The Reno Redevelopment Agency Advisory Board has approved the hiring of Hunden Partners to further assess the proposed $1 billion Grand Sierra Resort project. The development would include a $380 million arena for the Nevada men’s basketball team and a possible minor-league hockey team. The board authorized a payment of up to $90,000 for Hunden Partners to conduct additional work on the project.
The Grand Sierra Resort is seeking nearly $90 million in tax-increment financing funding. This funding model would return future property tax growth to the developer. The project, if approved, aims to transform Wolf Pack athletics and create new economic opportunities in Reno.
Despite debate over the use of public funds for the project, Hunden Partners’ market analysis found the Grand Sierra Resort proposal to be a worthwhile investment. The planned arena, retail, and housing developments were deemed as beneficial upgrades. However, concerns were raised over the need to extend the Redevelopment Agency structure for the project to move forward.
With the project scheduled to break ground this May, the approval of TIF funding and an extension to the Redevelopment Agency structure are essential for its success. The city would not have to issue bonds for the project, as the financing model is based on recouping increased property tax values. The project, if approved, is expected to generate significant economic benefits for Reno and attract new opportunities for entertainment and sports in the region.
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