$6M in financing to Sparks Marina construction linked to IMAX theater build
November 23, 2009 – 4:55 pmThe Reno-Gazette Journal reports:
The Sparks Redevelop-ment Agency voted this week to sign off on $6 million in bond financing for further Legends and Sparks Marina construction. (Provided to the Reno Gazette-Journal)With redevelopment agency funding in place for further Legends at Sparks Marina construction, the promise of 250 construction jobs is providing economic hope during the recession.
Sparks City Council and the mayor, meeting as the Sparks Redevelopment Agency, voted 4-2 this week to sign off on $6 million in bond financing.
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The funding is linked to expedited IMAX theater construction at the Legends as part of a 14-screen movie complex.
Graham of RED said the bond financing will not cover the entire cost of the IMAX theater, which he estimates at about $12 million. “This is some money that will come in that will allow our construction lender to advance money and keep things moving.”
Graham expects the IMAX theater to be a tourist draw when it is scheduled to open next fall.
“I think it will really help add to the list of other tourist venues,” he said. “This theater will really help draw people in from out of the (Reno-Sparks) market.”
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