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December 1, 2009

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Development of downtown Reno delayed

Tuesday, Aug. 31, 1999 | 11:11 a.m.

DDR-OliverMcMillan will get another nine months to lease space and will be able to pay the $2.5 million it owes the city in installments rather than in two payments.

No leases have been signed for a block of shops and restaurants that was supposed to open next month, but backers of the project say the original terms of the contract were too severe and easing them just increases their likelihood of success.

But council members want the contract to include "milestone" dates for tenant leases that would require OliverMcMillan to pay penalties if not met.

A final vote on the new contract is scheduled for the redevelopment agency's Oct. 18 meeting, when milestone dates and penalties will be set.

"My position is to continue to work with OliverMcMillan," City Manager Charles McNeely told the council. "Rather than use the stick approach, use the carrot."

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