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Council approves up to $35 million in STAR bonds to defease prior Legends at Sparks Marina obligations
Summary
Sparks City Council unanimously approved an ordinance authorizing up to $35 million in sales-tax-anticipated revenue (STAR) bonds for the Legends at Sparks Marina tourism improvement district to reimburse previously incurred eligible project costs.
Sparks City Council on Monday approved an ordinance authorizing issuance of sales-tax-anticipated revenue (STAR) bonds in a maximum aggregate principal amount of $35 million for Tourism Improvement District No. 1, the Legends at Sparks Marina.
City bond counsel told the council the proceeds will reimburse RED Development for eligible project costs incurred years ago under the original development agreement; the city is not using general-fund money to pay the bonds. The…
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