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Fernley council moves forward with Mark 4 special assessment district petition for Nevada Pacific Parkway
Summary
Council accepted a developer-initiated petition process to form a Special Assessment District for Nevada Pacific Parkway improvements, subject to conditions including outreach to other property owners and a recent appraisal; the motion carried 5-0.
The Fernley City Council voted to accept a petition request from Mark 4 Capital to form a Special Assessment District (SAD) under the developer petition method to fund improvements to Nevada Pacific Parkway. Deputy City Manager Lydia Oltek briefed the council on the project scope, which includes roadway and bridge improvements, a multi-use path, lighting, curb and gutter, stormwater, utility relocations and right-of-way adjustments.
Staff recommended moving forward with the petition request subject to three conditions: the developer must contact other property owners regarding formation of the SAD and report on buy-in; provide a recent appraisal showing property value in excess of the assessment; and provide the proposed timing for SAD formation, bond issuance and project expenditures. Councilman Torres moved approval and Councilman Hannon seconded; the motion carried 5-0.
Oltek noted Mark 4 is responsible for costs incurred before bond issuance and that a formal petition and public hearing will follow; if the SAD is approved, negotiations and security for costs will be required prior to bond issuance.
