Sparks developer’s Chapter 11 blamed on economy
SPARKS (AP) – Sparks Mayor Geno Martini and a Kiley Ranch Communities representative are blaming the company’s bankruptcy filing on the sour economy.
Martini told the a Reno newspaper on Tuesday the company’s Chapter 11 filing on Aug. 26 is “devastating” for the city.
The 800-acre residential, commercial and business developmment was approved by the City Council in 2005.
Court records filed in U.S. Bankruptcy Court in Reno show the developer estimated assets at $10 million to $50 million and liabilities at $50 million to $100 million.
Company spokesman Justin Potter confirms the economy played a role in the move.
Potter tells the Sparks Tribune that officials have been advised not to say much else.