement, owner participation agreement, and related documents, thus approving the business arrangements between the city and the developer.

Probity International Corporation president and CEO Robert Zarnegin, who attended the January 9th Council meeting, welcomed the actions.

"We appreciate the cooperative efforts of city officials and the Las Vegas City Council`s approvals of our business terms, which will propel our project forward. Our team, together with the city, has worked hard to come to agreement on terms for the WJC, a project that will create thousands of non-gaming jobs, and bring financial rewards to the city."

Las Vegas mayor Oscar Goodman said, "This will be an important part of Union Park, along with the Lou Ruvo Brain Institute, the Smith Center for the Performing Arts, the Charlie Palmer Hotel, and the Access Medical-Kimpton Hotel projects, that together will create an exciting experience for everyone who visits or does business there."

The tower will be a one-of-a-kind jewelry industry hub in the western hemisphere, added managing director Bill Boyajian. "With a magnificent tower comprising both wholly-owned, class-A office condominiums and ultra-luxury residential condominiums, a retail center open to the public, advanced security systems, and a designated Foreign Trade Zone, jewelry business leaders will have many strategic advantages, with the added benefit of the Las Vegas location."

The approved agreement outlines requirements and conditions for Probity International to purchase the land and build the World Jewelry Center. It also sets forth terms under which the developer and the city`s Redevelopment Agency will share in property tax revenues generated by the center during the next two decades.