Local Improvement District No. 3 was created by the City Council in 2008 to support development of the Legends at Sparks Marina Park.  At the time the LID assessments were distributed based on benefit to each parcel.  An initial reapportionment was approved by the City Council on November 8, 2010.  Since that time, the number of parcels and their configurations has changed, requiring reapportionment of the LID assessments.  Staff retained Stantec Incorporated, preparer of the original Engineer’s Report for the district, to conduct the reapportionment analysis.

The reapportionment report, in draft form until approval by the City Council, is attached to this staff report, and provides the analysis utilized to determine the new assessments.  The report complies with NRS 271.425.4 which requires the reapportioning assessment will not:

(a) Materially or adversely impair the obligation of the municipality with respect

to any outstanding bond secured by assessment; or

(b) Increase the principal balance of any assessment to an amount such that the

Aggregate amount which is assessed against a tract exceeds the minimum benefit

to the tract that is estimated to result from the project which is financed by the

assessment.

City staff is withholding recordation of the new parcel maps until the reapportionment report is approved by the City Council.  Once approval is obtained, the parcel maps will be recorded and Washoe County will assign parcel numbers to the new and reconfigured parcels.  Once those parcel numbers are created, the reapportionment report will be finalized, signed by Engineer and recorded with Washoe County.

The City Council could direct staff to reassess the reapportionment analysis and return once any concerns have been addressed.

I move to approve Reapportionment No. 2 to assessments levied under Ordinance 2397 Local Improvement District No. 3 (Legends at Sparks Marina).