Upcoming Financial Presentation to Agency Board
Redevelopment Agency staff and the City of Reno Department of Finance are scheduled to make a joint presentation to the City Council/Agency Board on September 11th, 2019. A copy of the agenda and the presentation materials may be found at www.reno.gov at least 72 hours prior to the meeting.
The Reno Redevelopment Agency was created in 1983 and serves as the economic development arm of the City of Reno. The Redevelopment Agency has the power to: buy private property for resale; reallocate property and sales tax increment in order to finance the redevelopment program of the community; and use other incentives to foster redevelopment of blighted properties.
Two Redevelopment Project Areas funded with property tax increment revenues exist within the City of Reno:
Redevelopment Project Area 1 (District 1), created in 1983, covers a large portion of downtown. View the map.
Redevelopment Project Area 2 (District 2), created in 2005, covers additional portions of downtown, portions of South Virginia Street, East Fourth Street and a number of noncontiguous areas. View the map.
Business Improvement District (BID)
In 2018, the City of Reno and a group of business and property owners in the Downtown area formed a Business Improvement District to address operational and functional issues within the area. A Business Improvement District (BID) is a private sector funding mechanism designed to improve the environment of a business district with new services financed by a self-imposed and self-governed property assessment. These services are provided exclusively within the district, and are different from – rather than a replacement of – those already provided by the City.
View our interactive Community Development GIS Map to view Opportunity Zones in Reno. Within the map, be sure to select Layers > Reno Special Districts and Areas > and select “Opportunity Zones in Reno.”
Reno and State of Nevada Resources
The City of Reno works closely with the Economic Development Authority of Western Nevada (EDAWN) and the Governor’s Office of Economic Development (GOED) to undertake economic development initiatives within the Reno City limits. Through these partnerships, businesses which are relocating to or expanding in the City have access to incentives and programs that are provided through the State of Nevada:
- Catalyst Fund
- Tax Abatements and Hiring Incentives
- Industrial Development Revenue Bonds
- Grants and Incentives
- New Markets Tax Credit Program
- Historic Tax Credit Program
- Non-Traditional Financing
The City itself also provides a loan resource to qualified businesses.
- Redevelopment District Streetscape Master Plan
- Entertainment Core Revitalization Plan 02-09-1999
- River Corridor Action Plan 08-20-1996
- Amend Downtown Redevelopment Area Redevelopment Plan 11-27-1990
Other Economic Development Collaborations and Resources
The Nevada Resource Directory lists funding and mentoring resources that may be of use to Nevadan entrepreneurs. It is compiled and maintained by Newbean Capital as a courtesy to Nevada's startup community.
Nevada JobConnect and the Nevada Department of Employment, Training and Rehabilitation (DETR) work in concert with the local education sector and employers to improve and diversity Reno and Northern Nevada’s workforce. New programs in both K-12 and higher education are under development to create the workforce of the future and position our region to be fully prepared for industrial growth. Recently, for example, the University of Nevada created new minors in the field of Unmanned Aerial Systems (UAS) – an emerging industrial concentration in Northern Nevada as a result of being one of six designated test sites for the FAA’s UAS program – as well as entrepreneurship. Truckee Meadows Community College is expanding its nursing and healthcare programs, another growing industrial sector in our region.
Comprehensive Economic Development Strategy
The City of Reno is a partner in the Western Nevada Development District, a nine-county regional consortium organized under the provisions of the U.S. Department of Economic Development. The principle task of this consortium is to draft and annually update the Comprehensive Economic Development Strategy (CEDS), a necessary component of several Federal Grant application processes.
The City Council has consistently supported economic development through provision of necessary public services and facilities such as police, fire, streets, sanitary sewer, and parks provided by City departments as well as the Truckee Meadows Water Authority, Regional Transportation Commission, and Reno-Tahoe Airport Authority. The Council has also directed the City plan for future development and services, provide a "one-stop shop" for development customers, internet access to development services, and an efficient and timely review process.