Posts Tagged ‘Reno’

22nd July
2009
written by Mike

Where are the Tucson Sidewinders?
 
The City of Reno used TIF financing and worked with private investors to build a $50 million state-of-the-art AAA Ballpark and lured the Sidewinders.  The Reno Aces sold out their opener with 9,167 fans and has averaged 6,601 fans this year (well above their break even point).  The stadium was built in downtown Reno and is part of a redevelopment district that includes retail, dining, and office buildings.
 
 
Here is the way TIF financing should be used:
 
The City of Reno used TIF funds to entice Cabela’s to build a retail facility.  Cabela’s sells hunting, fishing, and camping supplies.  Preliminary data indicate the new store was largely responsible for a year-over-year increase of sales tax revenue of 35% (Dec 2008 vs. Dec 2007); while Rio Nuevo TIF declined 38% during the same period.  TIF funds were used to upgrade infrastructure (not to build the store).  Economic impact of Cabela’s includes:
234 permanent jobs
486 temporary jobs
Estimated 2 million out-of-state visitors
 
Please note that the Tucson City Council would consider Cabela’s a ‘big box’ store and has an ordinance that would discourage this type of facility.
 
 
More about opening weekend – HERE
 
Reno a success dispite the odds against them – HERE
 
Bonding for Cabellas - HERE

Tags: ,
  • Pages

  • Categories

  • Archives

  • July 2014
    M T W T F S S
    « Sep    
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
  • Should We Build The Downtown Hotel?

    View Results

    Loading ... Loading ...
  • Tags