Reno Housing Authority delays decision on Sarrazin Arms sale amendment

The Housing Authority of the City of Reno deliberated on a proposed Third Amendment with Reno Real Estate Development, LLC to extend the Sarrazin Arms Apartments due diligence period to February 29, 2020 while keeping an April 1, 2020 closing date. Commissioners also directed staff to explore a counteroffer, including potential seller financing by the Housing Authority, with decisions deferred to a February 13, 2020 special meeting.

Document date · February 5, 2020

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Scope & details

The full contract record, as filed.

Contract amount

$2.127 million (proposed reduced purchase price)

Contract type

OTHER

Contract term

Due Diligence proposed extension to February 29, 2020; closing targeted for April 1, 2020; rents capped at $783 for three years with relocation of sub-$783 tenants within three years (as discussed)

Renewal date

2020-02-29

Renewal

Third Amendment to extend due diligence to February 29, 2020 and potential Fourth Amendment for counteroffer terms were discussed; no amendment was approved at this meeting.

Document type

Meeting Minutes

Source document

city-of-reno-housing-authoritymeeting-minutes2020-02-05_5ae.pdf

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the government contract by city OF RENO HOUSING AUTHORITY?

Reno Real Estate Development Llc was awarded this government contract by city OF RENO HOUSING AUTHORITY, as recorded on February 5, 2020. The contract value is $2.127 million (proposed reduced purchase price).

How much is the Reno Real Estate Development Llc contract with city OF RENO HOUSING AUTHORITY worth?

The Reno Real Estate Development Llc contract with city OF RENO HOUSING AUTHORITY is valued at $2.127 million (proposed reduced purchase price).

What type of contract is this?

This is a government contract, documented as a meeting minutes record.

Where was this contract approved?

This contract appears in city-of-reno-housing-authoritymeeting-minutes2020-02-05_5ae.pdf (Meeting Minutes), dated February 5, 2020 from city OF RENO HOUSING AUTHORITY. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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