By james art Alex Meruelo, the former owner of the Arizona Coyotes, is seeking public funding for a new ice rink in Reno, Nevada, according to a report Tuesday.
Nevada Sports Net’s Ben Margiotte, citing an agenda for a meeting of the city’s Redevelopment Agency Board, reported that a group called Power Sports Development has applied for tax-increment financing for an arena project estimated to cost $1 billion dollar. Tax increment financing allows developers to receive a subsidy in exchange for the additional property tax revenue expected from a major project.
The arena will be located at the Grand Sierra Resort, a casino owned by Meruelo. Margiott said the 10,000-seat rink will be home to the University of Nevada men’s basketball team and a potential American Hockey League team.
The new project will also include a satellite ice rink, dedicated parking garage, fan zone and workforce housing, Margiot said.
Earlier this year, Meruelo sold the NHL’s Arizona Coyotes to Smith Entertainment Group, which moved the team to Utah. (Meruelo sold the team for $1.2 billion, with $200 million of that going to the other NHL owners.) Meruelo remains the owner of Utah’s AHL affiliate, the Tucson Roadrunners.
As part of his agreement to sell the Coyotes, Meruelo was given a five-year window to build a new arena in Arizona for a future NHL expansion team. However, Meruelo pulled out of that deal in June after a land auction for a property that would have been home to a new arena was delayed.