By james art According to a new Redevelopment Agency board agenda item for their meeting Wednesday, Reno citizens may be asked to participate in a new project.
Power Sports Development, LLC – the developers behind the new arena project proposed at Grand Sierra Resort – has filed for Project Catalyst to finance the project with tax increment financing.
the project, which we have followedincludes a 10,000-seat arena that was touted as the new home for the University of Reno, Nevada men’s basketball team, a parking garage, new hotel rooms and 300 affordable housing units at the GSR site.
The city reviewed the application and deemed it met the criteria to proceed, based on the fact that the project is “expected to enhance economic development in the region” and “is projected to generate significant long-term benefits.”
The staff recommendation was that the city proceed with the formal review, conduct a third party due diligence and feasibility analysis and negotiate a tax increment financing agreement with Power Sports Development, LLC for future board approval.
This is somewhat surprising since the initial project announcement mentioned that it would not require taxpayer funds.
If the application is accepted for the Catalyst Project, taxpayer funding will be used for the new development.
This is a developing story and we will provide more information as details become available.