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Lake at Las Vegas requests court approval of master plan improvement funding agreement
By Jennifer Lanning Drey
Portland, Ore., June 14 - Lake at Las Vegas Joint Venture, LLC requested court approval of a master plan improvement funding agreement, according to a Friday filing with the U.S. Bankruptcy Court for the District of Nevada.
The master funding agreement provides for the release of more than $30 million in surety bonds issued by Travelers Casualty & Surety Co. of America.
According to the filing, Travelers issued more than $30 million of surety bonds for various obligations of Lake Las Vegas at its planned community. The majority of the bonds are subdivision improvement performance bonds issued to the City of Henderson, Nev.
Upon release of the surety bonds to Travelers, it will transfer a combined $8 million in cash to the Lake Las Vegas Master Property Owners' Association (MPOA) and the City of Henderson for the company's obligations to construct off-site improvements.
The MPOA will use the cash to fund reserves.
The MPOA's receipt of the cash will fulfill Lake Las Vegas' obligation to fund that portion of the MPOA reserves.
The City of Henderson will hold the cash it receives as security in lieu of the posting of new surety bonds related to Lake Las Vegas' obligations to construct off-site improvements.
As Lake Las Vegas completes an off-site improvement project, the cash being held as surety for completion of that project will be released back to the company.
A hearing is scheduled for June 21.
Lake at Las Vegas Joint Venture LLC, a 3,592-acre master-planned residential and resort community, filed for bankruptcy on July 17, 2008. Its Chapter 11 case number is 08-17814.
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