Landowners will be charged property assessments to help pay for a new access road and sewer infrastructure on a 1,100-acre vacant chunk of land that will eventually become a large industrial park near Interstate 15 and the 215 Beltway in North Las Vegas.
The North Las Vegas City Council on Wednesday agreed to start collecting payment this summer from the owners of roughly 130 parcels to help pay for the $43.16 million utility and road infrastructure project for the property, collectively known as the Northern Beltway Commercial Area.
“I heard between $11 billion to $15 billion worth of investments potentially being opened here,” said North Las Vegas City Councilman Isaac Barron, whose Ward 1 includes the future site for manufacturing and warehousing companies.
“We got lots of great companies moving into North Las Vegas,” Barron said. “I’m hoping they’ll find a home on this side of the freeway.”
The City Council also agreed to sell up to $20 million in tax-exempt municipal bonds within nine months to help start construction of the water and sewer infrastructure project.
Those bonds will be repaid through more than $18.89 million collected through the property assessments. Another $14.76 million would come from the North Las Vegas utility fund, while $9.5 million would come from other sources, including the Nevada Department of Transportation and the Regional Transportation Commission of Southern Nevada.
Assessment values ranged from $2,831 for a parcel owned by Passco Raceway LLC, up to $1.16 million for Prologis LP, according to figures provided by the city.
Landowners will have the option of paying a single, interest-free lump sum, or financing the payments over 30 years, city spokeswoman Delen Goldberg said.
Two formulas were used to come up with the assessment figures based on the infrastructure needs for about 120 parcels, Goldberg said. All of the property owners contributed to construction costs for a regional sewer wastewater interceptor, while additional charges were added for those who needed local water and sewer lines linked to their parcels.
During a public hearing held in March, representatives for some of those property owners showed support for the project. A handful of others raised questions about the cost of the projects and assessments.
None of the property owners spoke during the City Council meeting on Wednesday.
Contact Art Marroquin at email@example.com or 702-383-0336. Follow @AMarroquin_LV on Twitter.
Funding for $43.16 million utility and road infrastructure at Northern Beltway Commercial Area
$18.89 million: Property assessments.
$14.76 million: North Las Vegas utility fund
$9.5 million: other sources, including the Nevada Department of Transportation and the Regional Transportation Commission of Southern Nevada.
Source: City of North Las Vegas