2024 Status Report and Participation Programs
- 2024 Status Report
- The 2024 Status Report provides a comprehensive overview of the City of Reno Redevelopment Agency. Included in this report is the purpose and history of the RDA, a breakdown of the current Redevelopment Areas, and a transparent explanation of its funding mechanisms.
- Participation Programs and Processes
- The Participation Program and Processes document outlines the programs offered by the Redevelopment Agency and specifies the Threshold Eligibility Requirements applicants must satisfy for the project to be considered.
- Participation Program General Application, Exhibits and Affidavit
- If you have determined that your project meets the Threshold Eligibility Requirements for a Redevelopment Agency Program, please complete the Participation Program General Application, provide the requested Exhibits, and sign the Affidavit.
Current Projects & Plans
Locomotion Plaza
The design phase of Locomotion Plaza is complete, and construction is underway. This project will prepare the site with the infrastructure needed to handle a robust event and activation lineup starting Summer 2025. The project includes the addition of six shipping container buildings, outdoor furniture, shade umbrellas and new murals.
West Street Plaza
West Street Plaza is set to receive upgraded furniture, shade umbrellas, and space for food truck parking ahead of events and activations scheduled for Summer 2025 and Summer 2026.
Truckee River Vision Plan
Adopted in September 2024, the Truckee River Vision Plan lays the foundation for improvement to the Truckee River Corridor based on five established goals: cleanliness and safety, connections and access, clarity and consistency, recreational activities, and ecological benefits.
Truckee River Vision PlanVirginia Street Placemaking Study
The goal of the Virginia Street Urban Placemaking Study is to create a shared community vision for downtown Virginia Street and develop a phased implementation plan to initiate the proposed changes. in 2023, Council accepted the Virginia Street Placemaking study and adopted an implementation plan to help revitalize Reno's downtown core.
Virginia Street Placemaking StudyDowntown Action Plan
The City of Reno Downtown Action Plan is a strategic guide outlining priorities for revitalizing Downtown Reno. It focuses on fostering economic growth, enhancing livability and connectivity, and improving the overall experience through initiatives in housing, public spaces, transportation, and safety. The plan emphasizes collaboration between the City and the private sector to implement meaningful and lasting improvements.
Downtown Action PlanCentury Riverside 12 Theatre
The 2,200 seat, 12-screen, multi-plex theater, opened in 1999. Located at the corner of West 1st and Sierra Streets.
National Bowling Stadium
Opened in February 1995. Located at Fourth and Center Streets.
Parking Gallery
Located on the northwest corner of Sierra and First Streets. Includes commercial space on the ground floor with a restaurant and art gallery.
Raymond I. Smith Truckee River Walk
Built in the early 1990's. The River Walk has seven water features and original sculptures of native Nevada wildlife. It can be accessed from the Virginia Street Bridge near the Riverside Artist Lofts.
Reno City Hall
Located at One East First Street. City offices moved to this renovated building in the summer of 2004. It is now a modern office structure with a state-of-the-art City Council Chambers on the first floor, along with the Metro Gallery, exhibiting local artists in the lobby.
Reno City HallReno Events Center
Located at the corner of Fourth and Center Street. with 118,000 sq. ft. available, it serves as a downtown entertainment venue.
Reno Events CenterRiverside Artist Lofts
Rebuilt in 1927, the Hotel Riverside served for years as a hotel, then a hotel/casino. Today it is an affordable housing living and working space for 35 Reno artists, with art galleries and restaurants on the first floor, including outside dining next to the river. Located on Virginia Street immediately south of the Virginia Street Bridge.
Siena Hotel Spa & Casino
Located on South Center Street, immediately south of the center street bridge.
Truckee River Whitewater Park at Wingfield
One-half mile long, the whitewater park runs through downtown Reno. Can be accessed from Arlington Avenue and Wingfield Park.
West Street Plaza
West Street Plaza was dedicated in 1999. Located to the south of the intersection of First and West Streets.
William F. Harrah National Automobile Museum
Located at Lake and Mill Streets on the Truckee River.
William F. Harrah National Automobile MuseumWingfield Park and Amphitheater
Located at the corner of Arlington Avenue and First Streets in Reno.
Mills B. Lane Justice Center
Located on Sierra Street, just South of the Truckee River.
Palladio
13-story mixed use project at the corner of Sierra and First Streets, next to the Truckee River. This project includes 19,000 square feet of retail space with restaurants, a parking garage, and condominiums.
ReTRAC Project
The project to lower 2.3 miles of railroad track through downtown was the biggest public works improvement ever undertaken by the City of Reno.
Theater Corner Parcel
$1.3 million development with three restaurant spaces located at the corner of First and Sierra Streets.
Aces Ballpark (AAA Stadium)
Opened in 2009, the Aces Ballpark is the home to the Pacific Coast League Reno Aces and the anchor to the Freight House District with numerous restaurants and entertainment venues.
Incentives
The Reno Redevelopment Agency provides incentives from property tax increment funds.
Tax Increment Financing (TIF) - Tax Increment Financing (TIF) is a public financing tool used in Redevelopment Areas to encourage economic growth and revitalize blighted or underdeveloped areas. Approved and/or used in all 50 states and the District of Columbia, TIF allows Redevelopment Agencies to capture the increase in property tax revenues resulting from improvements and new developments within a designated Redevelopment Area. By capturing new tax revenue generated from rising property values, TIF helps finance projects that might not otherwise be viable.
Reno has two Redevelopment Areas: Project Area 1 (RDA #1) and Project Area 2 (RDA #2).
How TIF Works - TIF works by freezing the current property tax base in a redevelopment area over a predetermined timeline. As property values rise due to new investment, the additional tax revenue, known as the Tax Increment, is allocated to fund redevelopment projects or provide incentives to developers participating in the program. Once the TIF period ends, the City, County, and State capture the entire property tax revenue – both the base and the additional increment generated from the project.
Purpose of TIF - The purpose of TIF is to stimulate economic development by attracting private investment and revitalizing blighted or underdeveloped areas.
- Provide financial support for projects that create jobs and enhance economic activity in targeted areas (Redevelopment Areas)
- Fund capital projects and improvements without raising taxes or drawing from the general fund
- Encourage private investment through financial incentives that help cover redevelopment costs
TIF in Reno - One key advantage of the way Reno applies TIF is that it does not require the city to issue bonds or take on debt. Because funding comes from the increased property tax revenue generated by the project itself, there is no upfront cost to the city. If a project is not developed or does not generate the expected increase in property value, the city does not lose money because there is no tax increment to allocate. This makes TIF a relatively low-risk tool for encouraging private investment while protecting public funds.
Other Funding Sources - The City offers various financial incentives in addition to tax increment funds. These include Community Development Block Grants.
Development Processing and Entitlement - In areas designated for high intensity development, primarily transit oriented development (TOD) corridors and regional centers, the City Council has adopted plans and municipal code that allow many types of development to occur without further discretionary approvals (i.e., projects can apply for building permits without any additional planning or zoning approvals required).
In addition, the Community Development Department provides streamlined review of building plans (over 90% of project plans are reviewed within 10 working days).
The Community Development Department and Redevelopment Agency are prepared to provide a customized package of financial and development processing incentives for qualified projects. For further information contact the Economic Development/Redevelopment Agency staff.