The Fernley City Council accepted a petition at its July 16 meeting from Mark IV Capital for the
city’s first private property Special Assessment District (SAD) for improvements to Nevada Pacific Parkway.
Mark IV requested the formation of an SAD to finance construction of the Nevada Pacific Parkway, linking the road between I-
80 exit 50 and U.S. 50A at an estimated construction cost of $114.75 million.
The council approved guidelines and procedures for adoption of property owner initiated SADs
on June 4, allowing property owners to petition for an SAD to fund a variety of public
infrastructure and improvement projects.
Under the adopted guidelines, the city has no obligation for any bonds issued under an SAD to
pay for the improvements. Instead, property owners within the district who benefit from the
improvements pay for the bonds, with annual assessments being proportional, based on each
property owner’s benefit from the improvements.
Deputy City Manager Lydia Altick said the application and petition process is about 75 percent
complete. Once completed, the formal SAD petition will be brought before the city council for a
public hearing, she said.
Improvements proposed under the SAD include extending construction of the road itself to U.S.
50A, a bridge over the Union Pacific Railroad tracks, a multi-use path, street lighting,
intersection improvements, curb and gutter, as well as stormwater and other utility relocations,
Altick said.
She also said Mark IV is responsible for all costs of the project’s initiation, including engineering
costs, bond underwriters, the city’s financial consultant, bond counsel, city staff time spent on the
project and all appraisal and environmental review costs.
The council praised Mark IV for its initiation of the process to complete construction of the
Nevada Pacific Parkway and unanimously approved the SAD petition application with the
following conditions:
1. Mark IV will contact other property owners regarding the formation of the SAD and obtain
their buy-in or rejection of the proposal.
2. Provide the most recent appraisal of Mark IV property to ensure the current value is higher
than the proposed assessment.
3. Provide desired timing of the SAD formation, bond issuance and project expenditures.
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