U.S. Senator Jacky Rosen (D-NV) and U.S. Rep. Mark Amodei (R-NV) are set to release their own bills in the coming days or weeks to annex thousands of acres owned by the Federal Government into the City of Sparks.
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Heinz Ranch is in the southwest corner of Cold Springs, along US 395 and the California border. In 2018, the Reno City Council approved a residential development called StoneGate, on about 1,700 acres where the ranch currently stands.
Once complete, the development is expected to have 5,000 homes, with about 200 affordable housing units. The approved plans also include a few schools, grocery and retail stores, and emergency services like police and fire departments.
“We look at it very similar to what Double Diamond and Damonte Ranch did in South Meadows,” Don Pattalock, the general manager of the development, said.
The project will be built in phases over many years. The developers are currently asking the City of Reno to issue about $36 million in municipal bonds to finance the upfront infrastructure, such as water and sewer. If the city approves this special assessment district financing, the developers could acquire funding from an investor at lower interest