Dharmesh Bhanabhai’s Neonopolis Owes over $250,000 to City of Las Vegas
Downtown Las Vegas Neonopolis owned by Dharmesh Bhanabhai of Las Vegas through his Delaware registered corporation FAEC Holding Wirrulla LLC hasn’t paid its shared costs to the City of Las Vegas.
As per the Neonopolis Reciprocal Easement Agreement Neonopolis must share the costs for the operation, maintenance and repairs of the various building systems used by the city’s underground parking facility. The financial audit by the city’s auditor’s office has identified that the Neonopolis operator FAEC Holding Wirrulla LLC which is owned by Dharmesh Bhanabahi, has not reimbursed the city for their shared costs since August 2008.
Previous requests for reimbursement in 2009, 2011 and 2012 were ignored by the Neonopolis management and are still unpaid. Three of the City initiated reimbursement requests since July 2009 totaling $123,720 are still unpaid by the owners of Neonopolis. The last payment of $30,375 was paid in August 2008.
As per the reports, the city of Las Vegas is seeking nine years’ worth of back payments totaling more than $270,000 from the operators of Fremont Street retail center Neonopolis. Audit revealed that the city failed to submit the shared cost reimbursement requests since August 2012.
In 2011, the City of Las Vegas significantly lowered the parking rates at the Neonopolis parking garage, which it owns. As per the agreement with the City, Neonopolis must make annual payment not later than sixty days following the end of each operating year and shall be accompanied by an audited financial statement certified by a certified public accountant. The last submitted financial statements was for 2011 and the city has never received any audited financial statements since then.