East West announce Gray’s Station development, propose utility district
October 11, 2001
East West Partners, the Colorado-based developers who own approximately 10 percent of the land within Truckee, submitted a revised plan last week for the property formerly known as PC-2, located just north of Interstate 80 on highway 89.
The plans include 428 single family lots, 130 built single family homes, 42 multi-family homes, approximately 100 affordable housing units, an 18-hole championship golf course and a hotel.
According to a prepared statement from East West, features of the plan include traditional and affordable housing styles, including cottages with front porches that front on common greens, increased open space, decreased commercial space, public bike paths and an organically-managed golf course.
“This revised plan strikes a balance between a destination resort that will benefit the local economy, at the same time responding to the housing situation and recreation needs of local residents,” said Roger Lessman, managing partner for East West.
Lessman said the connection of hiking and biking trails to those outside the development will increase recreational opportunities for all residents.
Also revised, for the fourth time, is the name of the proposed community. East West has renamed the community “Gray’s Station.” Truckee was originally named Gray’s Station in the mid-1800s, after mill owner Joseph Gray.
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East West has also asked the Truckee Donner Public Utility District to consider forming a special community facilities district, known as a Mello-Roos district, as a way to provide the infrastructure for Gray’s Station.
Through the creation of such a district, future home owners in the community would pay off bonds, issued by TDPUD, through their property tax.
“East West has asked the Truckee Donner Public Utility District to form a Mello-Roos District for the purpose of financing infrastructure for their development area,” TDPUD General Manager Peter Holzmeister said after the board’s Oct. 3 meeting.
Holzmeister, who said TDPUD officials had “considerable reservations” over the proposal, told East West that the board of directors would ultimately have to approve the creation of such an entity.
“TDPUD would end up shouldering a burden that we wouldn’t with other developers,” Holzmeister added. “The benefit is to East West. They don’t have to raise the capital [for the infrastructure], TDPUD raises the capital [by issuing bonds.]”