Henderson redevelopment agency adopts $114.5 million FY 2025–26 budget

At a redevelopment agency meeting, the Henderson Redevelopment Agency voted to adopt its FY 2025–26 budget following a presentation from Director Anthony Malloy.

Malloy said the agency expects assessed value across its redevelopment areas to rise roughly 10%, from $2.6 billion to $2.9 billion, and tax-increment revenue to increase by about 18%, from $43 million to $50.5 million. He listed estimated bond proceeds of $62 million for a future East Side bond issuance and total budgeted bond expenditures and inclusive expenditures of $114.5 million. He also said the Clark County School District set-aside is estimated at about $7.2 million and that the budget complies with applicable state statutes.

“We believe that our incremental assessed value will increase by 10% from 2,600,000,000.0 to 2,900,000,000.0,” Malloy said, and later added that tax-increment revenue “will increase by approximately 18% from 43,000,000 to 50,500,000.0.” He told the board the agency had not received any public comment on the tentative budget while it was available online.

During a brief exchange, a board member asked whether redevelopment revenue is based solely on property tax; Malloy confirmed that incremental financing comes from property taxes and emphasized statutory limits on how redevelopment funds may be used, citing NRS 279.

The chair closed the public hearing after staff reported no speakers had queued and the board then voted to adopt the FY 2025–26 redevelopment agency budget; the clerk reported that all members voted in favor and that the motion was made by member Cox.

Next steps for the agency include execution of the adopted budget and any required follow-up reporting; Malloy also invited questions and offered to provide additional detail on particular line items if board members requested them.