Showing articles 1 - 1 of 1 tagged as "k hovnanian"

In bad economy, developers get paid a little at a time

Nearly seven years after completing infrastructure work for housing developments in Natomas, developers are still receiving reimbursement payments from the city as part of an unusual “pay-as-you-go” arrangement between the city and the developer. “(This situation) is unique in that the city doesn’t pay for everything at once,” City Councilwoman Angelique Ashby said Tuesday. When the City Council agreed Tuesday to take $1.1 million from a Mello Roos special tax fund to reimburse a developer for public improvement projects, it was the eighth such payment in four years on an ongoing agreement that is usually handled a different way. Typically, the city issues bonds to pay builders immediat

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