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RDA accepts Grand Sierra Resort feasibility review and orders deeper TIF gap analysis
Summary
Renos redevelopment agency accepted a consultantled economic and market review of the Grand Sierra Resort( GSR ) arena proposal and directed staff to pursue a detailed financing gap and deal analysis, including scenarios that would require extending the RDA 2 district.
The Reno Redevelopment Agency voted unanimously on March 12 to accept a market and feasibility study for the Grand Sierra Resortproposal to build a 10,000-seat arena and associated hotel, parking and housing, and to advance a deeper analysis of whether and how tax-increment financing (TIF) could make the project financially viable.
The agency heard a presentation from Hunden Partners that summarized likely economic impacts across a 30-year horizon, and recommended next steps to test financing scenarios and public assistance options. "If that incremental property tax is not created, the project will not pencil without assistance," Hunden project manager Will Cooper told the board, describing the firms role in modeling demand and revenue.
The study estimated…
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