East West proposes Gray’s Crossing transfer tax
East West Partners has decided to donate a quarter of one percent transfer fee on each market-rate property sale at Gray’s Crossing to Truckee Donner Land Trust if the project is approved. The proposal comes before the town council on Thursday at Truckee Town Hall.
The council declined to require a transfer fee at the Jan. 7 council meeting, but East West decided to employ it anyway. For the first 15 years, the money collected will be donated for the purchase and maintenance of open space. After 15 years, the money will go toward education, performing arts, libraries and other community benefits. East West expects the fee will generate approximately $8 million in the next 30 years.
The transfer fee is becoming a standard procedure for East West. They have placed them on projects in Colorado, the Old Greenwood development and a one half of one percent fee to the Northstar Village.
The proposal’s development agreement has been altered in 19 places since last consideration, and the public will be able to comment on the changes to the agreement at the meeting.
While some of the changes to the development agreement were simply tightening of the agreement’s language, others include reserving a locals’ day at the golf course, changing golf cart paths so that they must go underneath Prosser Dam Road, and water and chemical monitoring procedures on the golf course.
A development agreement is designed as a contract to benefit the mutual interests of the developer and the town. For the developer it ensures that approval granted by public agencies will not change during the construction process, and for the town it guarantees a timeline for the availability of affordable housing and infrastructure and outlines phasing of the development. In this case, the development agreement also gives added community benefits to the town, such as land donation.
The other significant changes are that East West will be involved in the development of a transit plan for the area; will design, plan and develop a construction strategy for a performing arts center; will donate the two pieces of land to the town, and will be able to sell 21 live/work lofts at market rate and 21 more at median level for a household of four.
However, these conditions are all tied to the approval of the development agreement, which was scrutinized at the last meeting. East West Partners has indicated it would have no problem proceeding without a development agreement, but that the community benefits such as the donation of land, offer of performing arts center space in the village, and special buying and contracting offers for locals, would not be required under an approval that lacked a development agreement.
Gray’s Crossing will be considered by the town council on Thursday at 6 p.m. at the town hall. For more information go to http://www.townoftruckee.com.
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