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Reno council and RDA endorse term sheet to keep Reno Aces, shift stadium obligations to RDA
Summary
After extended public comment and weeks of advisory review, Reno City Council and the Redevelopment Agency approved a term sheet with Nevada Land / Reno Aces that extends a non-relocation commitment, obligates $40 million in private capital and transfers stadium maintenance and most financial responsibility to the private owner and RDA. Council authorized staff to finalize agreements.
Reno City Council and the Redevelopment Agency voted Jan. 28 to approve a negotiated term sheet with Nevada Land LLC and the Reno Aces that aims to secure baseball in downtown Reno while shifting long-term financial risk away from the city's general fund.
Staff told council the term sheet would: extend the non-relocation commitment for the AAA club through 2049; require a $40 million capital investment in and around Greater Nevada Field (50% within five years); transfer the stadium asset to Nevada Land with maintenance and capital responsibility borne by the private owner; include reversionary "clawback" language if key commitments are not met; maintain the team's obligation to pay property taxes; and leave in place a $1 million annual resettlement payment that will be paid from RDA funds (not the general fund). Ashley Furnia (assistant city manager/city staff) said an appraisal to set any sale-sharing calculation would be performed at final execution, not before council action.
Public commenters were sharply divided. Opponents called for appraisals, open competition and stronger protections against future subsidy; supporters emphasized downtown activation, jobs and recent private investment in the stadium.
Council members pressed staff about how the long-standing $1 million annual obligation would be funded, how the RDA funds cover risk, and what remedies the city would have if private parties failed to meet capital commitments. Staff and outside consultants (applied analysis and Hunden Partners) said the negotiated package includes a land-and-title transfer that allows private leverage of the stadium to raise capital for investments, while a clawback provision would return the stadium and land to the city cleanly if Nevada Land defaulted on required investments.
After debate, council and the redevelopment authority voted to approve the term sheet and authorized the city manager and RDA executive director to execute final documents, which staff said will include the appraisal and detailed legal language. The RDA motion and the council action both passed unanimously.
