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City of Reno looks to help UNR with Med Lab costs
In Wednesday's City Council Meeting, there will be consideration and possible approval and authorization for the Mayor to execute a certificate transferring $11,200,000 of the allocation to the City of Reno for Recovery Zone Economic Development Bonds to the Nevada System of Higher Education for the benefit of the University of Nevada, Reno Medical Education Learning Lab (rendering shown below). $21,930,000 of the Recovery Zone Bond allocation to the City of Reno would go to the Washoe County School District for the benefit of school facilities within the City.
Recovery Zone Economic Development Bonds are one type of taxable Build America Bond that allow state and local governments to obtain lower borrowing costs through a new direct federal payment subsidy, for 45 percent of the interest, to finance a broad range of qualified economic development projects, such as job training and educational programs.
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