Henderson RDA approves $42 million participation agreement with KB Homes for 110‑acre site
Summary
The Henderson Redevelopment Agency unanimously approved an owner participation agreement with KB Homes to support development of a 110‑acre site near Stephanie and Galleria, including roughly 940 homes and commercial space; the OPA sets a $42 million funding cap with $27 million principal and $15 million interest limits.
The Henderson Redevelopment Agency unanimously approved an owner participation agreement at its meeting to support a 110‑acre development by KB Homes of Las Vegas Inc.
David Voorhe, speaking for the City of Henderson RDA, described the site as the parcel "right by the mall there on Stephanie and Galleria" and said KB Homes plans to build about 940 homes plus some commercial space. Voorhe said the site poses several development challenges — "power lines cutting across the property" creating an easement where building is restricted, large volumes of infill dirt required to make the site gradable, a needed lift station for water and limited access to NV Energy — and that the freeway adjoining the site will require a sound wall.
Voorhe said the RDA commissioned a TIF analysis by Applied Analysis and "negotiated a $42,000,000 owner participation agreement, $27,000,000 in principal cap and $15,000,000 in interest cap, 90% over the first 10 years, for their percentage share and then 80% after that." The agreement was presented with a recommendation to approve.
After the presentation the chair asked for a motion; the clerk reported that "All members voted in favor of the motion made by member Stewart, and it carries," approving the OPA.
The agreement's stated caps and the tax‑increment financing share percentages were included in staff remarks; no amendments or conditions were recorded in the meeting transcript. The Redevelopment Agency took no further public comment on the item during the meeting.
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