1. Except as otherwise provided in subsection 2, if an agency proposes to provide an incentive to a developer for a redevelopment project, an amount equal to 10 percent of the amount of the proposed incentive must be withheld by the agency and must not be paid to the developer until:
(a) At least 15 percent of all employees of contractors, subcontractors, vendors and suppliers of the developer are bona fide residents of a redevelopment area described in NRS 279.6092, an area in the city for which the legislative body has adopted a specific plan for neighborhood revitalization or which is eligible for a community development block grant pursuant to 24 C.F.R. Part 570, or the Southern Nevada Enterprise Community;
(b) At least 15 percent of all jobs created by employers who relocate to the redevelopment area are filled by bona fide residents of any of the areas described in paragraph (a); and
(c) The developer satisfies all reporting requirements as described in NRS 279.6098.
2. If an agency provides incentives in a form other than cash to a developer for a redevelopment project, the developer shall deposit an amount of money with the agency equal to 10 percent of the value of such incentives as agreed upon between the agency and the developer. If the developer satisfies the requirements of subsection 1, the agency shall return the deposit required by this subsection to the developer.
(Added to NRS by 2013, 1572)