While Item B1 of the Redevelopment Agency Board Wednesday is a presentation “on the Grand Sierra Resort Arena Project’s request for Tax Increment Financing, including a summary of the financial gap analysis, potential approval of deal terms, and potential delegation of authorization to execute the final participation agreement to the Executive Director of the Redevelopment Agency,” it’s a good reminder to look at how the different casino entities of Alex Meruelo have flooded most of our City Council with enormous campaign donations in recent cycles.
A local Redditor recently called the possible TIF for the proposed GSR expansion, which would redirect future increases in tax revenue from the project back to the private developer, as “almost the literal definition” of privatizing profit by socializing costs.
Other casinos have sent a letter disputing this plan, quoting Nevada Revised Statutes Chapter 279 which has TIF intended to be used in “blighted areas which constitute either social or economic liabilities, or both …”…