Seven Lake Tahoe development projects given one-year extension
February 26, 2010
STATELINE, Nev. andamp;#8212; The turbulent national economy continues to impact many proposed Tahoe area developments that are stuck in a holding pattern because of the dearth of available capital.andamp;#8220;We have been attempting and are still attempting to collect enough capital to begin our renovation project in earnest,andamp;#8221; said David Ferrari, owner of Ferrari Resorts in Kings Beach, to the Tahoe Regional Planning Agency Governing Board during the Wednesday meeting. In recognition of economic hardships facing developers, the TRPA board voted unanimously to extend the deadline for reserved allocations as part of the Community Enhancement Program for seven basin-wide developments. The CEP, enacted in October of 2008 and originally including nine basin wide projects, offers project developers additional commercial floor area, tourist accommodation bonus units and multi-residential bonus units in exchange for environmentally sound development practices.TRPA governing board members were asked by staff to consider two overarching questions: Should they extend the deadline and, if so, for how long?andamp;#8220;I think there has to be some recognition of the difficult economic circumstances these developers are facing,andamp;#8221; said Shelly Aldean, Carson City Supervisor and TRPA Governing Board member, in discussion leading up to the vote.Aldean also favored the extension of the deadline to last one year, so that TRPA board members could stay apprised of the progress made by each respective project toward TRPA approval.Adequate progress toward approval is an important sticking point with the TRPA board. Members voted to withhold extension of the deadline for reserve allocations for KB Resorts in Kings Beach, because the developers involved in the project failed to demonstrate they were proceeding toward TRPA project approval.andamp;#8220;I donandamp;#8217;t believe there is a factual basis for saying KB Resorts has made significant progress toward project approval, so I donandamp;#8217;t know how the board can vote to give them an extension,andamp;#8221; said Steven Merrill, TRPA Governing Board Member and the California Governorandamp;#8217;s Appointee.Along with KB Resorts, Domus Development did not receive an extension. However, Domus withdrew their company from consideration when it became clear they would not incorporate a retail component into their affordable housing units, which received TRPA approval last month.Of the seven projects that received a deadline extension, four are located on the North Shore, two on the South Shore and one on the West Shore. According to TRPA board member and South Lake Tahoe City Council member Hal Cole, the two South Lake Tahoe-based projects are contingent on the Tahoe Valley Community Plan, a local comprehensive plan designed to guide development in South Lake Tahoe.andamp;#8220;I believe the goal is to have the development of the community plan and project approval for the two projects to take place concurrently,andamp;#8221; said Cole, who was one of the first board members to express support of the deadline extension. Boulder Bay, a redevelopment project designed to overhaul the Tahoe Biltmore casino in Crystal Bay, and Homewood Mountain Resort, a redevelopment project designed to upgrade resort facilities, are the closest to realizing CEP allocations, as they have andamp;#8220;demonstrated adequate progress toward project approval,andamp;#8221; said TRPA Spokesman Dennis Oliver.The new deadline for the seven projects is Feb. 25, 2011.
For full coverage from the meeting, read our Cover It Live recap at:https://www.sierrasun.com/article/20100225/NEWS/100229983/1066andamp;ParentProfile=1051