The Reno City Managers office is submitting a “Staff Report” (for possible action) to the Reno Mayor and City Council for the refinancing of Bonds associated with the construction and financing of the Somersett Parkway. The debt service on these Bonds is being paid for by Somersett property owners within Special Assessment District No. 4 (SAD#4). Details associated with the proposed refinancing may be accessed by clicking on the following link:
Per the preceding Staff Report, it is estimated that $1.75M in interest savings, over the remaining life of the Bonds, could be achieved by refinancing. This would result in approximately $100/year in reduced assessments to SAD#4 property owners. That is, Somersett property owners.
This is a City of Reno assessment issue and should not be confused in any way with SOA annual or special assessments.
Credit is given to REreno (A Blog website on Reno/Sparks/Washoe County real estate news) for bringing this to our attention.