hd&boatrider
01-13-2004, 07:56 AM
Laughlin Ranch update: Land, revenue
By MICA THOMAS MULLOY
BULLHEAD CITY -- Bullhead City Council members heard a presentation Monday that could lead to the acquisition of 8,500 acres of land within three months and $1.3 billion in new revenue over the next 20 years.
During a special work session, representatives from Laughlin Ranch gave council members an update on the 11,000-acre project that broke ground in December.
With construction crews currently working at the Laughlin Ranch site, Laughlin Ranch Principal Partner Dave Lords said about $1.9 million is being put into the Bullhead City economy through worker's salaries and development expenses every month -- a boost he said should continue for the next two years.
The council was also told that between new sources of income such as a voluntary agreement to provide the city with $1,500 per home built in at least the first phases of construction, property taxes, new home sales taxes and building permits, more than $1.3 billion could come into the city throughout the next 20 years.
The Council previously approved a letter of understanding from Laughlin Ranch on what they would like to accomplish, Lords said, and Monday's presentation was made to work toward an official development and annexation agreement.
If approved, approximately 8,500 acres of land from the Laughlin Ranch project could become part of Bullhead City.
Lords said a development agreement and the annexation of the land could be completed within 90 days.
Part of the presentation focused on the creation of a Community Facilities District, which would provide necessary amenities for Laughlin Ranch residents while sparing the rest of the city the cost.
Residents within a CFD would pay money each month to fund projects such as sewer, water, roadways, street lights and recreational facilities that they will benefit from.
This "new-to-this-area financing structure" would basically serve as a tax on the development itself and exclude the city's existing residents from paying for developments, Lords said.
One benefit of this type of funding is that while most of the city's residents do not have to foot the bill for the amenities, they would have full access to the whatever is built such as roads and parks, Lords added.
Lords said he expects the monthly fees to be between $60 to $100 per month for 25 years and be clearly spelled out for each homeowner before the purchase of a home.
By MICA THOMAS MULLOY
BULLHEAD CITY -- Bullhead City Council members heard a presentation Monday that could lead to the acquisition of 8,500 acres of land within three months and $1.3 billion in new revenue over the next 20 years.
During a special work session, representatives from Laughlin Ranch gave council members an update on the 11,000-acre project that broke ground in December.
With construction crews currently working at the Laughlin Ranch site, Laughlin Ranch Principal Partner Dave Lords said about $1.9 million is being put into the Bullhead City economy through worker's salaries and development expenses every month -- a boost he said should continue for the next two years.
The council was also told that between new sources of income such as a voluntary agreement to provide the city with $1,500 per home built in at least the first phases of construction, property taxes, new home sales taxes and building permits, more than $1.3 billion could come into the city throughout the next 20 years.
The Council previously approved a letter of understanding from Laughlin Ranch on what they would like to accomplish, Lords said, and Monday's presentation was made to work toward an official development and annexation agreement.
If approved, approximately 8,500 acres of land from the Laughlin Ranch project could become part of Bullhead City.
Lords said a development agreement and the annexation of the land could be completed within 90 days.
Part of the presentation focused on the creation of a Community Facilities District, which would provide necessary amenities for Laughlin Ranch residents while sparing the rest of the city the cost.
Residents within a CFD would pay money each month to fund projects such as sewer, water, roadways, street lights and recreational facilities that they will benefit from.
This "new-to-this-area financing structure" would basically serve as a tax on the development itself and exclude the city's existing residents from paying for developments, Lords said.
One benefit of this type of funding is that while most of the city's residents do not have to foot the bill for the amenities, they would have full access to the whatever is built such as roads and parks, Lords added.
Lords said he expects the monthly fees to be between $60 to $100 per month for 25 years and be clearly spelled out for each homeowner before the purchase of a home.