RENO SPARKS MARKET REPORT - MVE, Inc. - About SPARKS MARKET REPORT March 2016 prepared by V4. ... Reno-Taho International Airport ... Gateway Commerce Center’s partner for the rail

RENO-SPARKS MARKET REPORTMarch 2016

prepared by

V4

INTRODUCTION

Table of Contents

Reno-Sparks Market Report Table of Contents 3

4 About Reno

10 Strengths

16 Economic Overview

41 Community Amenities

ABOUT RENO

About Reno Reno-Sparks Market Report 4

Downtown Reno

Reno, Nevada, one of the cities hit hardest by the housing market collapse, is making a strong comeback in real estate with the expansion of technology companies to the area. Big name tech giants Tesla, Apple and data security company Switch all announced plans in the last year to relocate to Reno. The area, known for its close proximity to recreational Lake Tahoe, is expecting a flood of tech sector workers over the next few years. Reno’s home prices are already soaring with the prospect of new employers entering the area. The area’s median homes sales price rose by 16% since last year, according to the Reno-Sparks Association of Realtors.

A typical Reno home now sales for $299,250, nearly double the price from the city’s recession low in January 2010 when homes fetched a meager $167,000, according to data from the Northern Nevada Regional multiple listing services. In Fernley, Nev., a city 20 miles from Reno, where online retailer Amazon has relocated its Nevada hub, home prices have risen 23%. “The overall growth in the lower market is completely on fire with multiple offers on anything under $500,000 – it’s crazy,” said Monica Gore, a Reno real estate agent at Dickson Realty, who has been selling homes in the area for over seven years.

Over 50,000 people are expected to arrive to the area in the next five years, according to the Nevada Association of Realtors. With the projected population growth, an additional 9,000 homes per year are needed in Reno, according to Economic Development Authority of Western Nevada (EDAWN)) – a local agency that forecasts region’s economic outlook. “We have these executives from the tech sector buying homes [in Reno],” said Gore, who specializes in luxury real estate. “You’re really going to see the Tesla effect over the next five years.”

Reno, Nevada

Source: https://www.mainstreet.com/article/reno-is-americas-next-housing-boomtown

Source:

ABOUT RENO

Reno-Sparks Market Report About Reno 5

Quick Facts about Reno

Reno’s economy is principally based in the trade and service sector, with approximately 65% of the work force employed in these occupations. Although gaming and other recreational activities represent a significant portion of the growing economy and assessed valuation, the City is experiencing gradual diversification of its business base with the expansion of distribution, warehousing, and manufacturing facilities. Approximately 25% of the workforce is employed in the fields of construction, manufacturing, transportation, communications, public utilities, and finance related services.

The Reno area is served by two major highways. Union Pacific railroad and a number of trucking and airline carriers make it possible to ship from Reno to 80% of the 11 western states on a next-day basis.

Nevada has no corporate or personal income tax, and is a right-to-work state. These factors have contributed to the State’s tremendous growth in the 1990’s and into the 2000’s. In 2005, Inc. magazine named Reno No. 1 on its list of the “Best Places to Do Business in America,” based on job growth figures among 274 metropolitan areas.

In addition to the accomplishments of the Economic Development Authority of Western Nevada in bringing new business to Northern Nevada, the City of Reno Economic & Redevelopment Agency has begun both entertainment and housing projects in the City’s downtown sector.

Over $30 million dollars of City and one billion dollars in private/other public funds have been invested in downtown Reno to modernize and beautify infrastructure and facilities. A maintenance district was established to ensure that the downtown area will remain clean and beautiful. The City also established a police district downtown to ensure a safer environment.

Source: http://www.reno.gov/business/reno-s-economy

South Channel of Truckee River downtown Reno.

Source:

ABOUT RENO


Regional Map

CARSON CITY

SPARKSRENO

SACRAMENTO

SANFRANCISCO

SAN JOSE

SOUTHLAKE TAHOE

MONTEREYCARMEL

NAPAVALLEY

NAMES OF CITIES DISTANCE FROM RENO TRAVEL TIME

Carson City, NV 32 32 min

North Shore Tahoe, CA/NV 49 50 min

South Lake Tahoe, CA/NV 60 1 hr 10 min

Sacramento, CA 135 2 hr 9 min

Napa/Sonoma, CA 193 2 hr 56 min

San Francisco, CA 222 3 hr 37 min

San Jose, CA 255 3 hr 55 min

Monterey/Carmel, CA 325 4 hr 53 min

ABOUT RENO


Location Map

NEVADAFERNLEY

50

50

SPARKSRENO

Reno - TahoeInternational

Airport

RENOSPARKSMETRO

AREA

ABOUT RENO


Vicinity Map

SPARKS695

695

Vist

a Bl

vd

E Prater Way

Spar

ks B

lvd

Vist

a Bl

vd

695 Baring Blvd

445

648

Gault Way

Pyra

mid

Way

N. M

cCar

ran

Blvd

695

E Prater Way

RENO

Reno - TahoeInternational

Airport

Truckee River

Hidden ValleyRegional Park

Shadow Mountain

Park

Truckee RiverGreenbelt

Outlets atLegends

N. McCarrian Blvd.

N. S

ierr

a St

.

Sutr

o St

.

E 4th St

Mill St.

ABOUT RENO


RTC Southeast Connector

The RTC Southeast Connector Project will provide an efficient route for commuters in the northeast Reno-Sparks area to access employment centers in south Reno, and improve access for commuters in the growing south Reno area to access jobs in Sparks and the east Truckee River Canyon, along I-80. The new roadway will also improve access to retail centers and recreational areas within the of Reno-Sparks area.

RTC SOUTHEAST CONNECTORPROJECT

4,000+ acre Business Park/Industrial Uses

Area highlighted in blue

N

SPARKSRENO

STRENGTHS

Strengths Reno-Sparks Market Report 10

Major Employment Centers (partial list)

RENOSPARKS

Tesla GigafactoryApple Data CenterSwitchWalmartSunPowerPetSmartBarnes & Noble1-800 FlowersAmerican Red CrossUrban OutfittersebayAmazonCisco

IQ Technology SolutionsSelcoEE Technologies, Inc.TRIAD TechnologiesServer Technologies Northern Nevada Medical CenterSilver Legacy Resort CasinoRenown Regional Medical CenterNorthern Nevada Medical CenterPeppermill Resort Spa CasinoAtlantis Casino Resort SpaReno-Taho International Airport

4,000+ acre Business Park/Industrial Uses Area highlighted in blue

Tahoe/Reno Industrial Center (TRIC) Area highlighted in green

STRENGTHS

Reno-Sparks Market Report Strengths 11

“Once the Gateway Commerece Center and Intermodal Rail Center is constructed, I think this will have a bigger economic impact on the Reno-Sparks area then the Tesla Gigafactory.”— John D. Moore, Moore Law Group, PC

Gateway Commerce Center and Intermodal Rail Yard on track to developmentWritten by Northern Nevada Business Weekly on Feb. 19, 2016

CARSON CITY — Northern Nevada Development Authority (NNDA), Gateway Commerce Center LLC and Watco Companies, LLC (Watco) announced Thrusday that a new and long awaited rail center and industrial park is set to move forward in Lyon and Churchill Counties. Watco will partner with GWCC to build an Intermodal Rail Center as part of the larger industrial park development.

The Gateway Commerce Center project is a phased 2,000 acre development located in both Churchill and Lyon Counties near Hazen, Nev., on U.S. Highway 50 Alternate. When completed, the park’s Intermodal Rail Center will provide direct rail access enabling the development’s occupants, as well as business throughout northern Nevada, to ship to and from locations across North America and to access major sea ports for global trade. The park will provide a major logistics center that is unparalleled in the State of Nevada.

“The addition of the Gateway Commerce Center is an exciting addition as we work to place Nevada at the top of the list for companies seeking the best expansion location in the West,” Nevada Governor Brian Sandoval said in a press release. “The rail center will help enhance Nevada’s existing transportation infrastructure and will offer an additional option for cost-effective logistics.”

Watco, Gateway Commerce Center’s partner for the rail aspect of the park, is a transportation company providing transportation, terminal, port services solutions and mechanical repair operations for customers throughout North America and Australia. The Pittsburg, Kansas based enterprise is one of the Nation’s largest short rail companies, operating 35 short line railroads with over 4,700 miles of track. Watco’s Terminal and Port Services division currently manages 55 terminals, 29 switching locations, 9 warehouses and 2 port locations.

“We are excited about the opportunity to partner with Gateway Commerce Center, LLC on this important project,” said Rob Thrall, vice president of Business Development of Watco Companies. “The center’s ideal geographic location and the business friendly environment of the State of Nevada are a winning combination for the successful marketability of the park, as the development progresses.”

Gateway Commerce Center will offer a dual served mainline rail accessible industrial park located near the junction of I-80, U.S. 50 and U.S. 95. In addition, the site is within a Class 3 Waste Disposal Zoning area making it capable of hosting major recyclers and other industrial operations requiring this type of zoning and who are dependent on major rail services. Class 3 Waste Disposal zoning combined with mainline rail is only currently available at two sites in the U.S., one in Texas and another in Oklahoma.

“The recent economic activity in Northern Nevada demonstrates the need for a development such as the Gateway Commerce Center,” said William Rose, principal of Gateway Commerce Center, LLC. “This project has been in the works for years, and we are happy that the timing is finally right and that everything is lining up perfectly.”

Source: http://www.nnbw.com/news/20722505-113/gateway-commerce-center-and-intermodal-rail-yard-on#

Gateway Commerce Center & Intermodal Rail Center News

Source:

STRENGTHS


Tesla News

Throughout its project to build a massive battery “Gigafactory” near Reno, Nevada, Tesla has had assistance from its current battery supplier, Panasonic.

The Japanese electronics company has agreed to help fund the project, and will use its technical resources to help set up and run the factory.

Panasonic hasn’t previously disclosed the amount it plans to invest in the $5 billion project, which will provide the economy of scale to lower the prices of Tesla electric cars.

Now, the company--which also owns a small stake in Tesla--says it will spend up to $1.6 billion on the Gigafactory.

Panasonic’s continued involvement in the Gigafactory project is reportedly part of plan to grow the company’s presence in the automotive sector.

Sales to carmakers accounted for about 15 percent of Panasonic’s revenue in 2015, but the total revenue is expected to double over the next four years, representing 25 percent of the total.

Source: http://www.greencarreports.com/news/1101903_panasonic-commits-1-6-billion-for-tesla-battery-gigafactory

Source:

Panasonic Commits $1.6 Billion For Tesla Battery GigafactoryWritten by Stephen Edelstein on Jan. 15, 2016

STRENGTHS


Apple files new ‘Project Huckleberry’ permit at Reno area data center siteWritten by Jason Hidalgo on Jan. 4, 2016

Apple filed a permit with Washoe County to build a new cluster of facilities adjacent to its original “Project Mills” site that it is dubbing “Project Huckleberry.” Although previous activity at the site involved expanding on the original campus, permitting information indicates that Huckleberry involves the construction of a new data center. Initial construction for the project will involve a new full shell, several data center clusters as well as a support building.

The permit application follows continued activity at the Reno Technology Park site just east of Reno-Sparks since the Apple data center deal was approved in 2012 — which included an $89 million tax abatement. Prior to the filing for Project Huckleberry, the data facility was shaping up to have 14 buildings with a total size of 412,000 square feet, according to Lloyd. Most recently, Apple submitted a permit for a new substation to support further development. The site is practically at capacity and will require more power to support new development, according to Lloyd.

As for Project Huckleberry, the permit should be approved once the necessary corrections to the initial submission are made by Apple. Based on past trends, those should likely be done fairly soon, Lloyd said.

The continued activity at the site is a reflection of the long-term impact of huge data center projects, said Mike Kazmierski, president and CEO of the Economic Development Authority of Western Nevada.

“When you put tens of hundreds of millions of dollars on a huge data center project, you don’t plan on relocating after three years,” Kazmierksi said. “You’re in it for the long haul.”

Source: http://www.rgj.com/story/money/reno-rebirth/2016/01/04/apple-files-new-project-huckleberry-permit-reno-area-data-center-site/78269278/

Apple Data Center News

The one that started it all. The Reno area has had its fair share of economic development

triumphs, including distribution centers for some well-known companies. Apple’s

$100 million data center, however, was the first sexy project to really put Reno on the map while making it a viable location for

data centers at the same time. Since Apple’s arrival, the area has racked up a nice list of data center facilities as well as high-profile projects such as Tesla and Switch. The data center also continues to expand years after its announcement and is poised to get 100

percent of its power from renewable energy.

Source:

STRENGTHS


SuperNAP (a Switch Company) News

On Switch: Reno-area SuperNAP to be largest data center on EarthWritten by Jason Hidalgo on Sept. 24, 2015

The company recently broke ground on its construction site just east of Reno-Sparks, where it is building its newest SuperNAP facility. Originally announced as a $1 billion project, Switch now says the Northern Nevada data center will cost $3 billion when fully built out. Once completed, the SuperNAP Tahoe Reno Industrial Campus will house seven buildings totaling 6.49 million square feet.

The fact that the campus is being built on the world’s largest industrial park — which also happens to be the future site of another largest building of its kind in Tesla Motors’ Gigafactory — is not lost on Adam Kramer, Switch’s vice president of strategy.

The Tahoe Reno SuperNAP will be larger than the current king of data centers, which is also operated by Switch. With nine buildings totaling 1.5 million square feet — plus three more facilities on the way that will boost its size to nearly 2.4 million square feet — Switch’s SuperNAP Las Vegas is the largest existing data center campus in the world.

The Tahoe Reno SuperNAP also will eclipse the data center king-in-waiting that’s located in China. The Range International Group data center, a collaboration between Range and IBM, in the Chinese city of Langfang is projected to measure 6.3 million square feet once finished.

Switch’s Northern Nevada facility will also boast the single largest data center building on Earth. The first facility on the campus, the SuperNAP Tahoe Reno 1 building, will measure 1.2 million square feet. In contrast, the largest building in Switch’s Las Vegas campus is about 515,000 square feet.

Source: http://www.rgj.com/story/money/reno-rebirth/2015/09/22/switch-supernap-reno-largest-data-center-in-world/72595628/

The SUPERNAP Tahoe Reno Industrial Campus will measure nearly 6.5 million square feet once all its buildings are completed. That’s

bigger than the 6.3-million-square-foot Range International Information Group

data center in China, which interestingly was supposed to supplant Switch’s Las

Vegas site as the largest data center campus once completed in 2016. The campus is

also located in the Tahoe Reno Industrial Center, which also happens to be the largest

industrial park in the world.

Source:

STRENGTHS


Amazon Fulfillment Center

Amazon’s Reno fulfillment center like a small cityWritten by Jason Hidalgo on April 24, 2015

The new facility is one of 50 Amazon centers in the United States and more than 100 worldwide. The newest addition to Amazon’s growing number of fulfillment centers, the Reno building almost looks like a small city inside. Highlights include driving lanes with miniature stop signs for forklifts and shelves that look like mini skyscrapers packed with items ranging from disposable diapers to table saws.

Robinson says different factors came into play with the decision to move from Fernley to Reno.

“We wanted to provide great speed of delivery and better inventory placement so we thought having a fulfillment center that picks, packs and ships larger items would be a benefit to our customers,” Robinson said. “It was also a great opportunity to begin a new state-of-the-art building in Reno while maintaining the workforce that has been with us for more than a decade.”

Such efficient use of space is a big priority for Amazon, which extends its concept of reducing dead air all the way to how it packs trucks that leave the facility. Robinson likened the concept to playing Tetris with cargo, describing it as an important job that only associates are capable of carrying out.

It also demonstrates that despite all the cutting edge technology that Amazon brings to bear in its fulfillment centers, people still remain at the core of the company, according to Robinson. Even its brand-new, high-tech Reno fulfillment center would just be a glorified building without the 600 associates that make it work, Robinson said. Ten of those employees have been with the company since it opened the original Fernley facility in 1999. Statewide, Amazon employs about 1,250 associates and has invested nearly $100 million in Nevada, Robinson added beneath the aisle that sync with technology in the forklifts for pinpoint steering.

Another new addition is “box on demand” technology. By using a specialized machine, Amazon can quickly build custom boxes on the spot for items that won’t fit in standard-size packaging. In addition to the environmental advantages provided by using only the exact amount of cardboard needed, the technology also reduces shippings costs for consumers by minimizing weight and reducing dead air.

Source: http://www.rgj.com/story/money/business/2015/04/24/amazon-reno-fulfillment-center-like-small-city-technobubble/26270199/

Source:

ECONOMIC OVERVIEW

Economic Overview Reno-Sparks Market Report16

Reno Metropolitan Statistical Area (MSA) Economic Outlook

What’s driving the demand in the Reno-Sparks Metro Area?

Favorable Tax Climate• Consistently ranked #1 for its tax climate.• Nevada is one of only three states with no corporate income tax.• Nevada state income tax rate = None.• Nevada is a “right to work” state.• Nevada’s tax burden is one of the lightest in the nation due to the majority of tax revenues generated from

tourism and gaming industries.

Geographics• Reno-Sparks is a major western US transportation and logistics hub.• The Reno-Tahoe International Airport is one of the nation’s most capable air freight locations, supporting

24-hour UPS and FedEx regional center operations.• Reno-Sparks area enjoys a year-round construction season, with a dry, high desert climate.• Reno-Sparks is positioned directly on the I-80 “fiber-way” connecting Silicon Valley to New York City. With

mega bandwidth options and capacity, Tahoe/Reno Technology Park is expanding quickly with high-tech industry and data center growth.

• 20% of the country can be reached in one day through major shipping carriers from Reno.• Reno is 222 miles east along I-80 from the San Francisco Bay Area.

Demographics• The Reno-Tahoe region is consistently ranked as one of the locations having the highest quality of life in

the country.• The baby-boomer generation is at retirement age, and due to the economic recovery and higher taxes in

California, in-migration is gaining momentum. A confidential survey of new single-family home-buyers that purchased homes between 2010 and 2013 found that 48% were from outside the Reno-Sparks area.

Lower Cost of Living• Reno-Sparks area is 5.8% below the national average for cost of living.

Population Growth Rate

• Reno-Sparks population of 425,000 (2010 Census).• Sparks population growth of 36% from 2000-2010 (3.6% / year).• Reno population growth of 25% from 2000-2010 (2.5% / year).• National average population growth is 0.97% / year from 2000-2010.

Main Industries

• Trade, Transportation and Utilities, Leisure, Hospitality, Government, Educational and Health Services Construction, Financial Activities.

Employment Data

• The BLS reported that the unemployment rate for Reno fell 0.3 percentage points in December 2015 to 5.8%. For the same month, the metro unemployment rate was 0.6 percentage points lower than the Nevada rate. The unemployment rate in Reno peaked in December 2010 at 13.2% and is now 7.4 percentage points lower. Source: Bureau of Labor Statistics

ECONOMIC OVERVIEW

Reno-Sparks Market Report Economic Overview 17

Reno MSA Economic Outlook (continued)

RENO MSA ECONOMIC OUTLOOK

Eugenia Larmore Brian Bonnenfant (775) 232-7203 (775) 784-1771 [email protected] [email protected]

0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport

Passengers Airport Cargo

Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold

EmploymentMonth to Month

0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold

EmploymentYear to Year 2.93% 3.22%

Published February 2016

Based on data for December 2015

To answer the demand for economic trend insight and analysis in Northern Nevada, this report summarizes the coincident and leading indexes created for the Reno MSA.1

1 Data for taxable and gas sales is unavailable for December 2015 and is estimated based on historical performance. These indicators will be updated as soon as available.

Leading Economic Index December 20151 Provides an economic outlook for the region by signaling future movements in the Reno MSA economy over a six to twelve month period.

Coincident Economic Index December 2015 Provides historical and current trends for the Reno MSA economy.

Reno MSA Economic Outlook – December 2015 2

Coincident Index

MSA Nonfarm Employment (CES) MSA Household Employment (LAUS)

Leading Index

NV Claims for Unemployment WC Gaming Revenue WC Single-Family Home Sales S&P 500 Index (US) WC Taxable Sales Interest Rate Spread MSA Gasoline Sales Money Supply (US) RTIA Passengers RTIA Cargo

The Reno MSA leading economic index uses a more robust econometric approach to determine the series to include in the index and estimate weights for the selected series. The Reno MSA coincident index is created using the composite methodology introduced by the Department of Commerce and made popular by The Conference Board. All data series are monthly, seasonally adjusted using the moving average method, and all series reported in dollar terms are adjusted for inflation. All indexes are based on data starting January 1995, with 1995=100. The following series are included in each index:

* MSA-Reno Metropolitan Statistical Area * NV-Nevada * WC-Washoe County * RTIA-Reno Tahoe International Airport

It should be noted that two series within the indexes, initial claims for unemployment and interest rate spread are inversely related to economic growth. An increase in the number of new claims for unemployment would indicate a decline in the economy, as is the interest rate, with declining interest rates acting as a stimulus for economic growth.



0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:

ECONOMIC OVERVIEW



Series

Latest Period-December

2015

Previous Period-

November 2015

Change Previous Period

Previous Year-December

2014

Change Previous

YearTaxable Sales (Washoe Co, SA, CPI) 382,737,285 379,988,990 0.72% 353,872,873 8.16%Taxable Gaming Revenue (Washoe Co., SA, CPI) 41,512,853 41,558,197 -0.11% 40,193,414 3.28%# of Single Family Homes Sold (Washoe Co., SA) 698 688 1.43% 608 14.64%Airport Passengers (RTIA, SA) 286,055 283,644 0.85% 274,910 4.05%Airport Cargo Lbs. Shipped (RTIA, SA) 11,523,082 11,345,446 1.57% 10,757,436 7.12%Gallons of Gasoline Sold (Washoe & Storey Co., SA) 14,347,511 14,321,010 0.19% 14,032,172 2.25%Initial Claims for Unemployment (Nevada, SA) 3,106 3,142 -1.15% 3,382 -8.16%S&P 500 index (US, SA, CPI) 1,319 1,321 -0.14% 1,252 5.39%Interest Rate Spread (US) 2.00 2.14 -6.54% 2.09 -4.31%M2 Money Supply (US, CPI) 7,924 7,890 0.43% 7,543 5.04%Leading Index Result 123.46 122.84 0.51% 117.09 5.44%

SA-Series results are seasonally adjusted.CPI-Series results are adjusted for inflation to 1995.

Reno MSA Leading Economic Index

Source: US Department of Labor, Nevada Gaming Control Board, Washoe County Assessor/Center for Regional Studies (UNR), Federal Reserve Bank of St. Louis, Nevada Department of Taxation, Nevada Department of Motor Vehicles, Reno-

Tahoe International Airport (RTIA).

Reno MSA Leading Index Reno MSA Leading Index increased between November and December 2015, indicating expected growth in the regional economy over the next 6-12 months. This is the 44th consecutive increase in the index since May 2012.

The Reno MSA Leading Economic Index predicts future changes in the region’s economy by “leading” current economic activity, represented by the coincident index. The Leading Index is based on ten local, regional, and national data series aggregated using a combination of composite and econometric techniques.

The RLI shows a 0.51% increase between November and December 2015, the latest period for which all series data are available. The index increased by 5.44% over the same period last year (December 2014 to 2015). This is a continuation of the period of growth enjoyed by the region in the recent years and provides a positive outlook for future growth in the region over the next six to twelve months.


Reno MSA Coincident Index Reno MSA Coincident Index increased between November and December 2015, as the current economy continues to expand. The Reno MSA Coincident Index, which reflects current economic conditions in the region, is based on two indicators: Washoe and Storey County employment from the Current Employment Statistics (CES) series and Local Area Unemployment Statistics (LAUS) series both administered by the Bureau of Labor Statistics. The index shows a 0.26% increase between November and December 2015, the latest data available for both series. The index increased by 3.08% between December 2014 and 2015. The Reno MSA coincident index has increase for 53-straight months since August 2011.

Series

Latest Period-December

2015

Previous Period-

November

Change Previous Period

Previous Year-December

2014

Change Previous

YearReno MSA Employment (CES, SA) 208,158 207,633 0.25% 202,242 2.93%Reno MSA Employment (LAUS, SA) 214,463 213,882 0.27% 207,779 3.22%Coincident Index Result 129.69 129.35 0.26% 125.82 3.08%

SA-Series results are seasonally adjusted.

Reno MSA Coincident Economic Index

Source: Current Employment Statistics (CES) and Local Area Unemployment Statistics (LAUS), Bureau of Labor Statistics.




0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:

ECONOMIC OVERVIEW





0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:

180,000

185,000

190,000

195,000

200,000

205,000

210,000

215,000

220,000

225,000

230,000

Dec‐06

Mar‐07

Jun‐07

Sep‐07

Dec‐07

Mar‐08

Jun‐08

Sep‐08

Dec‐08

Mar‐09

Jun‐09

Sep‐09

Dec‐09

Mar‐10

Jun‐10

Sep‐10

Dec‐10

Mar‐11

Jun‐11

Sep‐11

Dec‐11

Mar‐12

Jun‐12

Sep‐12

Dec‐12

Mar‐13

Jun‐13

Sep‐13

Dec‐13

Mar‐14

Jun‐14

Sep‐14

Dec‐14

Mar‐15

Jun‐15

Sep‐15

Dec‐15

RENO MSA ECONOMIC OUTLOOK – MARCH 16, 2016

Current Employment – Reno-Sparks MSA

Dec-15 = 212,400

Dec-06: 228,100

Dec-11: 191,500

-15,700

+21,900

2015 Annual-Average Employment Change: +5,900 jobs (2.8%) Over 2014

Dec-15 Unemployment Rate: 5.5%

Department of Employment, Training, & Rehabilitation (CES data)

RENO MSA ECONOMIC OUTLOOK – MARCH 16, 2016Department of Employment, Training, & Rehabilitation (CES data)

Industry

2015 CY Monthly

Averages

2014 CY Monthly

Averages2014-2015

Change % Ch.Professional & Business Services 28,500 27,000 1,500 5.3%Leisure and Hospitality 36,800 35,400 1,400 3.8%Government 29,900 29,000 900 3.0%Education and Health Services 24,300 23,600 700 2.9%Retail 22,400 21,900 500 2.2%Trans, Warehousing & Utilities 15,000 14,600 400 2.7%Wholesale 9,300 9,000 300 3.2%Financial Activites 9,700 9,500 200 2.1%Manufacturing 12,900 12,800 100 0.8%Other Services 5,900 5,900 0 0.0%Information 2,000 2,000 0 0.0%Natural Resources & Mining 200 200 0 0.0%Construction 11,300 11,400 -100 -0.9%

TOTAL 208,200 202,300 5,900 2.8%

Employment by Sector - Reno-Sparks MSA

ECONOMIC OVERVIEW





0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:


Department of Employment, Training, & Rehabilitation (LAU data) & State Demographer

Population Growth Potentials

Employees Annual Change2015 212,689 6,630 Employees Annual Change

2016 219,070 6,381 223,323 10,6342017 225,642 6,572 234,490 11,1662018 232,411 6,769 246,214 11,7242019 239,383 6,972 258,525 12,3112020 246,565 7,182 271,451 12,926

Population Annual Change Population Annual Change2014 436,797 5,256 2015 443,349 6,552

2016 455,408 12,059 463,448 20,099 2017 467,830 12,421 484,552 21,104 2018 480,624 12,794 506,711 22,159 2019 493,801 13,178 529,979 23,267 2020 507,374 13,573 554,409 24,431

@ 3% Employment Growth @ 5% Employment Growth

Washoe County Employment

Washoe County Population @ 1.89 New Pop per New Emp



Department of Employment, Training, & Rehabilitation (LAU data) & County Assessor data

Housing Construction PotentialsEmployees Annual Change

2015 212,689 6,630 Employees Annual Change

2016 219,070 6,381 223,323 10,6342017 225,642 6,572 234,490 11,1662018 232,411 6,769 246,214 11,7242019 239,383 6,972 258,525 12,3112020 246,565 7,182 271,451 12,926

New SF Units New SF Units

2016 3,063 5,105 2017 3,155 5,360 2018 3,249 5,628 2019 3,347 5,909 2020 3,447 6,205

New SF Units New SF Units

2016 4,084 6,806 2017 4,206 7,146 2018 4,332 7,504 2019 4,462 7,879 2020 4,596 8,273

Washoe County Total Housing Unit Demand @ 0.64 Units/Emp


Washoe County Employment


Washoe County SF Housing Demand @ 0.48 SF Homes/Emp


ECONOMIC OVERVIEW





0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:


County Assessor data

Region Single‐Family Condos Manufactured Condo Apts Duplex Apartments TotalNew Northwest 192 289 481New Southeast 474 474Spanish Springs 456 456Old Southwest 60 102 288 2 452North Valleys 93 6 274 40 413New Southwest 83 83Sparks 76 76North Urban 15 45 60Balance of County 16 16Washoe Valley 9 9Old Southeast 2 2Washoe County 1,474 102 6 562 4 374 2,522

New Residential Construction by Type - 2015

TOTAL UNITS


Status of Residential Construction Activity by Type & Subregion – 4Q 2015

Region Single‐Family Multi‐Family Condo Senior Grand TotalSpanish Springs 8,047 3,517 11,564New Southeast 2,699 278 1,609 324 4,910North Valleys 3,403 826 120 4,349New Southwest 2,119 583 2,702Sparks 354 1,465 87 45 1,951New Northwest 968 487 165 1,620North Urban 130 583 124 837Old Southwest 52 216 14 83 365Old Southeast 7 116 123Grand Total 17,772 7,955 1,961 733 28,421

APPROVED

Region Single‐Family Multi‐Family Condo Senior Grand TotalNorth Valleys 14,218 1,114 15,332New Southeast 2,572 768 3,340New Southwest 2,241 584 392 3,217New Northwest 2,857 100 2,957Sparks 1,105 1,167 2,272Spanish Springs 900 736 45 1,681North Urban 500 508 40 1,048Old Southwest 43 46 89Old Southeast 3 3Grand Total 24,439 4,977 523 29,939

PENDING APPROVAL

Center for Regional Studies

ECONOMIC OVERVIEW


Residential Market Source:

Reno-Sparks home values up, seller’s market continuesWritten by Jason Hidalgo on March 9, 2016

The greater Reno-Sparks metro area continues to see a seller’s market as home values rose in February.

The median price for an existing single-family home in Washoe County last month was $290,000, according to the latest report from the Reno/Sparks Association of Realtors. The numbers are up 4 percent from January and 9 percent from February of last year.

“Homeowners looking to sell and move to a new place are in a great position,” said William Process, RSAR president and real estate agent with HomeGate Realty of Nevada. “In price points under $400,000, it’s a seller’s market.”

The median price is approaching the benchmark $300,000 level, which is increasing concerns about housing affordability in the area for prospective homebuyers. In addition to the rising costs of buying a house, the Reno area also posted the third-highest increase in apartment rents nationwide so far this year, according to apartment search company Abodo. Nevada is also the second most popular destination for movers among states in the West according to a survey by United Van Lines.

“Overall, the market is showing signs of stability,” Process said. “However, affordability is top-of-mind for the median household income.”

Unit sales saw a drop in Washoe County on a monthly and annual basis. Washoe County’s 351 sales of existing single-family homes in February represents a 10 percent decrease from January and a 12 percent dip from the same period last year. The numbers do not include townhomes, condominiums and new houses.

Reno posted the highest median price in the area at $305,000. The median price in Sparks was $270,000, which is also up on a yearly and monthly basis.

Fernley, which is not part of Washoe County, reported a median price of $165,200 with 30 sales of existing homes. The median price is down by 4 percent from January but is up 2 percent from February of last year.

Source: http://www.rgj.com/story/life/2016/03/09/reno-sparks-home-values-up-sellers-market-continues-real-estate/81504108/

ECONOMIC OVERVIEW


Residential Market (continued)

Market Report Commentary

Median Sales Price

January 2016 Market Report Area 100, Greater Reno/Sparks

“Historically, the January median price typically shows seasonal decline, and then a recovery in early spring,” said William Process, 2016 RSAR president and a REALTOR® with HomeGate Realty of Nevada. “Overall, the market is showing signs of early stability. However, affordability for the medium household income remains a concern.”

January unit sales at 375 are down 25% from December 2015 and up 3% compared to

January 2015. The median price at $277,000 was down 5% from December 2015 and up 9% from

January 2015. January new listings are up 24% at 445 compared to December 2015 and up less than 1%

from January 2015. The Reno market remains in a seller’s market at 3.6 months supply of inventory.

Month’s supply of inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales.

Conclusions

The median price was down 5% to $277,000 after remaining relatively stable the second half of 2015. Historically, the January median price typically shows a seasonal decline in January and then recovery in early Spring. Overall the market is showing signs of stability; however affordability for the median household income of $54,000 remains a concern.

Unit sales in January were down 25% from December. This could be described as a typical seasonal decline in unit sales. Buyers typically don’t buy properties in January, as much as they close transactions in December.

Month’s supply of inventory was at 3.6 months. Although in most price bands it’s a seller’s market, homes priced over $500,000 have 8 month’s supply of inventory and homes priced over $700,000 have 17 month’s supply.

Locally we anticipate single digit growth in median sales price for 2016 as the market appears to be stabilizing. Like the National market, we are concerned that the local market will be impacted by a continuing inventory shortage, particularly in the affordable range.

January 2016 Market Report Area 100, Greater Reno/Sparks

“Historically, the January median price typically shows seasonal decline, and then a recovery in early spring,” said William Process, 2016 RSAR president and a REALTOR® with HomeGate Realty of Nevada. “Overall, the market is showing signs of early stability. However, affordability for the medium household income remains a concern.”

January unit sales at 375 are down 25% from December 2015 and up 3% compared to

January 2015. The median price at $277,000 was down 5% from December 2015 and up 9% from

January 2015. January new listings are up 24% at 445 compared to December 2015 and up less than 1%

from January 2015. The Reno market remains in a seller’s market at 3.6 months supply of inventory.

Month’s supply of inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales.

Conclusions

The median price was down 5% to $277,000 after remaining relatively stable the second half of 2015. Historically, the January median price typically shows a seasonal decline in January and then recovery in early Spring. Overall the market is showing signs of stability; however affordability for the median household income of $54,000 remains a concern.

Unit sales in January were down 25% from December. This could be described as a typical seasonal decline in unit sales. Buyers typically don’t buy properties in January, as much as they close transactions in December.

Month’s supply of inventory was at 3.6 months. Although in most price bands it’s a seller’s market, homes priced over $500,000 have 8 month’s supply of inventory and homes priced over $700,000 have 17 month’s supply.

Locally we anticipate single digit growth in median sales price for 2016 as the market appears to be stabilizing. Like the National market, we are concerned that the local market will be impacted by a continuing inventory shortage, particularly in the affordable range.

Source:

ECONOMIC OVERVIEW



Date: 11/10/2015 - Information for this report obtained from http://www.zillow.com/home-values/

5 Year Report

0

50

100

150

200

250

300

350

Number of Single Family Permits Issued Monthly

City of Reno City of Sparks Unincorporated Washoe County


2005 5,5352006 2,9092007 1,9852008 8732009 4952010 4772011 5202012 7692013 1,2212014 1,4902015 1,995



0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:

http://www.zillow.com/home-values/

ECONOMIC OVERVIEW





0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:

RENO MSA ECONOMIC OUTLOOK – MARCH 16, 2016County Assessor data

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

0

20

40

60

80

100

120

140

160Ja

n-10

Feb-

10M

ar-1

0A

pr-1

0M

ay-1

0Ju

n-10

Jul-1

0A

ug-1

0Se

p-10

Oct

-10

Nov

-10

Dec

-10

Jan-

11Fe

b-11

Mar

-11

Apr

-11

May

-11

Jun-

11Ju

l-11

Aug

-11

Sep-

11O

ct-1

1N

ov-1

1D

ec-1

1Ja

n-12

Feb-

12M

ar-1

2A

pr-1

2M

ay-1

2Ju

n-12

Jul-1

2A

ug-1

2Se

p-12

Oct

-12

Nov

-12

Dec

-12

Jan-

13Fe

b-13

Mar

-13

Apr

-13

May

-13

Jun-

13Ju

l-13

Aug

-13

Sep-

13O

ct-1

3N

ov-1

3D

ec-1

3Ja

n-14

Feb-

14M

ar-1

4A

pr-1

4M

ay-1

4Ju

n-14

Jul-1

4A

ug-1

4Se

p-14

Oct

-14

Nov

-14

Dec

-14

Jan-

15Fe

b-15

Mar

-15

Apr

-15

May

-15

Jun-

15Ju

l-15

Aug

-15

Sep-

15O

ct-1

5N

ov-1

5D

ec-1

5Ja

n-16

Median N

ew H

ome Sales Price

Num

ber o

f New

Hom

e Sa

les

New Single-Family Home Sales & Median Values - Washoe County

Number of New Home Sales

Median New Home Sales Price

2010:527 sales (44/month)



$376,927



2015:1,458 sales (122/month)


Single-Family Sales Trends – 4Q 2015Subregion Number

of SalesSales Price

Building SqFt

Price per SqFt

New Southeast 120 $408,060 2,622 $172Spanish Springs 100 $343,830 1,975 $169Northwest 74 $356,495 2,279 $181North Valleys 21 $296,505 1,899 $156Sparks 19 $374,356 2,183 $158New Southwest 14 $903,918 3,975 $247Old Southwest 14 $399,180 2,196 $257North Urban 9 $274,016 2,001 $136Old Southeast 0 NULL NULL NULLGreater Reno‐Sparks 371 $367,130 2,196 $172

New Single Family

Subregion Number of Sales

Sales PriceBuilding SqFt

Price per SqFt

North Valleys 277 $220,000 1,601 $136Spanish Springs 269 $301,000 2,030 $152Sparks 206 $209,950 1,414 $150Northwest 171 $315,000 1,917 $176New Southeast 147 $328,000 1,910 $170Old Southwest 142 $396,250 2,017 $203North Urban 134 $223,500 1,373 $154New Southwest 98 $608,000 2,875 $210Old Southeast 85 $218,300 1,410 $159Greater Reno‐Sparks 1,529 $275,000 1,761 $159

Existing Single Family

Center for Regional Studies

ECONOMIC OVERVIEW





0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:


Existing Single-Family Sales Trends by Price Range

0

100

200

300

400

500

600

700

800

900

1q10 2q10 3q10 4q10 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 1q13 2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 2q15 3q15 4q15

Num

ber o

f MLS

Sal

es

$0 - $99,999 $100,000 - $199,999 $200,000 - $299,999 $300,000 - $399,999$400,000 - $499,999 $500,000 - $749,999 $750,000 - $999,999 $1M & greater

Northern Nevada Regional MLS data

RENO MSA ECONOMIC OUTLOOK – MARCH 16, 2016Center for Regional Studies analysis of Northern Nevada Regional MLS data.

ECONOMIC OVERVIEW


CBRE

www.cbre.com/invreno Q2 2015

2015 CBRE, Inc.

Reno InvestmentNewsletter

RENO AREA FORGING AHEAD: 50,000 NEW JOBS PROJECTED BY 2020, OVER 60,000 NEW RESIDENTSAiman Noursoultanova, CCIMSenior Vice PresidentT: +1 775 823 6983e: [email protected]

www.linkedin.com/in/aimannoursoultanova@AimanCRE

Web Site: www.cbre.com/invreno

Summary: “Property prices will continue to appreciate this year, supported by rising rents. Cap rates that are already at or below historic

lows, continue to decline, but the rate of decline is expected to slow, especially in light of the Federal Reserve Bank’s decision regarding rates this fall.”

Investment Market OverviewRecent metrics are currently pointing to great similarities between 2015 year-to-date performance and the pre-recession periods of 2005 and 2006. Real Capital Analytics reports investor concerns about the similarities in the current market to those leading up to the last peak. It’s an interesting topic with a lot of support from current pricing and frothy demand from the investment community.

To put commercial real estate sales volume from the first half of 2015 in historical perspective, National Real Estate Investor noted that investment sales volume is now outpacing the figure recorded at the peak of the previous cycle in 2006. Based on data from Real Capital Analytics, total investment sales volume recorded on sales of multifamily, office, retail, industrial and office properties in the first half of 2015 reached $255.1 billion compared to $201.2 billion in the first half of 2006.

Fortunately, the drivers of the market are different today than back in 2005 and 2006 and it’s very apparent in the Reno/Sparks market. The previous peak was buoyed by residential construction and home appreciation. This time around, it seems the fundamentals are healthier as they are based on real job growth.

Local Economy

According to the most recent Moody’s Analytics report for the Reno area, Reno is forging ahead and the future looks bright thanks to competitive business and living costs, snowballing industry investment, and healthy in-migration. Housing values and incomes are rising, supported by an influx of new, higher-paying jobs among the high-tech and logistics industries.

In fact, according to the executive director at the Economic Development Authority of Western

Nevada, the projected demand for new housing, apartments and condos is beyond the scope of any prior housing boom. Using conservative estimates there will be more than 50,000 new jobs by 2020, with more than 60,000 new residents. To consider the magnitude of Northern Nevada’s

housing challenge, the Economic Indicators Planning Committee (EPIC) estimates that we’ll need some ±50,000 new (single family) housing units by 2020. Previously, the highest number of new housing units ever built in Reno/Sparks was just over 6,000 in 2005, and we’re going to soon need almost 9,000 a year for the next five years.

Recent State and Local RankingsRecent, notable state and local rankings during the second quarter included:

June 2015

• Nevada ranked second in the nation for private sector job growth. According to the U.S. Bureau of Labor Statistics, Nevada added jobs at a rate of four % in 2014, creating a total of 1.06 million jobs over the year - an increase of 40,700 new jobs for 2014.

May 2015

• Princeton Review ranked University of Nevada, Reno’s Executive MBA Program in the Top 25

• Nevada ranked #8 among the “Top 10 Best States for Business” in Chief Executive’s 11th Annual Survey

• Reno/Sparks Ranked #6 Among the “Top 10 Metro Areas for Q1 2015 Double Digit Home Price Growth” according to the Wall Street Journal

• Ranked by Entrepreneur.com as one of three alternative tech startups cities with less traffic, more housing

• Reno Ranked Among the “Top 50 Best Cities to Start a Career” according to WalletHub

Residential Market (continued) Source:

CBRE

www.cbre.com/invreno Second Quarter 2015

2015 CBRE, Inc.

Reno MultifamilyNewsletter

RecoRd-BReakiNg PeRfoRMaNce foR the ReNo/SPaRkS MultifaMily MaRket iN Q2 2015 aiman Noursoultanova, cciMSenior Vice PresidentT: +1 775 823 6983e: [email protected]

LinkedIn: www.linkedin.com/in/aimannoursoultanovaTwitter: @AimanCREWeb Site: www.cbre.com/invreno

SuMMaRy: “The Reno/Sparks multifamily market continues to post a record breaking performance as the rental rate this quarter hit $920, an all-time high for the market and an increase of 3.49% from $889 last quarter. Notably, the vacancy rate dropped 70 basis points to 2.27% which is its second lowest level on record.”

Rental Fundamentals Continue to Improve Locally

The Reno/Sparks multifamily market continues to post a record breaking performance as the rental rate this quarter hit $920, an all-time high for the market and an increase of 3.49% from $889 last quarter. Notably, the vacancy rate dropped 70 basis points to 2.27% which is its second lowest level on record. For reference, the vacancy rate reached an all-time low of 2.13% in Q3 of 2014.

While an increase in new units being delivered to the market has partially offset the low vacancy rate this quarter, according to state and regional economic development experts, this is only the beginning of a sharp and sustained increase in needed construction. According to the executive director at the Economic Development Authority of Western Nevada, the projected demand for new housing, apartments and condos is beyond the scope of any prior housing boom. Using conservative estimates there will be more than 50,000 new jobs by 2020, with more than 60,000 new residents.

To consider the magnitude of Northern Nevada’s housing challenge, the Economic Indicators Planning Committee (EPIC) estimates that we’ll need some 42,000 new housing units by 2020. Previously, the highest number of new housing units ever built in Reno/Sparks was just over 6,000 in 2005, and we’re going to soon need almost 9,000 a year for the next five years.

National Perspective: Rental demand Accelerates

While vacancy stays low and rental rates increase on the national front, rental demand also continues to increase quite dramatically, and we are not prepared. According to a June 2015 Urban Land Institute article entitled “We are not prepared for the growth in rental demand,” researchers concluded that from 2010 to 2030, the growth in rental households will exceed that of homeowners by 4 million, with an increase of 13 million rental households and 9 million homeowner households, which equates to five renters for every three homeowners. This demand is attributed to various behavior and economic changes, including the fact that we’re still recovering from the “recession hangover.”

While this scenario plays out nationally, on the local front, the Reno/Sparks market is also facing a crunch in supply as rental demand continues to outpace available inventory, as evidenced by a vacancy rate as low as 0.44% in some submarkets. According to the Q2 2015 Johnson | Perkins | Griffin Apartment Survey, although several projects are under construction, supply within the major apartment projects in the region is expected to remain extremely tight over the coming year. Furthermore, with increased job activity and moderate levels of new construction activity, demand and supply pressures may continue to play out even more drastically than in other US markets.

ECONOMIC OVERVIEW



No. Name of Project Builder S.F. Range Price Range

1 Boulders at Somersett Toll Brothers 3,978 - 5,826 sq. ft. $730,995 - $953,995

2 Candleara at Pioneer Meadows Lennar 1,953 - 2,675 sq. ft. $297,950 - $346,950

3 Carson River Estates Lennar 1,910 - 2,757 sq. ft. $264,950 - $324,950

4 Casa Bella at Damonte Ranch Lennar 1,528 - 2,720 sq. ft. $293,950 - $392,950

5 Como at D'Andrea Lennar 2,410 - 3,336 sq. ft. $364,950 - $454,950

6 Copper Point Silverado Homes 1,522 - 2,060 sq. ft. $276,900 - $303,900

7 Casoleil Ryder Homes 1,276 - 1,360 sq. ft. $199,900 - $214,900

8 Cypress Point Silverado Homes 2500 sq. ft. $219,900 - $329,900

9 Dry Creek at Damonte Ranch Lennar 2,300 - 3,055 sq. ft. $381,950 - $444,950

10 Estates at Saddle Ridge Toll Brothers 3,170 - 4,240 sq. ft. $529,995 - $723,522

11 Highland Estates Tim Lewis Construction 2,261 - 3,583 sq. ft. $347,900 - $437,900

12 Horizon Place at Wingfield Lennar 2,200 - 2,547 sq. ft. $339,950 - $384,950

13 Kenfield at Damonte Ranch Lennar 1,744 - 2,441 sq. ft. $338,950 - $384,950

14 Monte Vista Tim Lewis Construction 2,870 - 3,971 sq. ft. $662,400 - $784,900

15 Mountaingate Ryder Homes 3,088 - 4,371 sq. ft. $584,900 - $734,900

16 Presidio at Damonte Ranch Toll Brothers 2,496 - 2,874 sq. ft. $449,995 - $552,995

17Regency at Damonte Ranch - Tamarack Collection

Lennar 1,660 - 1,784 sq. ft. $345,995 - $362,995

18Regency at Damonte Ranch - Winterlake Collection

Toll Brothers 1,991 - 2,223 sq. ft. $396,995 - $465,995

19Regency at Damonte Ranch - Woodridge Collection

Toll Brothers 2,192 - 2,411 sq. ft. $423,995 - $515,995

20 Royal Troon Silverado Homes 1,366 - 1,686 sq. ft. $172,900 - $197,900

21Sage Meadow at Damonte Ranch

Lennar 1,621 - 2,175 sq. ft. $327,950 - $362,820

22 Shadow Ridge Ryder Homes 2,352 - 3,043 sq. ft. $342,900 - $402,460

23 Sierra Canyon Del Webb 1,225 - 2,575 sq. ft. $246,990 - $495,700

24 The Plateau at Somersett Lennar 1,950 - 2,675 sq. ft. $340,950 - $367,950

25 The Preserve Tanamera Construction, LLC 1,643 - 1,900 sq. ft. $287,500 - $339,500

26 Ventana at Miramonte Ryder Homes 1,738 - 2,771 sq. ft. $291,784 - $363,458

27 Villagio Desert Wind Homes 3,213 - 4,459 sq. ft. $614,900 - $753,622

28 Willow Bend at Saddle Ridge Toll Brothers 2,086 - 2,879 sq. ft. $370,995 - $430,995

29 Wingfield Springs Y & R Homes 2,405 - 4,712 sq. ft. $567,000 - $942,400

30 Wintercreek at Somersett Lennar 2,410 - 3,055 sq. ft. $376,950 - $474,950Updated 3/15/2016 Source: http://www.newhomesource.com/communityresults/market-204/citynamefilter-sparks

See page 29 for Residential Projects Map

Residential Projects List

ECONOMIC OVERVIEW



1RENO

SPARKS

2

3

5

8

9 10

11126

13

14

15

16171819

20

214

22

23

25 26

27

28

3024

See page 28 for Residential Projects List

Residential Projects Map

Updated 3/15/2016 Source: http://www.newhomesource.com/communityresults/market-204/citynamefilter-sparks

7

29

ECONOMIC OVERVIEW



CITYSUPPLY

ON MARKET

DEMANDSOLD

MONTH

EXPIREWITHDRAW

MONTHPERCENTSELLING

DAYS ON MARKET

SOLDIN

ESCROW

WEEKS SUPPLY GIVEN

DEMAND

RATIO OF SUPPLY

TO DEMAND

MEDIANLIST PRICE

MEDIAN IN ESCROW

PRICE

MEDIANCLOSE PRICE

Reno 555 261 77 77% 108 512 18 2.1 $427 $305 $300

Sparks 171 141 14 91% 99 288 14 1.2 $335 $270 $265

WASHOE COUNTY TOTAL 726 402 91 82% 105 800 16 1.8 $405 $293 $288

Fernley 71 31 9 78% 92 57 18 2.3 $238 $170 $165

Dayton 41 19 5 79% 148 61 24 2.2 $254 $210 $190

Yerington 43 4 3 57% 118 8 55 10.8 $169 $149 $141

LYON COUNTY TOTAL 155 53 17 76% 113 126 23 2.9 $238 $182 $172

Gardnerville 98 29 14 68% 131 57 23 3.4 $402 $279 $270

Minden 49 29 8 79% 140 42 14 1.7 $425 $360 $358

DOUGLAS COUNTY TOTAL 147 58 21 73% 135 99 18 2.5 $414 $320 $314

Fallon (Churchill County ) 77 53 5 91% 141 37 9 1.5 $215 $155 $155

Carson City (Carson County) 104 110 16 88% 102 91 8 0.9 $359 $245 $239

TOTAL 1,209 676 149 82% 110 1,153 15 1.8 $366 $268 $263

CITYSUPPLY

ON MARKET

DEMANDSOLD

MONTH

EXPIREWITHDRAW

MONTHPERCENTSELLING

DAYS ON MARKET

SOLDIN

ESCROW

WEEKS SUPPLY GIVEN

DEMAND

RATIO OF SUPPLY

TO DEMAND

MEDIANLIST PRICE

MEDIAN IN ESCROW

PRICE

MEDIANCLOSE PRICE

Reno 94 62 10 87% 129 83 12 1.5 $159 $187 $181Sparks 15 14 4 80% 105 24 12 1.1 $122 $121 $120

WASHOE TOTAL 109 76 13 85% 125 107 12 1.4 $152 $174 $170

Carson City 10 2 0 100% 72 7 37 5.0 $138 $112 $111

TOTAL 119 78 13 86% 123 114 13 1.5 $152 $173 $168

January-2016

CONDO/TOWNHOME

SINGLE FAMILY RESIDENCE

The Ratio of Supply to Demand measures the number of units of supply relative to the number of closings per month (demand). All other things being equal, the smaller this number, the tighter the area market. Green formatting signals relatively tight markets in the area segment. Red formatting signals relatively loose markets. Weeks Supply Given Demand is the absorption rate (the number of weeks required to exhaust current supply given current demand). Summation outcomes (DOM and prices) are weighted averages.

$340

$131

$280

$118

$251

$46

$183

$0

$50

$100

$150

$200

$250

$300

$350

$400

J-04

D-04

N-05

O-06

S-07

A-08 J-0

9

J-10

M-1

1

A-12

M-1

3

F-14 J-1

5

D-15

MEDIAN PRICE HISTORY

SFR PRICE CONDO PRICE

805

654

1,317

162

0

200

400

600

800

1,000

1,200

1,400

1,600

J-04

J-05

J-06

J-07

J-08

J-09

J-10

J-11

J-12

J-13

J-14

J-15

J-16

HISTORY OF CLOSE (SOLDS) AND EXPIRE/WITHDRAW

SOLDS EXPIRE/WITH

72%

23%

80%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

J-04

J-05

J-06

J-07

J-08

J-09

J-10

J-11

J-12

J-13

J-14

J-15

J-16

MARKET EFFICIENCY PERCENT SELLING

Information believed accurate but not guaranteed. Resale market only. Report intended to be generally descriptive, not definitive.

Source:

ECONOMIC OVERVIEW


High Density Housing Market

CBRE


2015 CBRE, Inc.












Source:

CBRE


2015 CBRE, Inc.












ECONOMIC OVERVIEW


High Density Housing Market (continued)

Apartment Survey – 4th Quarter 2015 7

MARKET AREAS

Area Sub-Market Location1 Northwest Reno North of Truckee River & West of N. Virginia St.

2 Northeast Reno North of 2nd St.; West of US-395 & Northtowne Lane; East of N. Virginia St.

3 West Sparks/North Valleys North of the Truckee River; West of Pyramid Way; East of US-395

4 East Sparks North of the Truckee River & East of Pyramid Way

5 West Reno North of Moana Lane; West of Plumas St.; South of Truckee River

6 Southwest Reno South of Truckee River; West of S. Virginia St.; East of Plumas St.; North of Redfield Parkway

7 Brinkby/Grove

North of Moana Lane; West of S. Virginia St.; South of Brinkby Ave.; East of Lakeside Dr. & North of Linden St.; West of Kietzke Lane; South of Plumb Lane; East of S. Virginia St.

8 Airport North of Peckham Lane; West of Longley Lane; East of S. Virginia St.; South of 2nd St. & Truckee River

9 Lakeridge South of Moana Lane and Redfield Parkway; West of S. Virginia St.

10 Southeast Reno South of Truckee River; East of S. Virginia St.& Longley Lane

Projects Approved and/or Under Construction

Ryder Homes has completed a 208 unit apartment complex in south Reno. The Village at Arrow Creek Parkway is located at the intersection of Arrowcreek Parkway and Wedge Parkway. According to representatives of Ryder Homes, a 252-unit project is planned to be constructed in the coming year.

According to the City of Reno Planning Department, Silver Peak Apartments received a five year extension on their special use permit which was set to expire April 2011. The special use permit for the development of a 420 unit apartment complex is now set to expire March 2016.

New owners of a 21.017± acre parcel located on the southwest corner of North Virginia Street and Vista Rafael Parkway in north Reno have submitted a Special Use Permit to develop a 416-unit apartment project which had previously been approved by the Reno Planning Commission in February 2008. This project is known as the Vista Rafael Apartments.

Silverwing Development began construction in July 2014 on The Edgewater at Virginia Lake, a 336 unit condo/apartment project which will replace the 108 unit Virginia Lake Apartments. When completed in 2015, 48 three-story two and three-bedroom condominiums with garages will all face Virginia Lake along Eastshore Drive. Behind them will be 288 one and two-bedroom apartment units. The main leasing office for this project opened in May 2015, with move-ins the first building beginning in August 2015. At the end of the 4th Quarter of 2015, 6 buildings and 156 units had been completed and 87% of the completed units were occupied. Overall, 30% of the project has been pre-leased. Completion of the entire project is anticipated to occur in April 2016. The chart below summarizes the market rate projects within the Reno-Sparks market with approvals, in planning stages, or under construction.

Market Areas

Source:

ECONOMIC OVERVIEW


Summary of Major Apartment Project Sales in 2015Summary of 2015 Sales of Market Rate Projects Over 100 Units



SUMMARY OF MAJOR APARTMENT PROJECT SALES IN 2015

Summary of 2015 Sales of Market Rate Projects Over 100 Units

Project Name SubmarketRecording

Date Sale Price# of

Units

Sale Price

Per UnitThe Element Southeast Reno (Area 10) 2/20/2015 $15,000,000 206 $72,816

Spring Villas Townhomes East Sparks (Area 4) 2/27/2015 $18,700,000 160 $116,875 Caviata at Kiley Ranch East Sparks (Area 4) 5/19/2015 $33,840,000 184 $183,913

Sundance West Southwest Reno (Area 6) 6/16/2015 $23,450,000 350 $67,000 The Trails at Pioneer Meadows East Sparks (Area 4) 8/20/2015 $44,000,000 303 $145,215

Village at Iron Blossom Southeast Reno (Area 10) 9/4/2015 $35,575,875 404 $88,059 Vizcaya Hilltop Apartments Northwest Reno (Area 1) 9/4/2015 $36,208,335 318 $113,863

Courtside Garden West Sparks (Area 3) 11/2/2015 $10,000,000 229 $43,668 Canyon Vista East Sparks (Area 4) 11/20/2015 $31,750,000 256 $124,023

The chart above depicts the major apartment project sales in the Reno-Sparks Market (over 100 units) in 2015.

SURVEY PARTICIPANTS

Summary by Market AreaAverage Rent & Vacancy Data


SUMMARY BY MARKET AREAAVERAGE RENT & VACANCY DATA

Data By Market Area(Based Upon Units Surveyed)

Average Rent Average VacancyArea Sub-Market 4th Qtr. 2015 4th Qtr. 2015

1 Northwest Reno $1,015 1.96%2 Northeast Reno $865 1.60%3 W. Sparks/N. Valley $842 2.35%4 East Sparks $1,047 2.65%5 West Reno $825 1.33%6 Southwest Reno $785 7.86%7 Brinkby/Grove $723 7.76%8 Airport $799 2.32%9 Lakeridge $1,021 3.59%10 Southeast Reno $988 2.49%

Overall Reno-Sparks $946 2.90%

1.96%1.60%

2.35%2.65%

1.33%

7.86% 7.76%

2.32%

3.59%

2.49%2.90%

$1,015

$865

$842

$1,047

$825$785

$723$799

$1,021$988

$946

$300

$350

$400

$450

$500

$550

$600

$650

$700

$750

$800

$850

$900

$950

$1,000

$1,050

$1,100

$1,150

$1,200

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

AVER

AG

E O

VER

ALL

REN

T

AVER

AG

E O

VER

ALL

VA

CA

NC

Y

MARKET AREA

Average Overall Vacancy Average Overall Rent


SUMMARY BY MARKET AREAAVERAGE RENT & VACANCY DATA

Data By Market Area(Based Upon Units Surveyed)

Average Rent Average VacancyArea Sub-Market 4th Qtr. 2015 4th Qtr. 2015

1 Northwest Reno $1,015 1.96%2 Northeast Reno $865 1.60%3 W. Sparks/N. Valley $842 2.35%4 East Sparks $1,047 2.65%5 West Reno $825 1.33%6 Southwest Reno $785 7.86%7 Brinkby/Grove $723 7.76%8 Airport $799 2.32%9 Lakeridge $1,021 3.59%10 Southeast Reno $988 2.49%

Overall Reno-Sparks $946 2.90%

1.96%1.60%

2.35%2.65%

1.33%

7.86% 7.76%

2.32%

3.59%

2.49%2.90%

$1,015

$865

$842

$1,047

$825$785

$723$799

$1,021$988

$946

$300

$350

$400

$450

$500

$550

$600

$650

$700

$750

$800

$850

$900

$950

$1,000

$1,050

$1,100

$1,150

$1,200

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

AVER

AG

E O

VER

ALL

REN

T

AVER

AG

E O

VER

ALL

VA

CA

NC

Y

MARKET AREA

Average Overall Vacancy Average Overall Rent

Data by Market Area(based upon units surveyed)

Source:

ECONOMIC OVERVIEW





0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold










0.51%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Month to Month

0.72% -0.11% 1.43% 0.85% 1.57% 0.19% -1.15% -0.14% -6.54% 0.43%

5.44%

% ChangeTaxable

Sales

Taxable Gaming

Revenue

# of SF Homes

Sold Airport


Gasoline Sold

Initial Claims for

Unemploy.S&P 500

Index

Interest Rate

Spread

M2 Money Supply

Year to Year 8.16% 3.28% 14.64% 4.05% 7.12% 2.25% -8.16% 5.39% -4.31% 5.04%

0.26%

% ChangeNonfarm

EmploymentHousehold


0.25% 0.27%

3.08%

% ChangeNonfarm

EmploymentHousehold








Source:

RENO MSA ECONOMIC OUTLOOK – MARCH 16, 2016Northern Nevada Regional MLS data (single-family only)

0

50

100

150

200

250

300

Jan-

05

Apr

-05

Jul-0

5

Oct

-05

Jan-

06

Apr

-06

Jul-0

6

Oct

-06

Jan-

07

Apr

-07

Jul-0

7

Oct

-07

Jan-

08

Apr

-08

Jul-0

8

Oct

-08

Jan-

09

Apr

-09

Jul-0

9

Oct

-09

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Jul-1

5

Oct

-15

Number of Multi-Family Units Permitted Monthly

City of Reno City of Sparks Unincorporated Washoe County

No Perm

its Pulled in 3rd Quarter 2015

2005 1,1732006 8802007 952008 3382009 2772010 1342011 242012 692013 4752014 7022015 781


Johnson-Perkins-Griffin Apartment Survey

10.87%10.93%

9.08%8.54%

7.87%7.79%

6.18%

7.16%

5.64%5.51%5.38%

6.56%

5.59%

5.13%4.83%

5.60%5.12%

4.65%

4.06%4.12%3.83%

2.41%2.13%

3.31%2.97%

2.27%2.67%

2.90%

$863$844

$857

$848

$858

$837$834$824$821

$837$840

$822

$822$836$836$834

$829$843

$859 $860

$876

$852

$887

$868

$889

$920

$952$946

$750

$800

$850

$900

$950

$1,000

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Reno-Sparks Apartment Vacancies and Rents

Vacancy Rate

Average Rent

Studios: $580/2.54%1 Bed/1 Bath: $840/2.85%

ECONOMIC OVERVIEW


Commercial Market

Why Reno-Sparks?

EDAWN’s Business Retention, Expansion and Workforce Development team personally visited over 180 primary companies throughout Nevada annually in order to understand their business, their challenges and opportuni-ties and connect them with community resources, suppliers, and each other. Below are testimonies from some of the companies as to why they chose to operate out of the Reno-Sparks area.

NOW Foods, located in Sparks, NV, is a natural health company which manufactures and distributes dietary supplements, natural foods, sports nutrition, and personal care products.

“The business environment in Northern Nevada is world class, allowing NOW Foods to continue to expand our presence in support of our corporate strategic goals.”— Jim Emme, President/CEO, NOW Foods

EE Technologies, located in Reno, NV, is a premier contract manufacturing partner that provides global electronics manufacturing services.

“When we started doing business in Nevada back in 2000 we wanted to be close to California without having inventory or state income taxes. We soon discovered that we also had access to a strong workforce right here in Nevada.”— Sonny Newman, President, EE Technologies

Server Technology, located in Reno, NV, provides the world’s highest quality power distribution units for labs, data centers, and telecommunications operations.

“Nevada offers Server Technology a very favorable tax and business environment, close proximity to our largest market, and a direct pipeline to UNR where we have found superb engineering, marketing, operations and business personnel.”— George Holman, Senior Vice President, Server Technology

Kassbohrer All Terrain Vehicles Inc., located in Reno, NV, manufactures and distributes all terrain snow grooming and tracked utility vehicles.

“We located in Northern Nevada because it made good business and economic sense. The decision was infl uenced by the good logistical location both for our suppliers and our customers, the availability and affordability of warehouse space, the ability to hire people at multiple levels and positions to meet our needs, and the overall positive tax environment compared to other locations.”— John C. Gilbert, President/CEO, Kassbohrer All Terrain Vehicles

Source:

ECONOMIC OVERVIEW


Commercial Market (continued)

Why Nevada?

• Favorable tax structure and availability of incentives

• Strategic location with customer delivery access to 12 western states within 24 hours

• Reasonable regulatory environment

• Availability of buildings and land at competitive rates

• Air, rail, and highway transportation access

• Tier 1 university town and highly responsive community colleges

• Multitude of state and community resources

• Availability of labor at affordable wages

• Business friendly environment

• Deep Nevada roots

• Great quality of life and competitive cost of living for themselves and employees

How Do We Get Better?• Thoughtful tax policy• Adequate funding for education and workforce• Innovative programs to meet the skilled workforce

demands of strategic sectors• Alignment and consistent implementation of rules and

regulations Fed/State/Regional/Local Levels

• Streamline license and permit processes• Maintain competitive power rates• Increased flights between Reno and other metro areas• More financing or funding options for growth and

expansions• Keep it simple to do business in the region

Source:

ECONOMIC OVERVIEW


Commercial Market (continued)

Industry 2015 20332015-2033

Change % of IndustryConstruction 15,410 26,335 10,925 71%Health Care and Social Assistance 25,281 34,114 8,833 35%Professional, Scientific, and Technical Services 18,205 26,533 8,328 46%Accommodation and Food Services 33,026 41,006 7,980 24%Administrative and Waste Management Services 18,920 25,916 6,996 37%Transportation and Warehousing 12,554 18,680 6,126 49%Retail Trade 28,179 32,375 4,196 15%Finance and Insurance 15,100 18,386 3,286 22%Arts, Entertainment, and Recreation 8,638 11,855 3,217 37%Wholesale Trade 10,090 13,044 2,954 29%Other Services 12,151 15,056 2,905 24%Real Estate and Rental and Leasing 15,183 18,014 2,831 19%Educational Services 3,423 4,387 964 28%Management of Companies and Enterprises 3,278 3,667 389 12%Information 2,845 3,023 178 6%Forestry, Fishing, and Related Activities 220 153 (67) -30%Utilities 475 345 (130) -27%Mining 1,768 1,336 (432) -24%Manufacturing 12,294 11,800 (494) -4%

TOTAL 237,040 306,025 68,985 29%

Source: "Nevada County Population Projections 2014 to 2033." The Nevada State Demographer’s Office. October 1, 2015.

Projected Employment by Industry-Washoe County

Industry

YTD September

2014

YTD September

20152014-2015

Change% of

IndustryTransportation, Warehousing & Utilities 13,600 14,911 1,311 9.6%Leisure and Hospitality 35,556 36,756 1,200 3.4%Education and Health Services 23,267 24,222 956 4.1%Government 28,589 29,433 844 3.0%Manufacturing 12,189 12,911 722 5.9%Construction 10,767 11,244 478 4.4%Wholesale Trade 8,811 9,267 456 5.2%Information 1,900 2,000 100 5.3%Other Services 5,800 5,878 78 1.3%Financial Activities 9,656 9,667 11 0.1%Natural Resources & Mining 200 200 0 0.0%Retail Trade 22,322 22,233 -89 -0.4%Professional & Business Services 29,311 28,178 -1,133 -3.9%

TOTAL 201,967 206,900 4,933

Source: Center for Regional Studies, University of Nevada, Reno. Monthly data through September 2015. Data for Reno MSA.

Employment by Industry-Reno MSA

Mr. Sean Tobin April 15, 2014 Page 7

Table 5. Reno-Sparks MSA Top Growing Sectors

Source: Center for Regional Studies, UNR.

Nevada State Demographer expects County employment to continue to grow, with a total growth rate of 38% between 2014 and 2032. Top growing industries are expected to be Construction (84% increase), Health Care and Social Assitance (67%), and Administrative and Waste Management Services (58%). Employment in Manufacturing, Utilities, Mining, and Forestry, Fishing, and Related Activities industries is expected to decrease between 2014 and 2032. Table 6. Washoe County Projected Employment

Source: “Population Projections for Nevada's Counties 2013 to 2032.” Nevada State Demographer.

(% of sector)

Professional & Business Services 2,200 8.7%

Construction 2,000 24.1%

Leisure & Hospitality 1,500 4.5%

Retail 1,000 4.8%

Education and Health Services 900 4.1%

Transportation, Warehousing & Utilities 500 3.9%

Manufacturing 500 4.3%

Wholesale 400 4.7%

Financial Activites 400 4.3%

Local Government 100 0.7%

TOTAL 9,500

Between Jan 2013 & Jan 2014 - Reno MSA

Industry 2014 2032 % Change

Construction 12,252 22,553 84%

Health Care and Social Assitance 24,107 40,166 67%

Administrative and Waste Management Services 17,301 27,357 58%

Professional, Scientific, and Technical Services 17,137 26,010 52%

Arts, Entertainment, and Recreation 9,856 14,833 50%

Transportation and Warehousing 12,516 18,216 46%

Accommodation and Food Services 30,576 41,184 35%

Finance and Insurance 14,239 18,751 32%

Educational Services 3,088 4,032 31%

Other Services, except Public Administration 11,686 14,991 28%

Wholesale Trade 9,562 12,229 28%

Real Estate and Rental and Leasing 13,815 16,990 23%

Retail Trade 25,753 30,052 17%

Management of Companies and Enterprises 3,217 3,745 16%

Information 2,813 3,270 16%

Manufacturing 11,552 10,724 -7%

Utilities 529 426 -19%

Mining 1,767 1,418 -20%

Forestry, Fishing, and Related Activities 211 154 -27%

Total 221,977 307,101

Employment Projections

Source:

ECONOMIC OVERVIEW


Summary of the Gaming Market

Press Release

Nevada Gaming Abstract

Page 2 of 2

In FY 2015, 68 casinos owned by public companies accounted for 78.1% of the total gaming revenue

generated statewide during the fiscal year.

In addition to providing combined balance sheets and income statements, the GAMING ABSTRACT

includes data concerning average number of employees, rate of room occupancy, revenue earned per

room per day, gaming revenue earned per square foot of gaming floor space, and various ratios. Data is

also combined into totals representative of casinos statewide with rooms and casinos statewide owned

by publicly held corporations.

Nevada Gaming Abstract - 2015: Selected Statistics by Gaming Market

Net Income/ % Change Total % Change Gaming % ChangeArea Loss from FY 2014 Revenue from FY 2014 Revenue from FY 2014

Statewide -$661,779,138 -11.0% $24,591,388,351 2.9% $10,622,398,618 -0.2%

Clark County -$575,531,996 -22.9% $22,037,322,157 3.0% $9,171,538,107 -0.6%

Las Vegas Strip -$923,277,079 -2.2% $16,741,645,282 2.7% $5,842,272,843 -2.5%

Downtown Las Vegas $67,986,705 -293.3% $1,049,378,208 7.4% $528,727,367 4.0%

Laughlin -$14,566,886 -172.5% $735,646,769 3.5% $464,759,085 3.5%

Boulder Strip $89,924,062 1.0% $1,209,537,925 3.0% $849,868,013 2.6%

Balance of County $204,401,202 66.4% $2,301,113,973 3.3% $1,485,910,799 2.6%

Washoe County -$7,422,414 -124.5% $1,456,489,407 2.5% $756,323,363 2.5%

Reno/Sparks -$23,868,540 -223.7% $1,310,321,460 2.5% $674,963,911 2.2%

South Shore Lake Tahoe -$150,813,411 69.0% $356,917,065 5.9% $201,802,036 9.3%

Elko County $45,447,913 27.8% $390,021,798 0.7% $262,948,141 1.8%

Wendover $37,649,905 27.5% $239,358,688 1.8% $171,686,069 2.7%

Carson Valley Area $5,803,535 65.5% $151,329,877 2.6% $97,225,456 2.6%

Balance of State $20,737,235 -10.0% $199,308,047 -3.3% $132,561,515 -3.7%

State of Nevada Gaming Control Board

Nevada’s non-restricted gaming licensees reported a total “gaming win” of $925,316,080 for the month of January 2016.

The State collected $81,737,166 in percentage fees during the month of February 2016**, based upon the taxable revenues generated in January 2016.

**Percentage fee collection are through February 25, 2016.

Source: State of Nevada Gaming Control Board http://gaming.nv.gov/index.aspx?page=172

ECONOMIC OVERVIEW


Summary of the Gaming Market (continued)

Reno-Sparks Gaming Market

Peppermill Resort Spa Casino• The Peppermill Resort Spa Casino was named the top ranked hotel in North America by national travel

website, Expedia. • Peppermill has earned the prestigious AAA Four Diamond rating for hospitality industry excellence for the

fifth consecutive year.• Peppermill boasts 1,635 luxurious guest rooms, a 33,000 square foot Spa & Salon Toscana featuring 24

treatment rooms, the nation’s only Caldarium with indoor pool, sun deck and Secret Garden and a full-service salon, slots, table games and poker in its 82,000 square foot casino and race & sports book. Resort amenities include a posh 9,900 square-foot fitness center; two pools and three outdoor jetted spas, designer boutique shopping; Reno’s hottest nightspot, EDGE; 16 bars and lounges, including the iconic Fireside Lounge; and 10 award-winning restaurants offering authentic Chinese, inspired Italian, steaks and chops, seafood, buffet, deli and café dining.

Atlantis Casino Resort Spa• Atlantis Casino Resort Spa believes in commitment and conscientiousness in green practices.• Addition of electric car charging stations joins ongoing energy-saving efforts, including energy-efficient

lighting, variable speed drives on heating and cooling water pumps and a state-of-the-art energy management system.

• The 30,000 sq. ft. Spa Atlantis is all new with amenities and experiences you won’t find anywhere else in northern Nevada.

• Atlantis has 50,000 sq. ft. of flexible meeting and convention space and is the only resort connected to the 500,000 sq. ft. Reno-Sparks Convention Center via the enclosed sky bridge.

Nugget Casino & Resort• The Nugget Casino Resort is located in the heart of Victorian Square in Sparks, Nevada, The Nugget

offers hotel accommodations, casino thrills, dining, nightlife and entertainment that are nothing short of extraordinary.

• With a modern, full-service casino between two soaring, 28-story East and West guest towers, we are committed to making sure your stay at our Northern NV hotel is comfortable, enjoyable and relaxing.

• Sophistication and style, with stunning views of the sparkling Reno city skyline and Sierra Nevada Mountains, await you in each of our 1,400 beautifully appointed guest rooms and suites.

• 110,000 square feet of meeting and special event space, a year-round atrium pool, a fitness center, and two live entertainment venues.

Additional Reno-Sparks Casinos• Circus Circus• Club Cal Neva• Eldorado• Harrah’s• Sands Regency• Siena

• Silver Legacy• Convention Center• Grand Sierra Resort• Boomtown• Bonanza• Rail City Casino

• Baldini’s Sports Casino• Western Village Inn & Casino

Favorite local hot spot. Situated at the edge of the marina, in the heart of Sparks, NV.

ECONOMIC OVERVIEW


Construction Economic Impacts of Direct and Indirect Jobs (2015-2017)

Total Annual AvgDirect Jobs 8,950 2,983

Indirect Jobs 4,665 1,555Total 13,614 4,538Economic Impact $1,600,000,000 $531,400,000

Source: Governor’s Office of Economic Development (GOED)

For the Duration of the Construction Period (2015-2017), Tesla Average Annual Construction Employment Will Increase Current Employment Totals By 34.9%

Washoe 10,552Lyon 474Carson City 873Douglas 943Storey 159Total 13,001Tesla as a % of Current Total (4538÷13,001) 34.9%Peak Construction Employment (2006, above counties) 29,174

Source: Department of Employment, Training, & Rehabilitation

Equipment Installation (2015-2028)Total Annual Avg

Direct Jobs 12,015 858Indirect Jobs 6,262 447Total 18,277 1,306Economic Impact $2,100,000,000 $152,900,000

Total Equipment Expenditure

$9,000,000,000 $642,857,143


The Governor’s Office of Economic Development (“GOED”) uses IMPLAN for economic modeling of new and expanding businesses applying for incentives administered by the agency. For the Tesla project, GOED contracted with Applied Economics to complete both economic impact and tax revenue reports. For larger scale projects such as Tesla, GOED commissions the development of a custom model that studies both regional and national impacts.

TESLA Economic Impact

Tesla Operating Impacts (GOED)Direct Jobs 6,500Total Jobs 22,700


Source:

COMMUNITY AMENITIES

Reno-Sparks Market Report Community Amenities 41

Dining ExperienceWorld Class Dining Bimini SteakhouseCHIRomanza Ristorantte ItalianoWhite OrchidSterling’s Seafood Steakhouse Roxy’s Atlantis Steakhouse at Atlantis Casino Bistro Napa Squeeze In Bimini Steakhouse 4th Street Bistro Hiroba Sushi Naan & Kabab Bangkok Cuisine Romanza Ristorante Italiano Lulou’s Restaurant Stone House Café Steakhouse at Harrahs Johnny’s Ristorante Italiano Brick’s Restaurant & Wine Bar Cactus Creek Prime Steakhouse Rapscallion Seafood House Ruby River SteakhouseWild River Grille Charlie Palmer Steak La Strada Harrah’s Steak House4th Street BistroBeaujolais Bistro

Casual Dining Olive Garden BJ’s Restaurant & Brewhouse Buffalo Wild Wings Fuddruckers Grimaldi’s Pizzeria Blind Onion Pizza & Pub Coney Island Bar AppleBee’s TGIFridays Outback Steakhouse On the Border Mexican Grill Claim Jumper PF Chang’s

Restaurants (partial list)

COMMUNITY AMENITIES

Community Amenities Reno-Sparks Market Report42

Shopping (partial list)

“The Summit Lifestyle Center” Aeropostale Banana Republic Ann Taylor Bebe Cache Cacique Century Theatres Coach Coldwater Creek Dillard’s Gap Lucky Brand Jeans Old Navy Pottery Barn Sephora Victoria’s Secret White House / Black Market Williams-Sonoma

“Legends at Sparks Marina” Adidas Ann Taylor Banana Republic BCBG Maxazria Bose Factory Store Carter’s Converse Forever 21 Galaxy IMAX Theatre Gap Guess Gymboree Kenneth Cole Lane Bryant Nike Old Navy Scheels All Sports Target

COMMUNITY AMENITIES


CabelasThe 125,000 square-foot retail showroom is an educational and entertainment attraction, featuring a décor of museum-quality animal displays, huge aquariums and trophy animals interacting in realistic re-creations of their natural habitats.

ScheelsAt 295,000 square feet the store in Sparks, Nevada is both the largest Scheels store and largest all sports store in the world.

Sporting Goods

COMMUNITY AMENITIES


Annual Events (partial list)

Barrett Jackson Car AuctionThe World’s Greatest Car Auctions (3 day event in summer)

Reno River FestivalTruckee River Whitewater Park (1 day event in May)

Hot August NightsThe largest classic car and nostalgic event in the Country (6 day event in August)

Lucas Oil Off Road Racing SeriesWild West Motor-sport Park (1 day event in May & September)

Street Vibrations Fall RallyMusic & MotorcyclesDowntown Reno (4 day event in September)

U.S. Open of Water-cross / HT Pro Water-cross TourSparks Marina (1 day event in June)

National Championship Air RacesReno Stead Airport (4 day event in September)

Reno RodeoReno-Sparks Livestock Event Center(10 day event in June)

Lake Tahoe Shakespeare FestivalThe Theater at Sand Harbor (6 week event from July to August)

Reno Tahoe OpenMontreux Golf & Country Club (1 week event in the summer)

The Great Reno Balloon Race Rancho San Rafael Regional Park (2 day event in September)

Burning ManNevada’s Black Rock Desert(9 day event in June)

COMMUNITY AMENITIES


Outdoor Activities (partial list)

Land Adventures Within 60 Minutes (Partial List)

Rock Climbing Base camp at CommrowBig ChiefCave RockDonner SummitEagle Creek CanyonLovers Leap

Biking Dry Pond LoopThomas Creek RideGalena Park (Bitterbrush Trail) LoopGenoa Peak

Hiking Hunter CreekJones Creek/Whites Creek LoopsMount RoseOphir CreekThomas Creek

Off Road High Sierra ATV ToursAdventures of RenoBlack Rock DesertHunter Lake Trail

Water Adventures Within 60 Minutes (Partial List)

Sailing Sparks MarinaHigh Sierra Water Ski SchoolSailing VenturesSierra AdventuresTahoe Sailing Charters

Swimming Alf Sorensen Swimming PoolDeer PoolIdlewild Swimming PoolNorthwest Swimming PoolOppio Swimming PoolSun Valley Swimming PoolTraner Swimming PoolWild Island

Fishing Pyramid LakeLake TahoeSparks MarinaTruckee River Fly Fishing

Skiing & Boarding Within 60 Minutes (Partial List)

North Lake Tahoe Ski Resorts Alpine MeadowsBorealDiamond PeakDonner Ski RanchMt. RoseNorthstar California ResortRoyal GorgeSoda SpringsSquaw ValleySugar Bowl ResortTahoe Donner

Golfing Within 10-20 Minutes (Partial List)

Golf Courses Arrow Creek Golf Course Red Hawk Golf CourseRosewood Lakes Golf CourseSierra Sage Golf CourseWashoe County Golf CourseWildcreek Golf Course

38 GOLF COURSES WITHIN 45 MINS

COMMUNITY AMENITIES


Nearby Sports Complex

The Golden Eagle Sports ComplexThe Sports Complex at Golden Eagle Regional Park host to numerous regional and national events for organizations such as the Amateur Softball Association, Senior Softball USA and Triple Crown Sports. The facility has featured weddings, a 5K and 10K trail run, men’s and women’s semi-pro football, high school Lacrosse.

The 100 acre sports complex is the largest public works project in the history of the City of Sparks. Tournaments and events held at the facility in 2012 generated an estimated $19.5 million in economic impact. The state-of-the-art facility features 1.4 million square feet of artificial turf -- the largest single installation artificial turf project in North America. League and tournament games have generated more than one million participants and spectators.

FACILITYPark Size 100 acres

Artificial Turf 1.4 mil sq. ft.

AMENITIESSoftball Fields (6) Volleyball Courts (4)

Baseball Fields (4) Bocce Ball Courts (2)

Youth Baseball/ Softball Fields (2)

Concessions (2)

Stadium-size Football/Soccer Field Pro Shop

Multi-purpose Fields (2) Restrooms

EVENTSNo. of Tournaments per Year 48

No. of Teams that Play at Park 500+

Lodging Occupancy Rate for Re-no-Sparks Area

68%

RENOSPARKS

COMMUNITY AMENITIES


Gaming Entertainment

Casino Spa Resorts Within 10 Minutes• Atlantis Casino Resort Spa

• Boomtown

• Circus Circus

• Eldorado Resort Casino

• Grand Sierra Resort & Casino

• Harrah’s Reno Hotel & Casino

• JA Nugget Casino Resort

• PepperMill Resort Spa Casino

• Siena Hotel Spa Casino

• Reno Nugget

• Silver Legacy Resort Casino

• Western Village Inn & Casino

COMMUNITY AMENITIES


Family Activites (partial list)

Family Activities Within 10 Minutes• National Bowling Stadium

• The Nevada Discovery Museum

• Wild Island Family Adventure Park

• Ultimate Rush Thrill Park

• Wilbur D. May Center at Rancho San Rafael Regional Park

• Fleischmann Planetarium and Science Center

• Animal Ark Wildlife Sanctuary

• Sierra Safari Zoo

• Nevada Museum of Art

• Melio Gaspari Water Play Park at Lazy 5 Regional Park

• Roller Kingdom

• Scheels Sporting Goods Store

• Funquest

• National Automobile Museum

• X-Marks the Spot

• Legends IMax Theater

• Need 2 Speed

Reno’s National Bowling Stadium - The Only facility of its kind in the world. Contains 78 championship lanes. The National Bowling Stadium contains the longest video screen in the world which is capable of projecting video images as well as state-of-the art scoring graphics across its 440 foot length. Also located on the Tournament Level is the Lane 81 Pro Shop for purchasing the latest and most sophisticated bowling equipment. Additionally, there is a Computer Aided Tracking System (C.A.T.S.) Lane which provides bowlers with a computer accurate evaluation of their game and how to improve it.

Documents

RENO SPARKS MARKET REPORT - MVE, Inc. - About SPARKS MARKET REPORT March 2016 prepared by V4. ... Reno-Taho International Airport ... Gateway Commerce Center’s partner for the rail