SBA loans flow for flood victims

Sito Negron

Thursday, Sept. 18, 2003 | 9:10 a.m.

In briefing the City Council Wednesday, SBA spokesman Ken Shuman thanked the city for the loan of offices in the Northwest Service Center.

"We were able to walk in, unpack and go to work," Shuman said.

The Aug. 19 storms dumped up to 3 inches of rain in some areas of northwest Las Vegas, forming raging torrents that swept into homes and businesses, ripping up landscaping and depositing mud and other debris in swimming pools and living rooms.

The SBA loans, which are geared toward people in Clark County who can show they sustained damage to a home or business during the flood, carry interest rates from 2.6 percent to 5.1 percent for homeowners, and from 3.1 percent to 6.2 percent for business owners.

Homeowners are eligible for up to $200,000 to repair or replace real estate, and renters and homeowners can get up to $40,000 for damaged property. Business owners are eligible for up to $1.5 million.

No dollar estimate has been given for the total damage, but officials have said 180 homes and 80 businesses were damaged.

Residents have until Nov. 3 to file loan applications for property damage. Shuman said as of Tuesday night, 99 applications had been issued, 42 had been filled out and returned, and 10 loans totaling $300,000 had been approved.

In other City Council action:

While the city touts the plan as an example of "smart growth," others criticize the idea of massive development far from the city core, and some homeowners aren't happy about the growth they tried to move away from coming to them.

The area is in Ward 6, represented by Councilman Michael Mack. Three other small parcels also were requested by the city. Those total 27 acres and are in the Summerlin area, represented by Ward 2 Councilwoman Lynette Boggs McDonald.

The list totals 11 projects, including the Neon Boneyard, 10 miles of trails and 425 acres of parks and open space. Many of the projects already are part of the city's plan; the placement on the projects list simply provides for the funding.

The consultants, Hobbs, Ong and Associates, Inc., have more experience than city staff, officials said. The golf course is in Ward 3, represented by Councilman Gary Reese.