The Reno Redevelopment Agency Advisory Board will be meeting on Monday to discuss the proposed $1 billion redevelopment of the Grand Sierra Resort, which includes a $380 million arena as part of the project’s first phase. The project is seeking up to $90 million in public funds through tax-increment financing, a move that has been opposed by a group of Northern Nevada resorts and casinos known as the Coalition.
The Coalition submitted an economic study that questions the economic impact estimates presented by the Chicago-based Hunden Partners, who estimated the arena could bring up to $1.8 billion in benefits over 28 years. The Coalition’s analysis, conducted by Dave Wells, suggests a significantly lower economic impact of $389 million over the same period.
Wells argues that the proposed arena would only create minimal new economic activity and will primarily serve to redirect existing tourism towards the Grand Sierra Resort rather than generating new revenue. He also questions the use of tax-increment financing for the project, arguing that privately owned arenas should not receive public funding.
The University of Nevada has expressed support for the arena, which would host its men’s basketball games. However, the Coalition and other opponents are concerned about the potential misuse of public funds and the long-term implications of using tax-increment financing for privately owned arenas.
The debate over the Grand Sierra Resort’s redevelopment project and the use of tax-increment financing will continue to be a contentious issue as the Advisory Board meets to deliberate on the matter.
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