Somersett Special Assessment District

Somersett UnitedThe Reno City Managers office is submitting a “Staff Report” (for possible action) to the Reno Mayor and City Council for the refinancing of Bonds associated with the construction and financing of the Somersett Parkway. The debt service on these Bonds is being paid for by Somersett property owners within Special Assessment District No. 4 (SAD#4). Details associated with the proposed refinancing may be accessed by clicking on the following link:

Staff Report – SAD#4 Bond Refinancing

Per the preceding Staff Report, it is estimated that $1.75M in interest savings, over the remaining life of the Bonds, could be achieved by refinancing. This would result in approximately $100/year in reduced assessments to SAD#4 property owners. That is, Somersett property owners.

This is a City of Reno assessment issue and should not be confused in any way with SOA annual or special assessments.

Credit is given to REreno (A Blog website on Reno/Sparks/Washoe County real estate news) for bringing this to our attention.

4 thoughts on “Somersett Special Assessment District

  1. Why didn’t the Somerset Board tell the owners living in Somersett-Del Webb-The Vue-The Villages about this possible action to be taken by the Reno City Council regarding the possible refinancing of the 2002 Special Assessment District 4 (SOMERSETT PARKWAY) Limited Obligation Improvement Bonds in the amount of $7,825,000??? Owners should know what is going on in their community whether they are directly affected or not.

    Why do owners have to find out from other sources instead of from their Board what is going on regarding property they own, live by, and in this case, drive on every day?

    Somersett United is glad to post information for owners that the Somersett Board hides. All owners may post articles (send to and comments. An informed association means less rumors and enables good discussions on the issues.

    1. I don’t believe there will be rebates to those who paid the full amount up front? No one knows for certain as the City Council has not yet approved this matter yet. However, one could go to the Council meeting and request that refunds be given.

  2. Joe, why is it that you feel you must turn this issue against the SOA board? Did you bother to ask them if they know about this staff report? Maybe this was going to be part of the next SOA meeting? Maybe the board was going to wait until they had more information. Why is the ONLY option, in your opinion, that they are trying to hide information from the homeowners? Why not ask how come the City of Reno didn’t send out notification to all of the SOA residents? Isn’t their responsibility to keep residents informed of what’s going on in their neighborhoods?

    It’s very clear you hate everything about the SOA, the Country Club, the Developer and the Builders in this wonderful community. Some how you even manage to spin something as great as a possible SAD reduction in to more ammunition for your personal agenda.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s