$6.2 million in mortage bonds OK’d

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Monday, March 31, 2003 | 11:19 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- The state Board of Finance today voted to issue up to $6.2 million in mortgage revenue bonds to allow a private company to purchase and renovate the 154-unit Cedar Village Apartment in Las Vegas.

Lon DeWeese, chief financial officer for the state Housing Division, said the bonds will be used by the Pacific Cap Corp. whose principals include Chad Rennaker, Catherine Tomaro and Paramount Financial Corp.

The apartments will be rented to low to moderate-income families.

DeWeese told the board that the company intends to spend $640,000 in energy and weatherization improvements on the complex at 2850 Cedar Avenue.