RAAB & GSR

"The Redevelopment Agency Advisory Board (Formerly the Citizens Advisory Committee) gives the Redevelopment Agency input on its proposed projects and programs. The Committee may also propose programs and projects to the Agency for its consideration."  From the Reno web site.

Their agenda for the 5 April meeting (3 PM at the Community Development building, 450 Sinclair Street, 2nd Floor) is chock full:

–  Do we need to exist?

–  Future of the West Street Market.  The council recently approved moving some responsibility to Parks and Rec who has no money anyway.  The RAAB really sets the tone, so it will be interesting to see their recommendations.  Kill. Kill. Kill.

–  Fitz Garage Sale.  This has been kicking around for over a year, but is finally at the agency that has to start the sales process.  If the staff report is ever posted as promised, there is going to be some dynamite and the city council is not going to look too good.  The City does a short sale.

–  Look for the ReTrac issue to be more interesting than the item would suggest!

RGJ print edition had a feature story about the cost overruns on the new bus station today.  I’ve read all the change orders, and I think the contractor is pretty clean here.  RTC is a mess, and some heads will fall over this.  They had no regrets blowing other people’s money (government grant) and oversight was weak.  This should heat up Tuesday when it hits RGJ on line.

Remember the Waterfront Towers at  2nd and Lake?  They finally went NOD this week.  The developer has been scamming the city for years presenting documentation of "financing".  Maybe we Will be able to get 1st Street back instead of those green "construction" fences. 

On the bright side, the county scored a $175,045 transfer tax payment when the GSR deal closed Thursday. 

6/23/2006 – Sold for $147,038,000 to Grand Sierra Operating Corp.

10/30/2008 – Back to JP Morgan with $226,877,000 owing.

3/31/2011 – Sold to Gage Village Commercial Development for only $42,450,000.  Ouch.

That roughly translates to 11x what the Siena sold for.  About 330 hotel condo units during the Grand Sierra saga, most of which have now gone back to their respective banks.

Should be a pivotal week. Stay tuned and post a comment if this sort of information is interesting to you in any way.