RENO, Nev. (AP) — Reno officials have voted to hold off on negotiating a contract for a proposed $1.2 billion redevelopment project until the developers can prove they'll be able to deliver on their promises.
The Reno Gazette-Journal reports that the City Council decided Wednesday to do more due diligence work before negotiations begin. A development agreement would allow the Don J. Clark Group to build hotels, office space and multiple high rise condo towers on a 17-acre parcel downtown.
Some council members voted against the motion, saying the negotiations should begin sooner rather than later. But Mayor Hillary Schieve says the city should act with caution due to the financial risks.
The developers are asking to be reimbursed as much as $100 million in property tax revenue generated by the development.