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.