Tribune/Dan McGee - Steve Wagner (left) and Ryan Shorter, along with help from Daryl Harris (inside) install a new window in a classroom at Lincoln Park Elementary School. Crewmembers from Custom Glass will finish installing more than 100 windows this week so the school is ready to go next Monday. Some of the funding comes from the 2002 Rollover Bond program, a portion of which would have gone to a proposed, but now delayed, elementary school in Spanish Springs.
The 2005 Nevada Legislature granted Tourism Improvement Districts the ability to use up to 75 percent of generated sales taxes to repay of Sales Tax Anticipated Revenue (STAR) bonds. STAR bonds enable TIDs to pay for land acquisition and they cover construction costs.
The city of Reno was responsible for granting STAR bond financing to developer Katzoff/Simon Group for its Tessera project, an effort to create an entertainment district and clean up blighted areas around the Aces Triple A baseball stadium in downtown Reno. However, Jerry Katzoff, a partner of Katzoff/Simon, approached the board of trustees in June with an offer to share its portions of STAR bonds with the WCSD, which would be designated for the district’s capital revitalization.
In June, an analysis by Meridian Business Advisors showed development around the stadium that would incorporate a music hall, health club, night clubs, retail, residential buildings and hotels that would generate $129 million, or $43 million for the school district’s share.
The agreement, if approved, could give $23 million to the school district to be placed in a capital account for maintaining, operating and equipping existing schools.
Also at today’s meeting is a presentation, discussion and possible action on the renewal of the 2002 Rollover Bond program. The bond, approved by Washoe County voters, allowed the district to collect property taxes for the purpose of building new facilities and revitalization of older facilities. Trustees will hear arguments for and against proceeding with a renewal request for the bond and placing the bond item on the November 2010 and 2012 ballots.
According to a staff report, renewal is necessary to maintain the public’s $500 million in existing facilities and for building any new facilities. The board will hear about polling data from the failed WSCD-1 ballot question from 2008, what could happen if the district loses this revenue, how the money has been used so far and about recent school bond elections throughout the state.
The Board of Trustees meeting starts at 4 p.m. today at the district’s administration building at 425 E. Ninth St. in Reno.
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