2015 2:00:00 PM

Tuesday, May 26, 2015 2:00 PM
Council Chambers, Legislative Bldg, 745 4th St., Sparks

Consent Items: 8.5

Title: Consideration and possible approval of Impact Fee Agreement #25 with KM2 Development, Inc to allow for participation and use of credits in the Service Area Number 1 Impact fee program.

Petitioner/Presenter: John A. Martini, P.E., City Engineer/John A. Martini, P.E., City Engineer

Recommendation: Staff recommends that the City Council approve the agreement as submitted.

Financial Impact: There is no general fund impact. Approval of this agreement will allow Reno Sun, LLC to use purchased IFSA#1 Impact Fee Credits.

Business Impact (Per NRS 237):
A Business Impact Statement is not required because this is not a rule.

Agenda Item Brief:

This Agreement is entered into for the Impact Fee Service Area #1(IFSA#1) impact fee credit program. Impact Fee Agreement #25 is a master agreement that will allow KM2 Development Inc to participate in the impact fee program. This agreement has been reviewed by the Impact Fee administrator and the City Attorney's Office and has been found acceptable. Staff recommends approval.

Background:

This agreement is the City's standard master form agreement and establishes the administrative rules for the use of impact fee credits within Impact Fee Service Area #1. KM2 Development Inc will be utilizing impact fees purchased from an existing Impact Fee Credit Agreement.

Analysis:

There is no analysis included with this agreement as it simply allows a new credit owner to use those credits in conjunction with development located within the boundary of Impact Fee Service Area #1.

Alternatives:

The City Council could chose to deny the agreement and provide the City Manager with alternative direction.

Recommended Motion:

I move to approve Impact Fee Agreement #25 with KM2 Development Inc as recommended by Staff.

Attached Files:

IFA 25 KM2 Development.pdf

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