Last Updated:
March 10, 2010
Nevada Real Estate
Steamboat 700 Forum Draws Full House; Disagreement
With the mail-in ballots on their way to local voters, the Steamboat 700 ballot issue is becoming increasingly divisive. During the next few weeks, local voters will decide the fate of the Steamboat 700 development, which is set to include 2,000 homes and 380,000 square feet of commercial space, over a 20- to 30-year time frame for development, on a 487-acre site just west of current city limits. The development is spurned by opposition groups over traffic mitigation, water, and the affordable housing component of the development. The "Let's Vote Committee", which opposes annexation, and the "Good For Steamboat Committee" both include REALTOR? members voiced their views at a forum last week on the issue. Much of the debate focused on affordable housing and water costs. The current plan requires developers to give the city 15 acres for affordable housing and place a real estate transfer fee, of 1.2 percent of the total sale price, on all sales within the annexation. 0.5 percent, of the 1.2 percent would go toward an affordable housing fund. The city could build 400 affordable homes on those acres, however, a draft attainability program requires 30 percent of about 480 additional homes to be marketed for one year to buyers or households earning 120 percent to 200 percent of the area median income. Opponents argued that 400 homes is too dense on 15 acres, and that the transfer fee will take 20-30 years to be fully realized. On water costs, developers would be required to pay for all water and wastewater infrastructure within the annexation. Tap fees would be paid by homeowners for infrastructure expansion outside of the development. Steamboat 700 also would pay the city $960,000 to improve the city?s existing water rights on the Elk River. Supporters feel the water costs are reasonable, arguing if the development was in Vail, nothing affordable could be built, while opponents feel the City should have required higher water payments from the developer. The voting, along with the fate of Steamboat 700, ends March 9th.
- Las Vegas Homes - Las Vegas Relocation - Las Vegas Real Estate : Team Abel - Las Vegas Real Estate, Homes, and Relocation Resource.