Reno agency says it can’t make all of $1M payment | NevadaAppeal.com
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Reno agency says it can’t make all of $1M payment

RENO (AP) – The Reno Redevelopment Agency says it can’t make all of a $1 million payment to the Reno Aces baseball stadium owners because of falling property values downtown.

The city plans to pay $290,000 in October. The unpaid balance, $710,000 this year, rolls over annually.

In 2007 the council approved a 20-year deal with the baseball team owners to build the stadium and an entertainment complex. The owners were to get the first $2 million a year in property taxes in a 33-block area on the east side of downtown.

The deal was changed last year to give the owners a guarantee of $1 million a year in sales tax revenues.

Redevelopment agency Administrator John Hester said Monday city officials are negotiating with the baseball team owners over sales taxes to keep some redevelopment projects alive.