Finance Department
MEMORANDUM
/-i;
DATE:
March 21 , 2016
TO:
Bill Thomas, Assistant City Manag/
FROM:
Robert Chisel, Finance Director
SUBJECT:
Evans North Addition #24, Item P.6 -3/23/16 Agenda
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/
/
·
You requested that the Finance Department determine the impact of a new development, located
at the block bordered by North Center Street, East Seventh Street, East Sixth Street and Lake
Street. These parcels are encompassed in the Reno Redevelopment Agency 2 (RDA 2).
Attached is a summary of the current property tax paid by the properties in question for tax year
2015. For this tax year the total property tax will be $23,506.71. In addition, these properties are
in the Reno Police Special Assessment District that is levied for the properties, for tax year 2015
the amount will be $3,997.43.
RDA 2 is near the base with total AV for all parcels in the area at $337, 188, 756 (net of
abatements) and the RDA 2 base is $342,869,325. For this attached summary it is assumed that
the new development will place the RDA 2 above the base resulting in any new property tax above
the current amounts being directed to RDA 2, while the current amounts wou ld continue to be
distributed in the current manner. The new development is assumed will be valued at $50,000,000
for land and buildings with an assessed value of $17,500,000 (35%).
Therefore, the resulting potential revenue for the project would remain the same for each entity at:
City of Reno
State of Nevada
Washoe County
Washoe County School
TM Underground
$ 6,163.20
1,091 .63
8,936.50
7,310.70
4.68
$ 23,506.71
With additional property tax being allocated to the RDA2 and Reno Police Assessment District as
follows :
RDA2
$617,104.07
Reno Police
$ 94,510.50
Evans North Addition #24
Property Tax
For Tax Year 2015
Parcel No.
007-361-01
007-361-02
007-361-03
007-361-04
007-361-05
007-361-06
007-361-07
007-361-08
007-361-09
007-361-10
007-361-11
007-361-12
007-361-13
007-361-14
007-361-15
I
Assessed
Value
43,399
46,728
123,996
38,547
62,649
150,929
8,400
40,892
36,198
52,394
30,669
30,169
12,616
18,900
56,648
753,134
331.64
1,190.11
271.96
471.23
1,448.62
74.42
298.10
303.62
366.00
229.83
268.51
91.21
233.79
282.18
6,163.20
State of
Nevada
53.49
58.74
210.79
48.17
83.46
256.58
13.18
52.80
53.78
64.82
40.71
47.56
16.16
41.41
49.98
1,091.63
0.9598
0.1700
Reno I
I City of301.98
Rate:
I
Washoe
County
437.89
480.87
1,725.66
394.32
683.24
2,100.47
107.91
432.25
440.25
530.69
333.25
389.31
132.22
339.01
409.16
8,936.50
1.3917
ICounty
Washoe
I TM I
School Underground
358.22
393.38
1,411.69
322.60
558.95
1,718.33
88.27
353.61
360.16
434.13
272.62
318.51
108.18
277.33
334.72
7,310.70
0.27
0.30
0.78
0.24
0.40
0.96
0.05
0.26
0.23
0.33
0.19
0.19
0.08
0.21
0.19
4.68
1.1385
0.0006
Total
11 Reno Police
1,151.85
234.38
1,264.93
252.36
4,539.03
669.65
1,037.29
208.18
1,797.28
338.34
5,524.96
815.11
283.83
45.37
1,137.02
220.84
1,158.04
195.49
1,395.97
282.96
876.60
165.63
1,024.08
162.93
347.85
68.13
891.75
179.28
1,076.23
158.78
23,506.71
3,997.43
3.66
0.5401
New Development
Assumption: New development will place the property above the base of RDA 2 resulting in all new additional revenue going to RDA 2.
Assumption: New development has a new value of $50,000,000
007-361-XX
17,500,000
167,965.00
29,750.00
Potential Revenue to each jurisdiction with new development
City of Reno
State of Nevada
Washoe County
Washoe County School
TM Underground
RDA 2
Reno Police
6,163.20
1,091.63
8,936.50
7,310.70
4.68
23,506.71
617,104.07
94,510.50
243,547.50
199,237.50
110.78
640,610.78
94,510.50
Assessor's Map Number
(#23)
EVANS N.E. ADDITION
007-36
STATE OC'
POR. OF THE NE 1/4 OF SEC. 11
T19N - R19E
(#24)
EVANS NORTH ADDITION
~EVADA
WASHOE COUNTY
ASSESSOR'S OFFICE
Joshua G. Wilson, Assessor
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