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Posts Tagged ‘Reno’

22nd July
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

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