[plaster3]

Here is a more detailed article regarding the proposed business park:

Developers plan 2 million-square-foot industrial park in Henderson - Business - ReviewJournal.com

From the sound of it, the developers are going to have to have some firm commitments from the likes of FedEx et al., before you really see anything materialize. I would say, however, that the chances of it happening are more probable than not.

As long as the "distribution" center that may be provided by FedEx doesn't result in thousands of big rigs, I personally wouldn't be too concerned. On the other hand, the Levi facility doesn't bring many rigs down Executive Airport currently...maybe the planning dept will require off-streets be used instead of the main thoroughfare?

I'll provide more information when the agenda is released for the City Council meeting, which should be tomorrow afternoon at the latest.

[SportyandMisty]

Originally Posted by plaster3

Thanks for the wonderful info @SportyandMisty!

Have you seen an increase in development within The Club before the Richmond American acquisition? I'm just curious.

I count about 15 homes currently under construction.

[SportyandMisty]

Originally Posted by 007 license to sell

...From what I was told by the Pulte rep that Richmond American can only build two story homes and their base price will be the same as Pulte's.
I had made a point of asking the Pulte rep what the prices would be for Richmond because if they sold for less than the ones being built by Pulte it could hurt the value of the homes that Pulte is building.

Good to know. FYI, Pulte had already reduced the size/price point of their last batch of homes. Many things that had been standard are now upgrades. Other things are less visible (e.g., 2x4 walls with less insulation that the existing homes' 2x6 walls), etc etc.

[plaster3]

BREAKING: INSPIRADA DEVELOPMENT AGREEMENT PROCESS

This morning's release of the city council agenda included more than just a proposal on the land to be acquired west of Inspirada. An agenda item discusses a funding agreement between Inspirada Builders and the City to cover the costs associated with reviewing the development agreement.

According to the agreement, Inspirada Builders, LLC will make deposits of $50,000 as necessary for the city to use outside consultants and attorneys to review the (likely exhaustive) amendement to the development agreement. The City is not obligated to continue reviewing the agreement if the funded balance drops below $20,000 and the City believes no agreement can be made. NOTE THAT THIS FUNDING AGREEMENT DOES NOT BIND THE CITY TO APPROVE THE DEVELOPMENT AGREEMENT AS ORIGINALLY PROPOSED.

We still do not know what the amended development agreement proposes, because the funding agreement needs to be approved before the application process formally takes place to begin the amendment process. My opinion of course, but I'm sure they've been already discussing amendments for months - I would guess they are in final stretch, and for good reason. The supply of finished lots is continuing to drop, and the builders will have to begin offsites and improvements soon.

The agreement is here: http://henderson.siretechnologies.com/sirepub/cache/2/uyx5xm450kk4wh45m0l3hk55/3960810112012110549720.PDF

Indemnification agreement (smart!): http://henderson.siretechnologies.com/sirepub/cache/2/uyx5xm450kk4wh45m0l3hk55/3961010112012110638330.PDF

For the indemnification agreement, I'm going to go out on a limb and guess that the biggest opponent to modifications will be the bond issuers (large institutions) who will have to discount their notes based on modified costs/funding. But many other third parties with interests in these improvements may wish to oppose this modification agreement as well. I just think the bond issuers will have the most skin in the game, so to speak. The indemnity deficiency is estimated at $7MM, based on Inspirada Builders, LLC's commitment to acquire a standby letter of credit, which is usually on drawn on in the event that an adverse judgement is awarded.

LID Modification : http://henderson.siretechnologies.com/sirepub/cache/2/uyx5xm450kk4wh45m0l3hk55/3961210112012111026834.PDF

The above modification agreement is significant in that construction acquisition costs will likely be reduced, as opposed to being increased ... its the only reason I can think of modifying an agreement dated before the real estate bubble popped, right? We'll see what the final modification consists of.



FINALLY - http://henderson.siretechnologies.com/sirepub/cache/2/uyx5xm450kk4wh45m0l3hk55/3965510112012111744608.PDF

Here is a glimpse of the uses for the proposed business park that will be located west of Executive Airport, on city-owned land. The proposed FedEx appears more than just "proposed", with a contract out for signature according to this document.


As more information is made available, I will provide more updates.


Happy Thursday!

[lyner]

Originally Posted by plaster3

BREAKING: INSPIRADA DEVELOPMENT AGREEMENT PROCESS

This morning's release of the city council agenda included more than just a proposal on the land to be acquired west of Inspirada. An agenda item discusses a funding agreement between Inspirada Builders and the City to cover the costs associated with reviewing the development agreement.

According to the agreement, Inspirada Builders, LLC will make deposits of $50,000 as necessary for the city to use outside consultants and attorneys to review the (likely exhaustive) amendement to the development agreement. The City is not obligated to continue reviewing the agreement if the funded balance drops below $20,000 and the City believes no agreement can be made. NOTE THAT THIS FUNDING AGREEMENT DOES NOT BIND THE CITY TO APPROVE THE DEVELOPMENT AGREEMENT AS ORIGINALLY PROPOSED.

We still do not know what the amended development agreement proposes, because the funding agreement needs to be approved before the application process formally takes place to begin the amendment process. My opinion of course, but I'm sure they've been already discussing amendments for months - I would guess they are in final stretch, and for good reason. The supply of finished lots is continuing to drop, and the builders will have to begin offsites and improvements soon.

The agreement is here: http://henderson.siretechnologies.com/sirepub/cache/2/uyx5xm450kk4wh45m0l3hk55/3960810112012110549720.PDF

Indemnification agreement (smart!): http://henderson.siretechnologies.com/sirepub/cache/2/uyx5xm450kk4wh45m0l3hk55/3961010112012110638330.PDF

For the indemnification agreement, I'm going to go out on a limb and guess that the biggest opponent to modifications will be the bond issuers (large institutions) who will have to discount their notes based on modified costs/funding. But many other third parties with interests in these improvements may wish to oppose this modification agreement as well. I just think the bond issuers will have the most skin in the game, so to speak. The indemnity deficiency is estimated at $7MM, based on Inspirada Builders, LLC's commitment to acquire a standby letter of credit, which is usually on drawn on in the event that an adverse judgement is awarded.

LID Modification : http://henderson.siretechnologies.com/sirepub/cache/2/uyx5xm450kk4wh45m0l3hk55/3961210112012111026834.PDF

The above modification agreement is significant in that construction acquisition costs will likely be reduced, as opposed to being increased ... its the only reason I can think of modifying an agreement dated before the real estate bubble popped, right? We'll see what the final modification consists of.



FINALLY - http://henderson.siretechnologies.com/sirepub/cache/2/uyx5xm450kk4wh45m0l3hk55/3965510112012111744608.PDF

Here is a glimpse of the uses for the proposed business park that will be located west of Executive Airport, on city-owned land. The proposed FedEx appears more than just "proposed", with a contract out for signature according to this document.


As more information is made available, I will provide more updates.


Happy Thursday!

Your PDF links don't work.

[plaster3]

Well that's unfortunate! Let me see if I can provide a better link below to the agenda as a whole:

SIRE Public Access

The agenda is dated 10-16-12 (or click here: SIRE Public Access). The agenda items in question are CA-6; CA-7 and CA-8. Clicking them will open the supporting materials.

I really hope this works!! PM me if this doesn't work.

[bayview6]

Don't know if this was mentioned in this thread or not, but if it was I missed it. Anyway, it's old news but yesterday I read that the Sloan Gravel Pit project has been abandon by the company that was trying to get it up and running. Great news for Inspirada, 7 Hills, Maderia Canyon and Anthem.

[C_A_Braun]

Originally Posted by plaster3

I'll end with this neat stat - heading home on Via Inspirada you will make that sharp left hairpin turn. To your immediate right is the proposed centerpiece of Inspirada Town Center - Inspirada Station Casino. This was one of the many land parcels Station Casinos had in their possession for future development. This parcel was kept as part of the Chapter 11 Bankruptcy deal with Station and their lenders. Maybe one day, we'll see that proposed casino/convention center/theatre/bowling alley?

Maybe that will give us our damn road ...

I noticed recently that some construction trailers have appeared there. I assume this means that building is either underway or will be soon.

I am not sure yet how I am going to feel about a great big casino so close to home. I know that M and SP are "lose" but not so close that I can almost reach out my window and touch them.

[tradewater]

We intend to attend the Inspirada meeting tonight (6:30 p.m.) at the "M". Hopefully, it will be informative.

Anyone else planning to attend??

[plaster3]

@ tradewater

Any chance you could provide all of us with an update from the meeting if you have the time? I'm away on business and won't be able to make it.

I hope there is a lot of information and questions answered regarding the (hopefully awesome) future of the Inspirada community.