Houses to make history in Novato
By Betty Dietz
The Marin Independent Journal
Aug 3, 1985
Ground may be broken next week for a group of homes that could make a bit of Novato history.
Called the Pacheco Ranch Estates, the project will be the first in 20 years in Novato to begin development under a city-apporved assessment district.
That means a lower financing rate for the developers and probably lower costs to the buyer, according to Marilyn Leuck, assistant city manager.
“We are lending the developer the city’s good name so he can acquire better financing,” Leuch said.
In return, the city expects to benefit by having public streets constructed at no public expense and by having more affordable housing in Novato.
The developers are Anton Selkowitz of Corte Madera, L.H. Daniels of Novatoe, Raymond D. Young of Novato, and John Hallenbeck of Emeryville.
While the Pacheco Ranch project will not be affordable to the ordinary middle-income family — parcels sell for $80,000 to $275,000 - the developers, as part of the deal, have agreed to donate $84,000 to the Skylark Meadows housing project near Highway 101 across from Hamilton Field.
Pacheco Ranch, located in the hills beyond the intersection of Rowland and Novato boulevards, ultimately will accomodate 50 homes on 103 acres of the original land grant of Ignacio Pacheco.
Under the assessment district, developers have secured a fixed rate of 9.9 percent for 15 years to construct streets and provide ulilities to the property. Regular market rates hover at 12 to 13 percent.
The parcels range in size from one-half to six acres. Included in the price is an assessment against each lot to cover improvements.
To illustrate how the assesment district could affect individual property buyers, Selkowitz used a theoretical property assesment of $75,000. At 9.9% for 15 years, payments would be $801 a month. At 12.75%, which some banks are now charging, payments would be $937 a month.
“For this, they will get a fully improved lot with a long driveway.” Selkowitz.
He added that some of the the private drives will be as long as one-eighth mile.
In addition, the assessment district payments are made only twice a year, allowing the monthly stipends to be paid to an interest bearing savings account until the payment deadline.
The unusual arrangement came about after the city relaxed its policy on setting up assessment districts.
There was no interest by developers in the city’s assessment district policy for two decades Leuck said it was an inquiry by a developer a year ago that made realize their assesssment district policy was outdated and too restrictive.
Construction of the first phase of Pacheco Ranch Estates, set for 18 homes, can begin after Wednesday, when the bond closing is scheduled.
“Understated elegance” is how Selkowitz described what he hopes to see on the land. An architectural review commitee will assure that good taste is followed when property owners design and build their homes, he said.
“Construction on certain portions of the property will prohibited to maintain the natural beauty and views,” Selkowitz said.
Other restrictions will include a requirement for fire-resistant roofing materials and sprinkler systems in all the homes and gardens.