Bonds readied to support Legends work
December 10, 2007
The City of Sparks is preparing to issue nearly $112 million in bonds to support the financing for the Legends at Sparks Marina.
The issue includes approximately $24 million in limited-obligation local improvement district bonds to finance the development’s infrastructure, and approximately $88 million in sales tax revenue anticipation “STAR” bonds for the first phase of the Legends Project. Both packages of bonds are subject to the approval of the City Council early next year.
Citigroup Global Markets Inc. will manage the offering of each series of bonds.
The Nevada Legislature approved the use of STAR bonds in 2003. This financing allows the development to retain up to 75 percent of the sales tax generated by the project to help retire the debt.
Currently under construction, Legends is at Sparks Boulevard and I-80. Plans for Legends include more than one million square feet of retail, restaurants and entertainment offerings including an upscale casino-resort-spa set to be built by Las Vegas-based Olympia Gaming.