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Agency reports stronger-than-expected revenues, outlines process for new redevelopment designations
Summary
Director Anthony Malloy told the board the agency has collected about $47 million (roughly 110% of expected revenue) through the third quarter and said staff is monitoring areas that may qualify as new redevelopment zones under NRS 279; board members asked about sunset timelines for existing areas.
At the meeting, Anthony Malloy delivered the redevelopment agency's third-quarter financial update and fielded questions about redevelopment area sunsets and the designation process.
Malloy said the agency is about two-thirds through the fiscal year and has collected approximately $47 million for all redevelopment areas, representing roughly 110% of what had been budgeted for revenue collections to date. He said the agency will pursue a budget augmentation because revenues have exceeded earlier expectations.
A board member asked which redevelopment areas are closest to their sunset dates. Malloy said he believed Cornerstone and Tuscany have around 10 years remaining and offered to follow up with specific dates. He described the statutory process for designating a new redevelopment area under NRS 279, saying the agency evaluates physical conditions, economic and social indicators, levels of poverty, and demographics to build the case for designation and that a public hearing and property-owner notification are required.
One board member praised the agency's long-term work downtown and said the redevelopment areas have produced visible benefits over decades. The board voted to accept the third-quarter financial update; the clerk reported all members voted in favor and that the motion was made by member Stewart.
Staff said it will provide specific sunset dates on request and continue monitoring areas that may qualify for future redevelopment designation under state criteria.
