The Sparks City Council will hold a special meeting Wednesday for an update on the financing of the Legends at Sparks Marina project. The city has been in negotiations with Kansas City, Mo.-based RED Development, which intends to build the $1 billion retail-entertainment project at the east end of the Sparks Marina.
Wednesday's meeting is for council members to discuss the proposed financing agreement and give direction to city staff if necessary, said Adam Mayberry, the city's public information officer.
"Both sides, RED and the city, are continuing to work on the finer points to bring this financing package forward," Mayberry said.
RED Development representatives announced more than 20 tenants planned for the development during the Sparks Chamber of Commerce luncheon last week. Those are in addition to about the same number that had been announced previously.
The new tenants include Saks Off Fifth, Nike, Tommy Hilfiger, Ann Taylor, Banana Republic, the Gap; an IMAX theater; and restaurants Blowfish Sushi, Olive Garden, Grimaldi's Coal Brick-Oven Pizzeria, AT&T, Dickinson Theatres, Big Bang Dueling Piano Bar, Strasburg Children, Tuscanos Brazilian Grill, Hofbrauhaus, Best Buy, Deegie's Carma, Jones New York, Anne Klein, Easy Spirit, Nine West and Mountain Family RV.
A 240,000-square-foot Scheels sporting goods store is well along in construction and will open in October. A 1,000-room hotel-casino will break ground this summer and is expected to open in 2010. When finished, the project could draw 800,000 visitors a year to Northern Nevada and generate $600 million in taxable sales, said Dave Clafin, vice president of marketing for RED Development.
Much of the financing will be completed utilizing sales tax anticipated revenue (STAR) bonds, but the city will also issue tax increment bonds as well. The two sides have been negotiating over the amount of the tax increment bonds, among other items.
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