Bill > SB402

This bill establishes a framework for creating restoration improvement districts (RIDs) in Nevada municipalities to support building restoration projects. Specifically, the bill allows a city or county governing body to create a district for restoring buildings that are at least 50 years old and have been unoccupied for at least 10 years. To qualify, the restoration project must preserve the original character of the building. The municipality can pledge a portion of property tax proceeds from the district to help fund the project, with some restrictions. Public bodies can opt out of having their tax revenues included in the pledge. The bill requires a recorded deed restriction prohibiting certain types of businesses (like unrestricted gaming operations) from operating in the restored building for at least 20 years. The developer will receive annual payments from the pledged tax revenues, with the agreement automatically terminating after 20 years. Additionally, any construction work on the project must comply with prevailing wage requirements. The bill aims to incentivize restoration of historic or long-vacant buildings by providing a financial mechanism for municipalities to support such projects while ensuring long-term preservation of the building's character.

Budget and Finance, Government Affairs

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12719/Overview