- Associated Press - Wednesday, April 27, 2016

RENO, Nev. (AP) - Developers of a $1.2 billion redevelopment project in downtown Reno that includes two hotels and residential and office space are set to present their proposal to city officials.

The Don J. Clark Group will discuss the West Second Street District project at a City Council meeting Wednesday, reported The Reno Gazette-Journal (https://on.rgj.com/1SzjtjV). The group is hoping to build on abandoned city land and asking to be reimbursed with property tax revenue generated by the development.

The proposal is expected to include 2.3 million square feet of residential space, two non-gaming hotels, 700,000 square feet of office and retail space and more than 5,000 parking spaces. Clark and his team are expected to present the details, including renderings, at the city council meeting.

“As reinforced by the team from the Urban Land Institute, our city is in a moment of change that will be defined by all of us,” Clark said. “If we are going to be a great city, it is up to all of us to make it so. This project and all of our stakeholders are focused on that outcome.”

The struggling Reno Redevelopment Agency is expected to gain about $77 million in property tax revenue generated by the project. Assistant City Manager Kate Thomas said the funds would cover the agency’s debt and pay for the project’s infrastructure.

City officials will decide Wednesday whether to allow staff to negotiate the development agreement.

“We’ve not seen anything like this,” Thomas said of the project’s scope. “Obviously we are being very cautious going into the development agreement because this is so lofty.”

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Information from: Reno Gazette-Journal, https://www.rgj.com

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