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Park Lane Mall redevelopment plans revealed, project in line for $3.5M subsidy

The developer of the former Park Lane Mall site released new details on his planned $500 million mixed-use development for the site. He also asked for $3.5 million in public funding to help him bring it to reality.

After developer Chip Bowlby, owner of Reno Land Inc., presented his plans at a meeting Wednesday, the Reno City Council unanimously gave staff the go ahead to negotiate a way to give him the $3.5 million assist to reconfigure a sewage and storm drain system on the 45-acre plot of land.

Reconfiguring that infrastructure would cost the developers another $11 million total. Exactly how the city will help fund the reconfiguration is unknown. Staff will research possibilities for funding the move for a future council meeting. One proposal is that the city waive $3.5 million of the estimated $6.9 million in sewer connection fees the developer would have to pay for the project.

Councilwoman Jenny Brekhus said the relocation is a worthwhile use of public funds. The project achieves a council goal to promote urban infill development. She also said the money wouldn’t necessarily go directly to the developer. Rather, the city would spend the money on public infrastructure needed for the development.

Read the full article on the Reno Gazette Journal:
http://www.rgj.com/story/money/business/2016/10/12/only-rgj-park-lane-mall-redevelopment-plans-and-renderings-revealed/91921074/

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