Tuscany development trade delayed again

Jeffrey Libby

Wednesday, July 17, 2002 | 9:20 a.m.

A planned land exchange between the city of Henderson and Tuscany developer Commerce Associates has been delayed due to financing difficulties.

The Henderson City Council on Tuesday approved a six-month delay of a trade that has already been delayed since mid-May.

The company cited a challenge to the Tuscany Hills Redevelopment Zone and owner participation agreement as the reason its financing has not been finalized.

A lawsuit filed in May by Henderson resident Tom Hangtes alleges that the city broke state redevelopment laws when it approved the Tuscany master-planned community for up to $40 million in city aid.

The lawsuit alleges that a former gravel pit at the 525-acre site had been graded for homes and a golf course when the city first considered it as a redevelopment area in March 2000. Without the gravel pit, the project would not be considered blighted and would not be eligible for city aid.

In the pending exchange, Commerce plans to trade 40 acres north of its eastern Henderson redevelopment project for 86 acres of city-owned land. As part of the trade, Commerce must pay the city $4.3 million to account for the difference in land values.

The city wants the 40 acres to help build its first municipal golf course on a former landfill, John Rinaldi, city property management director, said.

The city will charge Commerce $67,865 for each of the requested three-month delays.