But the Council meeting as the Redevelopment Agency as an interesting agenda. First up is to approve staff time and $$$ to study and propose a Midtown Planning District Overlay. This one will be a love fest, followed by sweet potato fries for all hosted by Midtown Eats. DTM has the scoop on the site plan and renderings for the first renderings for Carterville – the project at SVA and Thoma. Pretty rad!
Item B-2 should be a barn burner. It involves the initial actions renegotiating all the agreements with the Aces / SK Baseball / Northern Nevada Land. HERE is the staff report – the time lines alone are worth reading. There seem to be 3 main proposals proposed by SK:
– Reset the start date for Tax Incremental Financing to a current year. This would allow them to receive TIF benefits sooner, if the economy recovers. So Reno would not reap those benefits.
– Something about the Fire Station Relocation bond that went over my head, but sounds like forbearance leading to an eventual default.
– STAR bonds proceeds redistribution. Currently, SK receives all of the sales tax benefits from the entire Freight House / Baseball District under THESE terms. Here’s a MAP of it all – it even includes the old Grant’s Landing project and the main police station. SK has or had options on all or most of the land in the district. It seeks that SK is now proposing that they receive 50% of the STAR bond revenues generated by other interloper developers in the District. I infer from this that SK has given up on developing the entire District, but still wants a cut of sales tax revenue from whatever anyone else might propose. Win, win, unless you are the loser in the deal. And why do I suspect that the geniuses that represent us and got us into this deal in the first place will just bend over once again to the baseball interests?