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Reno redevelopment agency approves 90% tax‑increment participation to unlock 200-unit riverfront project
Summary
The RDA agreed to a 90% pay‑as‑you‑go tax‑increment participation (about $2.9 million) to reimburse public improvements for a proposed 200‑unit townhome rental project along the Truckee River; staff and the developer said the support is necessary to close a financing gap identified by an external consultant.
The Reno Redevelopment Agency voted unanimously Dec. 3 to authorize an owner participation agreement that would reimburse up to 90% of tax increment from a new development to pay for public improvements needed to make the project feasible.
RDA staff said consultant SB Friedman identified a financing “gap” of about $3.24 million for the East Commercial Row project, a Valeo‑led proposal to assemble river parcels near Sutro Street and the Wells overpass and build 200 rental townhomes with about 424 parking spaces. Staff recommended a 90% participation rate — roughly $2.9 million — to be paid on a pay‑as‑you‑go basis after taxes are assessed.
"This site is a longstanding blight and clean‑up cost to the city," said Brian McCardle, the city’s…
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