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Council approves up-to $35 million STAR bonds for Legends at Sparks Marina to reimburse past project costs
Summary
Council approved ordinance authorizing up to $35 million in sales-tax anticipated revenue bonds to reimburse previously incurred eligible costs for the Legends outlet mall; bonds are repayable solely from project-area sales taxes and must mature by June 2028.
The Sparks City Council on Sept. 22 approved bill 2841 authorizing the issuance of sales-tax anticipated revenue (STAR) bonds for the Legends at Sparks Marina in a maximum aggregate principal amount of $35,000,000 to reimburse previously incurred eligible project costs.
Staff explained STAR bonds are permitted under Nevada law for tourism-improvement districts and are repaid only from sales taxes generated within the project area; no other city funding sources may be used. The city is not issuing general-obligation debt for the bonds, and staff said the district and the bonds must terminate or mature no later than the end of fiscal year 2028, consistent with the district’s statutory timeframe.
Councilmember Anderson moved to approve the ordinance and Councilmember Rodriguez seconded; the motion carried unanimously. Staff said bond proceeds will reimburse Red Development for eligible past project expenses under a March 2006 development agreement and estimated final sale timing in mid-November.
