Nugget Project: Breaking down the lease numbers
When P3 Development presented an update on the Nugget Project on Sept. 27, they included a range of estimates for annual lease payments that Carson City would have to pay for the public portion of the project.
Those payments ranged from $946,000 to $2.2 million per year.
But it wasn't clear then was how much of those lease payments was for the land owned by the Hop & Mae Adams Foundation, and how much would go to P3 for the lease-to-own deal for the buildings.
Because both transactions are termed as leases, some have been confused about which is which. In fact, it wasn't entirely clear from the presentation if the land lease was included at all.
So I asked City Manager Larry Werner if he could clear up the confusion.
Werner said that those lease figures do include the land lease, which they have estimated to be $100,000 per year, and includes the land under the library/discovery center, public plaza, transit hub and parking structure. The rest of the money would go to P3 Development for the structures.
Hope that clears up the confusion.