In a 6-to-1 vote, Council approved ratification of an Infrastructure Improvement Agreement between the City and Park Lane Associates, LLC dated November 23, 2016, pursuant to direction given on October 12, 2016, and subsequent Council approval on November 16, 2016, for the Park Lane Site Development.
The City is not providing any financial subsidy to the project or waiving any fees. The developer requested a $3.5 million offset for infrastructure improvements, which would be through the payment of connection fees. This means the developer pays for relocating the sewer and storm drain within the site up front and would receive an offset equal to $3.5 million from their estimated $6.99 million total sewer connection fee.
October 12 summary: Reno Land Inc. has recently purchased the former Park Lane Mall site located on the southeast corner of Plumb Lane and South Virginia Street. Reno Land Inc. has requested the City assist in the cost of relocating storm drain and sewer infrastructure in an amount not to exceed $3.5 million. Direction from Council to proceed with consideration of this request would result in the need for a future Council decision based on identification of options and consequences of providing such assistance.
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