1. An agency may, with the consent of the legislative body and pursuant to a written agreement with one or more developers or other persons, 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.
2. Within 14 days before a meeting at which the legislative body of a city whose population is 500,000 or more is scheduled to consider an action proposed by the agency of the city pursuant to subsection 1, the agency shall make available to the public a detailed report which includes, without limitation:
(a) A copy of any contract, memorandum of understanding or other agreement between the agency or the legislative body and any other person relating to the redevelopment project.
(b) A summary of the redevelopment project which includes, without limitation:
(1) A full and complete description of:
(I) The costs of the redevelopment project, including, without limitation, the costs of acquiring any real property, clearance costs, relocation costs, the costs of any improvements which will be paid by the agency and the amount of the anticipated interest on any bonds issued or sold to finance the project.
(II) The estimated current value of the real property interest to be conveyed or leased, determined at its highest and best use permitted under the redevelopment plan.
(III) The estimated value of the real property interest to be conveyed or leased, determined at the use and with the conditions, covenants and restrictions, and development costs required by the sale or lease, and the current purchase price or present value of the lease payments which the lessee is required to make during the term of the lease. If the sale price or present value of the total rental amount to be paid to the agency or legislative body is less than the fair market value of the real property interest to be conveyed or leased, determined at the highest and best use permitted under the redevelopment plan, the agency shall provide an explanation of the reason for the difference.
(2) An explanation of how the project will assist in the elimination of blight, including, without limitation, reference to all supporting facts and materials relied on in reaching the conclusions presented in the explanation.
3. Before the legislative body may give its consent to an action proposed by the agency pursuant to subsection 1, 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.
Those determinations by the agency and the legislative body are final and conclusive.
4. 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.
5. 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; 2013, 2273; 2017, 3417)