GRGID comes up with loan criteria for sewer hookups
All the kinks haven’t been worked out yet, but the Gardnerville Ranchos General Improvement District decided to loan residents the money for the remaining sewer conversions.
The trustees spent about two hours Wednesday night coming up with criteria and terms of the loans to be provided to residents who cannot finance the conversions themselves.
“I know we’re sticking our necks our over this and I have no doubt there will be problems, but as far as I’m concerned, we’ll do the best we can,” said trustee Al Wagner.
Trustee Dewey Jay made a motion to use sewer funds to loan up to $500,000 to residents for the sewer conversions and Wagner seconded it.
The money will be made available by GRGID, but the escrow loans, deeds of trust and promisary notes will be handled through Western Title.
The homeowner will pay a $100 fee for the title search, a $20 dispersment fee and $6-a-month fee to Western.
All closing costs will probably be the responsibility of the homeowner.
The trustees still have to set the criteria for approving residents for the loans an work out a loan agreement, including certain terms of the loan.
The trustees will take turns sitting on a committee with district administrators to go through the applications and approve the residents.
The loans must be repaid within 15 years.
“People will tell us what they can afford within 15 years,” said District Manger Bob Spellberg said.
The full repayment would also be due in the event the house is sold.
GRGID will start with a 5.75 percent, plus 1 percent interest rate but it will be adjustable.
The interest rate will be lower than a bank charges, adjusted every six monthsbased on what interest rate the district receives on its investments.
n Let the negotiations begin. A special meeting will be held next Wednesday at 7 p.m. to meet with representatives of T.E. Berthenolli & Associates.
The construction company wants the board to consider repaying them for a mistake the company made on the plans, or specifications, for the 1998 street improvement project.
District Engineer Paul Lumos said the company was over the 10-day deadline to bring up problems since the contract was awarded and was in violation of the bid process by not beginning construction.
However, a company representative said it would like to get started, but is concerned the firm will lose money on the project.
“We really sharpened our pencils on this one and so this number is significantly below what it will cost us,” said Michael Keeney, of Berthenolli & Associates.
The company wrote the amount for one part of the project in the specs as $1,400 rather than the $14,000 which is the estimated cost.
“We sent him a letter telling him what the discrepancy was, but that letter and the contracts were never given to the owner,” Spellberg said. “So now he wants to negotiate, but we have no signed contracts to negotiate.”
n Down the drain. Also at the special meeting the trustees will discuss how to fix a drainage problem near C.C. Menely School from Mitch Drive to Muir Drive.
The board discussed the item Wednesday and Spellberg provided trustees with three options ranging in cost from $24,750 to $68,750.
Spellberg said he thinks the problem should be taken care of permanently by putting in the underground drain pipe, but that is the most expensive option.
The cheapest option includes no cement drainage ditches, just grading the dirt to run into a certain direction.
On Wednesday, Spellberg will tell the board whether the $68,750 is available in the budget.
n Stop sign. The board approved a stop sign at the corner of Pleasantview Drive and Springfield Drive.
The item now has to be approved by the Douglas County Commissioners.
n Approved. Developer Greg Lynn asked the board to approve the road and sewer improvements for Pleasantview phase VII so he can begin building homes in that area.
Spellberg advised the board he walked through the area and Lynn had done a high-quality job that left the Ranchos with excellent roads, an underground drainage ditches and a large retention tank.
The board unanimously approved the improvements.
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