News 8-29-07 Stadium Deal Approved by Council

I was able to watch part of the meeting, mostly where Jessica Sferrazza had serious concerns about moving the fire station....the current fire station allows for a time of 1:10 minutes of arrival to Wells Ave, and if it were moved the two remaining stations have about a 3:00 arrival time, yet still under their protocols for response time. In the financial part of the deal, the City really seemed to have covered itself in this case. There are various clauses included to cover the City; in case the team leaves early, the City won't get stuck with the mortgage on the stadium, and from what I gathered if the retail portion isn't built, the developers don't get the $2 million a year that would otherwise go to redevelopment property taxes. The tax breaks are completely related to the retail portion, not the stadium. So in this deal, the city would gain a baseball stadium and shopping district that could revitalize the east end of downtown. The main thing the city is giving up in this case is land, and having to pay back a $10 million loan from the developers for a new fire station. One interesting note is one of the parcels Sienna Communities would get is the Men's Club. I know a lot of people are griping about it, but I don't have a problem giving them the $20 million or so from county car rental taxes which can only be used for certain things anyway.



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Posted by: Anakin-Marc - 9/1/2007 8:08:53 AM
The entire things a gabmle, but that's something the City of Reno should know about. Besides, the odds on this bet look pretty good for the city. If the city can spen 20 million to make 25, where's the problem? It's money the city didn't originally have, and nobody (in their right mind, anyways) has ever complained about replacing non-revenue generating parcels of land with items that would actually increase the tax base. Just my two cents...


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