Developers To Present $1.2 Billion Downtown Reno Project
RENO, Nev. (AP) — The developers of a $1.2 billion redevelopment project in downtown Reno that includes plans for two hotels, residential and office space are set to present their proposal to city officials.
The Reno Gazette-Journal reports that the Don J. Clark Group will discuss the project at a City Council meeting Wednesday. The developers are seeking to build on abandoned city land and asking to be reimbursed with property tax revenue generated by the development.
The struggling Reno Redevelopment Agency is expected to gain about $77 million in property tax increment generated by the project.
Assistant City Manager Kate Thomas says those funds would cover the agency's debt and pay for the project's infrastructure.
City officials will decide Wednesday whether to allow staff to negotiate the development agreement.