By james art The Reno City Council has agreed to move forward with several studies to see if Grand Sierra Resort qualifies for tax incentives for its upcoming $1 billion project, which includes a 10,000-seat arena as well as several site improvements.
The City Council voted 6-1. Jenny Breckhus voted against it, saying she thought it was taking property taxes away from the city.
The city will now have to work out the exact details of the agreement.
The developers have applied for tax incentive financing. Because the project is expected to increase Grand Sierra Resort’s property taxes by up to $10 million annually, GSR is asking the city to allow it to use $97 million of that property tax increase over several years to reinvest instead in the project.
A GSR spokesperson clarified that they are not asking the city of Reno for any general fund revenue.