279.486 - Purchase and construction of certain buildings, facilities and improvements; contribution by and reimbursement of community or other governmental entity.
279.486 Purchase and construction of certain buildings, facilities and improvements; contribution by and reimbursement of community or other governmental entity.
1. An agency may, with the consent of the legislative body, pay all or part of the value of the land for and the cost of the construction of any building, facility, structure or other improvement and the installation of any improvement which is publicly or privately owned and located within or without the redevelopment area. Before the legislative body may give its consent, it must determine that:
(a) The buildings, facilities, structures or other improvements are of benefit to the redevelopment area or the immediate neighborhood in which the redevelopment area is located; and
(b) No other reasonable means of financing those buildings, facilities, structures or other improvements are available.
Ê Those determinations by the agency and the legislative body are final and conclusive.
2. In reaching its determination that the buildings, facilities, structures or other improvements are of benefit to the redevelopment area or the immediate neighborhood in which the redevelopment area is located, the legislative body shall consider:
(a) Whether the buildings, facilities, structures or other improvements are likely to:
(1) Encourage the creation of new business or other appropriate development;
(2) Create jobs or other business opportunities for nearby residents;
(3) Increase local revenues from desirable sources;
(4) Increase levels of human activity in the redevelopment area or the immediate neighborhood in which the redevelopment area is located;
(5) Possess attributes that are unique, either as to type of use or level of quality and design;
(6) Require for their construction, installation or operation the use of qualified and trained labor; and
(7) Demonstrate greater social or financial benefits to the community than would a similar set of buildings, facilities, structures or other improvements not paid for by the agency.
(b) The opinions of persons who reside in the redevelopment area or the immediate neighborhood in which the redevelopment area is located.
(c) Comparisons between the level of spending proposed by the agency and projections, made on a pro forma basis by the agency, of future revenues attributable to the buildings, facilities, structures or other improvements.
3. If the value of that land or the cost of the construction of that building, facility, structure or other improvement, or the installation of any improvement has been, or will be, paid or provided for initially by the community or other governmental entity, the agency may enter into a contract with that community or governmental entity under which it agrees to reimburse the community or governmental entity for all or part of the value of that land or of the cost of the building, facility, structure or other improvement, or both, by periodic payments over a period of years. The obligation of the agency under that contract constitutes an indebtedness of the agency which may be payable out of taxes levied and allocated to the agency under paragraph (b) of subsection 1 of NRS 279.676, or out of any other available money.
(Added to NRS by 1959, 655; A 1981, 763; 1985, 2072; 1993, 1329; 2003, 644)