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Developer Interviews April 2010

A proposed economic development project in Carson City, aimed at revitalizing the downtown area and creating new jobs. The project includes retail, entertainment, residential, and office spaces.

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Developer Interviews April 2010

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  1. Developer Interviews April 2010 Nugget Economic Development Project

  2. Regional Context

  3. Cancer Center 20 mi. to Reno Carson-Tahoe Regional Medical Center Carson City Airport Carson Street V&T Railroad Western Nevada College Hwy. 50 East Downtown Project Site State Capital Complex Fairview Dr. 20 mi. to Lake Tahoe

  4. Main Street then…

  5. …and now…

  6. …and tomorrow.

  7. DT-MU District Project Site

  8. Downtown Mixed-Use Zoning District Proposed Project Area

  9. Form-Based DT-MU Code Standards

  10. Carson City’s economy is struggling • 12.7% unemployment rate • Declining population (2007-2009) • Highly concentrated economy; these sectors have the highest job losses: • 42% of payroll from government jobs • 31% of payroll mfg, trade & education/health services jobs • Payday dollars are earned by commuters; spent elsewhere: • Over 40% of government employees do not live in Carson City • Over 50% of healthcare employees do not live in Carson City • Twice as many commute into Carson City for work as commute out of Carson City • FY 2008-09 saw sales tax reduced by over 17% • 20.4% of the City’s commercial space is vacant

  11. Carson City’s objectives • Create a sustainable economic engine that drives new jobs • Energize downtown with a definable town center and hub for the community • Diversify the economic base through new industries • Educate and train for primary jobs • Build, attract and create new companies

  12. Nugget Economic Development Project Site

  13. Office • 60,000 sf • Retail • 50,000 sf • Evening Entertainment Venue • Residential • 80 x 1,200 sf

  14. Conceptual Project

  15. Panel preparation for developer interviews RFI closed 3-26 developer interviews and selection Development deal points negotiated and numbers crunched • B.O.S. • 2nd reading • Implement 1/8th • cent • Library Board assumes • central coordinating • role for all other public • bodies, for input & • oversight B.O.S. Final go, with exact plan for Phase I Developer(s) focus on getting at guaranteed price G. M. P Mayor presents U.S. Mayors Institute on Design findings to citizens • B.O.S • Master agreement w/ ranges of costs • 1st reading of 1/8th cent • Approval to implement land use entitlements and approvals process • City’s project authority w/ Nugget approval • B.O.S. • approve developer • pick • approve deal points • final Master Agreement is put into binding agreements w/ go no go criteria • approval to start 1/8 • cent process • approve finance plan Final numbers determined, including land arrangements, guarantees and go – no - go issues • Citizen Committee • - action– • rfi process • basic deal • basic funding • All risks & rewards defined & explained • Advise on 1/8th cent • citizen’s work complete

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