Some downtown property owners got good news on repayment of bonds that financed construction of the new Downtown Events Center.
In 2002, the Reno City Council created a special assessment district to partially fund the construction of the Downtown Events Center, using tax-exempt bonds.
That portion of the project is complete.
Now, the project to build a kitchen and the ballroom portion of the Events Center must come from taxable bonds.
The taxable bonds have been sold and the four major property owners in downtown Harrah's, Silver Legacy, Eldorado and Circus-Circus have assumed the responsibility of repaying them This means, depending on the situation, that downtown property owners paying the Downtown Events Center special assessment will receive a refund or the elimination of future payments, city officials said.
Those who paid the assessment in full can expect a refund of roughly 85
percent of the original principal amount.
Refunds will be mailed in the very near future, city officials said.
Those who have been making payments won't have to make those payments anymore.
Property owners needing more information can call Steve Hardesty, assessment district coordinator, at 321-8353.
