Reno City Council members are set to review on Wednesday a proposal by the developers of StoneGate to fund a $1.5 million community benefit contribution and speed up development of affordable housing units in exchange for approval of nearly $37 million in bonds for its requested special assessment district (SAD).
The council gave initial approval to StoneGate’s developers to form a SAD to fund infrastructure for its massive North Valleys development over the next 20 years at its April 28 meeting.
Council members Naomi Duerr and Jenny Brekhus both voted against the approval. Duerr said there was not enough information about what the city would get out of the deal. She added that a commitment for 200 affordable housing units would only be built 20 years from now, in the project’s final phase.
The Community Benefit Contribution Agreement would move development of 200 units of affordable housing to phase two of the five-phase project.
It would also fund development of community facilities in Ward 4, where the development is located. The agreement provides specifics as to how that funding could be spent.
- $800,000 would go toward recreation and community facilities in Ward 4.
- $100,000 would support a grant program for recreation and athletics in Ward 4.
- $100,000 would fund creation of a small business incubator in Ward 4.
- $500,000 would support development of a regional aquatics facility in the city.
StoneGate developers Heinz Ranch Land Company LLC would pay out the funds to the community benefit fund within 30 days of when the SAD bonds are issued.
