According to a new agenda item on the Redevelopment Agency Board for their meeting Wednesday, Reno citizens may be getting asked to chip in for a new project.
Power Sports Development, LLC - the developers behind the new arena project proposed at the Grand Sierra Resort - has submitted a Catalyst Project application for tax increment financing for the project.
The project, which we've been following, includes a 10,000 seat arena that has been touted as a new home for the University of Reno, Nevada's men's basketball team, parking garage, new hotel rooms, and 300 affordable housing units on the site of GSR.
The city has reviewed the application and deemed that it meets the criteria to proceed, based on the fact that the project is "expected to enhance economic development in the region" and "projected to generate substantial long-term benefits."
The recommendation from the staff was that the city proceeds with the formal review, does due diligence and third-party feasibility analysis, and to negotiate an agreement with Power Sports Development, LLC for tax increment financing for future Board approval.
This comes as a bit of a surprise, as the announcement for the original project mentioned that it would not require taxpayer funds.Â
If the application is accepted for Catalyst Project, taxpayer funding will be used towards the new development.
This is a developing story, and we will provide more information as details come in.
