Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Reno RDA advisory board backs term sheet to secure ACES, transfer stadium to Nevada Land
Summary
The Reno Redevelopment Agency advisory board unanimously recommended staff’s term sheet with Nevada Land and the Reno ACES to secure the team through 2049, require $40 million in capital investment, transfer stadium ownership to Nevada Land, and shift a $1,000,000 annual payment to the RDA rather than the city general fund.
The City of Reno Redevelopment Agency advisory board on Jan. 26 unanimously recommended staff’s negotiated term sheet with Nevada Land and the Reno ACES, a move meant to secure the ACES franchise in Reno through 2049 and to prompt capital investment in and around the downtown stadium.
Staff, represented on the record by Ashley (assistant city manager/attorney), told the board the draft term sheet would transfer stadium ownership to Nevada Land and includes a non-relocation clause through 2049, a $40 million capital-commitment pledge from Nevada Land (50% within five years, remainder within 10 years), and a land-and-stadium clawback that would revert clear title to the city on an uncured breach.
The proposal would also preserve current property-tax practice—ACES pays property tax as a possessory interest—with taxes flowing to the redevelopment agency. Staff noted an…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
