Redevelopment projects take key steps foward

Greg Harman

Wednesday, May 24, 2000 | 10:36 a.m.

The key points of two projects considered central to a revitalized downtown were approved by the Henderson Redevelopment Agency Tuesday afternoon.

Phyllis E. Thompson Co.'s long-discussed Fountain Plaza Project, intended to bring 6.5 acres of office and retail space -- along with a pharmaceutical college -- to Water Street, was given preliminary approval in a memorandum of understanding with the agency.

According to the agreement, the city of Henderson will provide the developer $1.1 million for off-site improvements and infrastructure, $1.5 million in land and an 82 percent rebate on the project's first phase of construction.

Also, LandWell, the development arm of Basic Management Inc., crafted an early agreement with the city to rezone 2,300 acres, including environmentally contaminated lands, near the intersection of Lake Mead Drive and Boulder Highway for the construction of Provenance, a proposed master-planned community.

The city agreed to provide $58 million for public improvements to the land, including the necessary infrastructure, under the adopted memorandum of understanding.

Redevelopment Agency members inserted language into the memorandum that terminates the agreement on Dec. 15, 2001.

The city is expected to give final approval to both projects next month.

Greg Harman covers Henderson and Boulder City for the Sun. He can be reached at (702) 259-8814 or by e-mail at harman@lasvegassun.com