City of Reno Moving Forward With New Financing Agreement For Aces Ballpark
The Reno City Council voted 4-3 on Wednesday night to move forward with a new financial agreement for Aces Ballpark.
City officials say the economic downtown had a big impact on paying back the loans for the construction and operation of the ballpark.
The developer and operator of the stadium, Nevada Land, LLC. and SK Baseball, asked the city and Washoe County Commissioners to re-structure the agreement.
The re-structured plan would have the city pay $1 million a year for 30 years. The agreement would include waiving the $6 million loan used to relocate the old fire station on the ballpark site. It would also waive the $4 million in back-payments owed by the Redevelopment Agency Board.
A final outline of the new agreements are on the agenda for the November 7th meeting for potential approval.