Somersett Parkway was constructed with a $18M bond financed through the city of Reno. Residents pay a quarterly special assessment to repay this bond, and there is just under $8M in principal to pay off.
Reno has found a way to refinance these bonds, and it will save the average Somersett homeowner $100 per year in interests payments. That’s good news on a rainy day! This $8 per month is exactly the amount needed to buy the golf course, ironically.