A request by operators of the Grand Sierra Resort for millions in public financing to help build a sports arena as part of a $1 billion renovation project advanced Monday to the full Reno City Council without a recommendation.
Rather than taking positions to support or oppose the project, the Reno Redevelopment Agency Advisory Board voted 5-2 to advance the proposal and let the council decide whether the project qualifies for tax-increment financing (TIF). TIFs work by freezing the rate of property tax designated for the government in a given area, and then diverting any additional property tax revenue generated from a new project back to the developer to pay for the construction costs.
