Reno Council Defeats Aces Baseball Refinance Deal - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Reno Council Defeats Aces Baseball Refinance Deal

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Reno's new city council has balked at a plan to spend $1 million annually to make sure the Reno Aces AAA baseball team stays put the next 30 years.

The Associated Press reports Mayor Bob Cashell was the lone supporter in Wednesday's 6-1 vote against the $30 million subsidy through 2043. It was 1 of the council's first votes since four new members were elected last week.

The agreement would have obligated the Aces Ballpark owners to personally guarantee the publicly backed debt that will be issued to refinance a $55 million short-term construction loan used to build the riverfront stadium.

Opponents of the deal said the money could be better spent elsewhere and they didn't want to tie the hands of future city councils. It's expected to come before the council again.

(Copyright 2012 The Associated Press. All rights reserved.)

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