County looks at Stateline redevelopment
A redevelopment district in Stateline is under consideration as a means to pay for a year-round conference and entertainment venue at Lake Tahoe.
Douglas County commissioners may agree to evaluate the Stateline Casino Core, Kahle Drive and Edgewood Golf Course for a possible district.
The South Tahoe Alliance of Resorts has been working with county staff on options to fund the venue, which appears in the Economic Vitality Plan.
According to a report prepared by Assistant County Manager Christine Vuletich, the evaluation will require help from a financial advisor, bond counsel, fiscal analysis and a redevelopment plan preparer.
Those services would cost $100,000, to be split with the alliance.
“The significant current private investment within the Stateline area will result in the increased assessed valuation of these properties and the generation of increased property tax revenues,” Vuletich said in her report. “One of the possible options that could be a component of the financing plan would be to establish a new redevelopment area for evaluation.”
Douglas County approved its redevelopment district agency in October 1997.
Redevelopment districts’ money comes from increased property values within the district. If formed, the Stateline district would continue to contribute property tax at the same rate as the day of its creation, but the difference would go to support redevelopment projects.
The county’s first redevelopment district encouraged the construction of the commercial area off Jacks Valley Road.
A second redevelopment area sparked the creation of Carson Valley and Clear Creek plazas near the Douglas-Carson line.
However, third time was not the charm when a redevelopment project on the east side of Highway 395 across from the two plazas fell through.
In California, a $420 million project just over the state line would have included a 71,000-square-foot convention center, but was killed when the state eliminated all of its redevelopment districts.