Bond sale planned for housing project

Friday, Dec. 12, 2003 | 8:47 a.m.

CARSON CITY -- The state Housing Division intends to sell $4.12 million in fixed-rate mortgage revenue bonds next week to help finance a redevelopment project in downtown Las Vegas. The state Board of Finance approved the issuance of the bonds at its meeting Wednesday.

Lon DeWeese, chief financial officer for the division, said Thursday the money will be used to build 51 apartments, with 41 of them rented to families with limited incomes. On the ground floor of the multi-story project will be space for retail businesses.

The land, at Las Vegas Boulevard and Gass Avenue, is currently a parking lot owned by the city. The city is contributing the land to the project, city spokeswoman Elaine Sanchez said.

The apartments are to be built by L'Octaine Urban Apartment Project LLC, whose principals are Will Newbern, Thomas Hom, J. Scott Brown and Paramount Financial Group of Granville, Ohio.

Sanchez said Thursday she couldn't say when the land would be transferred to that business entity because she could not reach city employees who know the timeline.

She said she did know that in addition to the private activity bonds of $4.12 million, the project is benefiting from $1.65 million in federal housing funds and $850,000 in federal redevelopment funds.

DeWeese said the project is unique because it will have mixed income families as residents and it will also combine retail and residential space.

He said he did not know what the interest rate on the bonds would be when they are sold. But he said the project should begin early next year.

DeWeese said the city would back the project with redevelopment money and federal funds.