Developer Offers Community Support In Exchange For StoneGate Development Bond Approval
Reno city council members are expected to consider a proposal from StoneGate developers on Wednesday to fund a community contribution of $ 1.5 million and accelerate the development of affordable housing units in return for the approval of nearly 37 million dollars in bonds for his requested Special Assessment District (SAD).
At its April 28 meeting, the board gave its initial approval to StoneGate developers to form an SAD to fund infrastructure for its massive Northern Valley development over the next 20 years.
Council members Naomi Duerr and Jenny Brekhus both voted against the approval. Duerr said there was not enough information on what the city would get out of the deal. She added that a commitment for 200 affordable housing units would only be built in 20 years, in the final phase of the project.
The Community Benefits Contribution Agreement would move the development of 200 affordable housing units to phase two of the five-phase project.
It would also fund the development of community facilities in Ward 4, where the development is located. The agreement specifies how this funding could be spent.
- $ 800,000 would go to recreation and community facilities in Ward 4.
- $ 100,000 would support a grant program for recreation and athletics in Ward 4.
- $ 100,000 would finance the creation of a small business incubator in Quartier 4.
- $ 500,000 would support the development of a regional aquatic facility in the city.
The developers of StoneGate, Heinz Ranch Land Company LLC, would pay the funds to the community charitable fund within 30 days of issuance of the SAD bonds.