On January 24, 2005 the Sparks City Council approved a Residential Construction Tax Credit Agreement (A-3161) with Pioneer Meadows Development, LLC which provides the developer with credits against residential construction tax in exchange for construction of neighborhood parks within the Pioneer Meadows Planned Unit Development.  The terms of Agreement A-3161 include an expiration date of 10 years after approval.  As such, Agreement A-3161 will expire on January 23, 2015.  Pioneer Meadows Development, LLC has requested consideration of Amendment No. 1 to A-3161 to extend the expiration date for 10 additional years.  Pioneer Meadows Develpment, LLC is preparing to resume permitting and construction of residential homes within the development.  To date, 340 single family home permits have been issued within the development.  Per the terms of A-3161, the first neighboorhood park is to be constructed at the issuance of the 369th single family home permit.  With approval of amendment No.1 to A-3161, staff is confident that construction of the first park within the Pioneer Meadows Development will begin in 2015.

NRS 278.4983, NRS 278.4985 and SMC 15.12 allows for amendment of the agreement through mutual consent of the developer and the governing body.  Staff has reviewed the attached Amendment No. 1 and recommends approval.

1. The City Council could approve Amendment No.1 to A-3161 as outlined by staff.

2. The City Council could reject Amendment No.1 to A-3161 and provide direction to the City Manager.

"I move to approve Amendment No 1.to Residential Construction Tax Credit Agreement (A-3161), Pioneer Meadows Project."