State to auction potential land coverage
For the first time, the Nevada Land Bank will auction potential land coverage available within the Stateline, East Shore, Incline Village and Agate Bay areas.
At 9 a.m. on May 25 at 901 Stewart Street in Carson City officials from the Nevada Division of State Lands will offer prospective bidders access to Class 1a, 1b, 4 and 6 potential coverage for building projects in the Tahoe basin.
“With building season starting up we’ve been getting quite a few phone calls for coverage,” said Elizabeth Harrison, a Land Agent II for the Nevada Division of State Lands. “A lot of times if someone is expanding a home or remodeling they can use potential coverage.”
Harrison said the auction serves several functions.
“The purpose of the land bank is to serve the public,” she said. “In a MOU (memorandum of understanding) with TRPA (Tahoe Regional Planning Agency) we can used different funding to retire and restore coverage in the basin.”
A majority of the coverage up for auction in Incline is Potential Class 1a and 1b. Ten thousand square feet of Potential Class 1a and 1b will be sold for a minimum bid of $27 per square foot. Nine thousand square feet of Restored Soft Class 1b will be sold for a minimum bid of $30 per square foot and 6,000 feet of Restored Soft Class 6 will be sold for a minimum bid of $20 per square foot.
North Shore architect Dale Smith explained that potential coverage is land that has not been developed, such as a empty, bare lot, and hard coverage is land that has been developed, such as a paved driveway.
He also elaborated on the need for an auction. “Class 6 coverage is the Volkswagen of land coverage,” he said. “It’s everywhere and a lot of people are sitting on some they may never use or sell because no one wants or needs it.
“Class 1a is the Ferrari of land coverage. There isn’t a lot of it and $27 a square foot is a good price.”
Smith said people who are proposing new homes or commercial projects may need coverage and the land auction could be a good way to get it.
“I think the State Division of Lands is trying to generate awareness that they have coverage for sale,” he said. “I’m aware of it, and other builders and design professionals should be because it’s important to our business.”
Prospective bidders must submit an application and a sealed bid for purchase or transfer of land coverage through public auction by 5 p.m. on May 17 to the Nevada Division of State Lands. For more information contact the Nevada Division of State Lands at http://lands.nv.gov/.
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