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RDA approves up to $2.9 million in tax-increment participation for 200-unit riverfront townhome project
Summary
Reno's Redevelopment Agency agreed to a pay-as-you-go tax-increment financing (TIF) package covering about 90% of eligible public improvements (roughly $2.9M) to help bridge a financing gap for a 200-unit townhome project along the Truckee River; council and staff emphasized audit rights and interagency coordination for river-path design.
The Redevelopment Agency voted to approve up to $2.9 million in pay-as-you-go tax-increment participation (roughly 90% of the project's modeled increment through 2035) to help close a financing gap for Valeo's proposed East Commercial Row development: a 200-unit for-rent townhome project adjacent to the Truckee River.
Staff and consultant SB Friedman analyzed the proposal and determined the project would not proceed without agency participation; the consultant identified a $3.24 million "but-for" gap. Brian McCardell, revitalization manager, told the board the requested…
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