REDEVELOPMENT

Redevelopment is a process authorized under Nevada law that empowers communities to establish redevelopment agencies with the goal of revitalizing deteriorated and blighted areas within their jurisdiction. Redevelopment is a strategic tool that communities can use to transform blighted areas into vibrant and economically viable parts of the city. It leverages public and private resources to revitalize neighborhoods and spur economic growth while preserving the existing tax base for local governments.

Identifying Blighted Areas: Redevelopment agencies work to identify areas within a community that are deteriorated and blighted. These areas may suffer from disinvestment, decay, or other challenges that hinder their economic and social vitality.

Revitalization Planning: Once blighted areas are identified, redevelopment agencies develop comprehensive plans aimed at revitalizing those areas. These plans outline strategies and initiatives to improve infrastructure, attract private investment, and enhance the overall quality of life in the designated areas.

Initial Funding: Redevelopment agencies provide the initial funding necessary to kickstart revitalization efforts in these areas. This funding can be used for various purposes, such as infrastructure upgrades, property acquisition, or the implementation of development projects.

Private Sector Investment: One of the primary objectives of redevelopment is to encourage and attract private sector investment into blighted areas. By providing incentives and improving the overall environment, redevelopment agencies aim to make these areas more attractive to businesses and developers.

Tax-Increment Financing (TIF): Redevelopment activities are typically financed through a mechanism known as tax-increment financing (TIF). Property owners within a designated Redevelopment Area do not pay additional property taxes. Instead, a portion of the property tax revenue generated within the area—the "tax increment"—is allocated specifically for redevelopment activities.

No Additional Tax Burden: It's important to note that property owners within a Redevelopment Area do not face an additional tax burden. The revenue used for redevelopment is derived from the incremental increase in property tax revenue that results from the increased property values within the designated area as a result of the revitalization efforts.

Community and Economic Benefits: Redevelopment activities aim to bring about a range of benefits to the community, including job creation, improved infrastructure, enhanced public spaces, and increased property values.

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Days & Hours of Operation:
Monday - Friday 8:00 am - 5:00 pm
Location:
1755 College Avenue