The following are highlights from Monday’s Sparks City Council Meeting:
The Sparks City Council adopted a resolution authorizing the transfer of the City’s 2017 tax exempt bond volume of just under $5 million to be divided between the Nevada Housing Division (NHD) and the Nevada Rural Housing Authority (NRHA) to support their respective home-ownership and single-family housing programs. Staff recommended that 75 percent be allocated to the NHD and 25 percent to the NRHA.
Background: Under the federal tax reform act enacted in 1986, the State of Nevada receives an annual allocation of tax exempt private activity bond cap (PABC) authority. PABC provides states and local governments’ authority to issue federally tax-exempt bonds on behalf of private infrastructure, utility and affordable housing projects and programs. In recent years, the City Council has allocated their PABC for first time home buyer programs operated by the Nevada Housing Division (NHD) and the Nevada Rural Housing Authority (NRHA).
The council also approved a cooperative agreement with Washoe County, City of Reno, City of Sparks and the Regional Transportation Commission (RTC) of Washoe County for fiscal year 2018 projects included in the RTC’s Regional Pavement Preservation Program. In its 10th year, the program identifies the specific needs for regional road maintenance throughout the Truckee Meadows. The City of Sparks Pavement Quality Team and Utility Division work very closely with the RTC to prioritize regional road projects in the City of Sparks. The overall funding for the region-wide RTC and Federally funded categories is estimated to be just under $311 million. Preservation and corridor improvement projects in Sparks will include the 4th Street and Prater Way Bus Rapid Transit Project, preliminary design of a Pyramid Freeway/US 395 link, the McCarran/Pyramid Intersection Project and city-wide preventative maintenance.