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Council hears RDA staff: recommended 15‑year extension for RDA 2 to recoup lost post‑recession growth
Summary
Staff told the council the Redevelopment Area 2 was hampered by the 2008 recession and took more than a decade to return to prior tax increment levels; staff and the redevelopment advisory board recommended asking the legislature to extend RDA 2 by 15 years to capture additional private investment and produce an estimated larger return to the city and taxing agencies.
Reno redevelopment staff briefed the council and redevelopment agency July 29 on whether to seek a legislative extension of Redevelopment Area 2, which currently expires in 2035. Staff and the Redevelopment Advisory Board recommended pursuing a 15‑year extension to recover lost increment caused by the 2008–2012 downturn.
Analysts presented a conservative model showing that without extension Reno’s share of increment at 2035 would be roughly $3.9 million. With a 15‑year extension and modest growth assumptions that premium could produce $10.5–$21.0 million in additional city incremental receipts between 2036 and 2050, depending on higher or lower growth scenarios. Staff emphasized redevelopment is an investment tool that seeds infrastructure and private reinvestment; when the RDA sunsets the increment returns to all regular taxing agencies.
Council members discussed timing, prior RDA debt that the city has now begun to retire, and the need to prepare clear financial analyses for the legislature. Staff said the RDA has used increment for streetscape and housing programs and that extending the area would allow continued funding for catalytic projects, infrastructure and small‑business and activation programs. The council did not vote on an extension; staff was directed to bring formal BDR language to the August council meeting for consideration.
