New TIF in the Works for Workforce Housing Project In Sutro Area

The Reno Redevelopment Agency, which is made up of Reno City Council members, this week approved TIF funds for a planned 200-unit affordable housing project with over 400 parking spaces in the disused area of Commercial Row and Sutro Street.

The $74 million development proposal with hoped for completion by the end of 2027 is coming from the California-based developer Valeo.

Rents are being promised to average around 87% of Area Median Income but with one more parcel, in the Waste Management’s waste transfer station, reported to still be in negotiation to complete the deal.

Tax Increment Financing agreements often provoke public anger such as the recent approval for its use to help with the massive Grand Sierra Resort arena project.

TIF is a public financing tool which allows the City of Reno to help fund redevelopment in blighted areas by using future increases in property taxes from a new development to pay for the project's upfront costs, diverting new tax money from general services. In this case it’s been estimated that it would provide about $3 million to the project.

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