RENO, Nev. (AP) -- Environmentalists and developers have reached an agreement over two major projects planned for scenic Martis Valley near Lake Tahoe.
The pact will allow construction of an upscale Sierra golf course and residential community while raising more than $72 million to preserve open space and provide housing for workers in Truckee, Calif.
The settlement between developer DMB/Highlands and conservation groups Sierra Watch and the Mountain Area Preservation Foundation ends a two-year-old legal dispute over the Siller and Hopkins ranches south of Truckee.
Under the deal, developers agreed to abandon plans for 65 exclusive homes and an 18-hole golf course on the Hopkins Ranch. Instead, the 280-acre property will be reserved for open space and deed-restricted homes affordable to the area's work force.
In return, the 2,100-acre Siller Ranch project would go forward with 653 upscale homes and an 18-hole golf course. Plans for a second Par 3 golf course on the property were dropped.
Developers also agreed to impose a conveyance fee for home sales and resales on the Siller property, with money going to preserve open space, restore habitat and build work force housing. The fee is expected to raise more than $72 million over 25 years.
"It's much more than a settlement, it's really an agreement for our future," said Eneas Kane of DMB/Highlands.
David Welch, president of Sierra Watch, said revenue raised through the conveyance fee will provide widespread benefits for a sensitive mountain environment.
"The true value will only be seen in the years and generations to come," Welch said. "It's a better future for Martis, a better future for the Tahoe-Truckee region and a better future for the Sierra Nevada."
The agreement is similar to others affecting development in the Martis Valley, a scenic stretch of woods and meadows between Truckee and Lake Tahoe.
Plans to build at least 6,000 new homes and several golf courses in the area resulted in widespread criticism by environmentalists, lawsuits and subsequent efforts to reach compromise.
East-West Partners, another major Martis developer, agreed last year to raise $30 million over 25 years to preserve open space, among other things. East-West is building 212 condominium units and a commercial complex at the Village at Northstar, and announced plans Wednesday to build a Ritz-Carlton Hotel and another 1,450 condo units at the Northstar-at-Tahoe ski resort.
Copyright 2006 Associated Press. All rights reserved.
