The City of Fernley has bee working for approximately 15 months on the creation of a Traffic Impact Fee. The fees would be based on the trip impacts of a particular development on the roadway system of the community. Currently, the Regional Transportation Commission of Reno, Sparks and Washoe County, the City of Sparks, Las Vegas and Mesquite have these fees within our state. In March, a draft recommendation on the proposed costs of these fees to development was presented to the Fernley Capital Improvements Committee. In the area of housing the fees were approximately the same as the RTC Fees for Reno, Sparks and Washoe County. In the commercial area the proposed fees were 3-4 times greater than Washoe County. In the Industrial Area they were greater but not to be the same magnitude. There have been a number of hearings and workshops on these proposed fees since March. Approximately 25 Fernley Landowners and Businessmen are actively fighting these fees along with the Fernley Builders Association. It is the belief of these groups that the fees are too high and would have the reverse effect of generating revenue by stopping the new growth that would pay these fees. It is also apparent that the City of Fernley has no adopted Capital Improvements Program from which individual projects can be selectively chosen and funded as well as no Transportation Master Plan forming the foundation of such a fee.

The business, real estate, development community as well as citizens wanting basic commercial services are concerned that this fee will make Fernley less economically competitive with the surrounding communities here in the middle of a regional recession.

It appears that this discussion will be taking place during the election season from now until October. With the increasing price of gasoline and the drop in housing value many Fernley residents see this proposed fee as a way to truly restrict growth without understanding the true consequences. The next CIP meeting is Wednesday, July 23 at 6:00 PM at the Fernley City Hall at 595 Silver Lace Blvd. in Fernley. If you have any interest in contacting the elected or appointed officials call the city at 784-9830. They do need to hear from the public on this most critical issue. You may also contact Greg Evangelatos with Fennell & Associates, Commercial Real Estate Solutions at 775-850-3104 or 775-412-5455 for more information.

Ron Boles, CCIM of Fennell and Associates, commercial real estate solutions, of Reno, Nevada succesfully completed the sale portion of a lease option negotiated over 5 years ago. Despite the trouble in the finance industry the Coral Academy of Science was able to secure bond financing neccessary to complete the purchase of their building located at 1350 E. 9th Street, Reno, Nevada.

Ron Boles, CCIM of Fennell and Associates, commercial real estate solutions, of Reno, Nevada successfully completed the sale of multifamily land with a 1,230 sf single family residence in Sparks Nevada. Originally priced at $295,000 the property end up selling at $182,500. The key in this market is for the principals to be flexible to get the transaction done, unfortunately this can be financially painful to the Seller… just two years ago this was turned around it was the Buyer who was in the financial pain… I look forward to a balanced market without the pain.

Aaron Smith with Fennell & Associates, Commercial Real Estate Solutions, has recently become a member of the University of Nevada, Reno Alumni Association.

Ron Boles, CCIM of Fennell and Associates, commercial real estate solutions, of Reno, Nevada succesfully completed the lease of a new office space for Aesthetic Dental Designs. After searching over 15 possible properties through the diligent hard work of Ron Boles, CCIM the dental lab Aesthetic Dental Designs settled on a space in Dennis Banks office park on Maestro Drive. Dennis was a pleasure to work with and his construction company was quick to respond to a short time frame in the build out of the space. With the office market slow at this time it really pays to shop around a bit when reviewing where you are going to be located and at what price. There are deals in both office sales and leases right now.

Fred Miller, SIOR and Cathy Shanks, CPM of Fennell & Associates, Commercial Real Estate Solutions of Reno, Nevada successfully completed at 13,463 square foot industrial lease in Sparks, Nevada. Fennell & Associates represented The Quincy Mill in the lease transaction. The tenant is an environmental company and signed a five year lease.

Would like to congratulate Tom Young for representing the Sellers of three properties at Victorian Square to the Sparks Redevelopment Authority.

Aaron Smith successfully represented the Tenant, Mujahid Rasul, M.D., in leasing 540 Plumb Lane, Suite A.

Harvey Fennell has just listed vacant land at Prototype Court in the South Meadows Business District.  .77 acres with .77 acre feet of water.  Ideal for light industrial or office building.  Contact Harvey at 775.850.3100 for more information.

Tom Eberle has recently closed the sale of his client’s industrial building at 740 Bennie Lane.  Good work, Tom!