Redevelopment Agency approves amendment to owner participation agreement with Lakemore Canyon Ventures (Pulte Homes)

The City of Henderson Redevelopment Agency voted to approve a first amendment to the owner participation agreement with Lakemore Canyon Ventures LLC and PN2 Inc., d/b/a Pulte Homes, agency staff said.

Anthony Molloy, director of the Redevelopment Agency, told the board the amendment updates Exhibit D, the master list of eligible improvements for the project, and "authorizes administrative authorization of line item changes within the list of eligible improvements." He said the amendment does not authorize any increase to the previously approved principal cap and asked the board to approve the change: "we respectfully request your approval of this item," Molloy said.

The board recorded the motion and approved the amendment unanimously; the meeting record notes the motion was made by Member Stewart and that "all members voted in favor." There were no substantive questions from council members before the vote.

Why it matters: owner participation agreements set which project costs are eligible for redevelopment assistance. Agency staff characterized the change as administrative adjustments to the eligible improvements list rather than a change to the overall financing cap. The item was originally approved by the board in November 2023.

The Redevelopment Agency took no additional action on related financing or amended cap amounts during the meeting. The agency will record the amended agreement in its administrative files and proceed under the terms approved by the board.