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Condo developer wants out of $2M bond
by Tribune Staff
Apr 11, 2011 | 1663 views | 0 0 comments | 4 4 recommendations | email to a friend | print
SPARKS — The City Council today will consider an appeal by developers of the Casoleil at Spanish Springs condominium properties to remove performance bond payment obligations of more than $2 million because of financial hardships resulting from a busted real estate market.

City managers have recommended the council deny the appeal in accordance with municipal code requirements.

Less than half of the 270-condominium project has been completed since its initial break-ground date in 2005, a result of the economic recession.

Developers said in a letter to the council that they have spent more than $33,000 in premium payments on the bonds, which include site work and landscaping obligations.

Developers are asking that temporary maintenance bonds replace current obligations in order to alleviate some fiscal distress.

In other general business items, the council will consider proposed road improvements along the Nugget Avenue off-ramp between Rock Boulevard and 14th Street.

Finalizing right-of-way changes and asking the city to purchase decorative light fixtures for the area are part of the proposed improvements coordinated through an interlocal agreement with the Nevada Department of Transportation.

Finally, the council will consider a name suggestion for a new regional park in Spanish Springs north of Queen Way and east of Pyramid Highway.

Parks and Recreation officials have proposed the name Wedekind Regional Park.

The council meeting will start at 2 p.m. in the Sparks Council Chambers at city hall, located at 745 Fourth St. in Sparks.
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