Jacobs Entertainment CEO Jeff Jacobs is seeking public tax increment financing reported at over $20 million as part of ongoing development plans which now include turning the former Bonanza Inn on 4th street into a planned 57 unit project called the Breeze.
Jacobs Entertainment has already received sewer connection fee credits, pedestrian amenity credits and special dispositions for its signage, while tearing down bought out motels which some low income residents used to rely on for housing.
In a Thursday announcement, Jacobs also indicated he wants to replace the Reno Housing Authority’s Sarrazin Arms Apartments on 3rd street with 65 of his own units.
Meanwhile there’s also a plan to convert an area with the idle Chapel of the Bells and the rotting historic Nystrom House into what is now being branded as the Glow Gardens for weddings and special events.
This comes during active construction of the downtown J Resort outdoor festival grounds, and already talked about plans to have a new 400-seat banquet hall at the J resort, formerly the Sands.
TIF is a controversial financing mechanism which can divert funds from essential public services, and raises concerns about transparency and accountability in terms of how money is spent.
It allows developers to recapture property tax revenue generated by a project to the detriment of a city’s budget.
There have been other controversial asks recently locally for TIF help, including the GSR’s massive arena project and the old Harrah’s casino stalled conversion.