Business Improvement District (BID)
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.
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 participating in a nine-county regional consortium for a new Comprehensive Economic Development Strategy (CEDS) that is being spearheaded by the Western Nevada Development District. This important document, when approved by the U.S. Department of Commerce, will enhance an integrated approach to the implementation of numerous regional priorities that support economic development, including airport and surface transportation infrastructure, and advanced manufacturing. The consortium expects the new CEDS to be approved in the first half of 2014.
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.