The City of Las Vegas Redevelopment Agency on Jan. 15 authorized a first amendment to a master lease agreement to support tenant improvements for a market hall at the northwest corner of D Street and Jefferson Avenue.

Dina Babski, director of economic and urban development, said the multiuse project in the Historic West Side is being developed by Cherry Development and includes workforce housing, retail and a food-hall incubator concept that city planners prioritized in prior planning work. "The lease was executed in November of last year. With that said, it's a 15 year lease, with 2 options to renew for 5 additional years," Babski said, adding that the total lease value over 25 years is close to $15 million.

Babski said the amendment would allow up to $1,000,000 in eligible tenant-improvement costs and that the agency was also being asked to authorize reimbursement of "a little over $200,000" for design work the developer already completed. Grant Garcia, a development partner, said the project team has received inquiries and is collecting interest but that there were no signed letters of intent for tenants at the time of the meeting.

Council members expressed support for the food-hall incubator concept and one member moved to approve the amendment. The motion carried; the transcript records "Motion passes" without a roll-call tally.

Staff noted an earlier ARPA allocation of $1,000,000 toward tenant improvements referenced in the staff presentation; the authorization approved at the meeting permits the agency to proceed with the tenant-improvement funding under the master-lease structure.