Council Chambers, Legislative Bldg, 745 4th St., Sparks, NV
Business Items: 6.2
On December 11, 2017, the Redevelopment Agency and the Sparks City Council approved the Agreement with SWD Partners, LLC. The Agreement, which is attached for reference, provides the Developer the right to acquire a parcel located at 955 C Street that is improved with a public parking garage for the purpose of renovating the parking garage and constructing, atop of the garage, a new high-density apartment building referred to as The Deco (Project).
As specified in the Agreement, the Developer is permitted to construct a minimum of 175 and a maximum of 212 apartment units plus administrative offices, maintenance facility, lobby, clubhouse/gym, and swimming pool. The Project also includes renovation of the existing parking garage to provide parking for Project residents and the general public.
The proposed Amendment No. 1 to the Agreement modifies Article 3.2.1.A. to permit the Developer to construct the apartment component of the Project, as specified in the approved Agreement, and then seek City approval to convert the apartments to condominium units at a future date. Conversion is not required and, per Amendment No. 1, would be subject to all applicable restrictions and requirements of Nevada law and the Sparks Municipal Code in effect at the time the Developer requests conversion.
If converted to condominiums, the Developer could then choose to sell and/or continue leasing the individual units. This change would provide the Developer and the Developer’s lender(s) and investor(s) another possible “exit strategy.”
City staff supports the Developer’s request and recommends approval of Amendment No. 1.
- The Redevelopment Agency can approve Amendment No. 1.
- The Redevelopment Agency can modify Amendment No. 1, subject to the consent of the Developer.
- The Redevelopment Agency can reject Amendment No. 1.
I move to approve Amendment No. 1 to the Disposition and Development Agreement between the Redevelopment Agency, the City of Sparks and SWD Partners, LLC to provide SWD Partners, LLC the option to construct apartments at 955 C Street and, at a later date, request City of Sparks approval to convert the apartments to condominium units.
Amendment No. 1 signed by J Witt.pdf