There we go.

Welcome back, Sam.

Items listed on this agenda may be taken out of order out of the order presented.

Two or more agenda items for consideration may be combined, and any item on the agenda may be removed or related discussion may be delayed at any time.

Backup material for this agenda may be attained from Luann D.

Holmes, City Clerk at the office of the city clerk, 495 South Main Street, second floor on the city's webpage at WW Las Vegas Nevada.gov.

Can we get have a roll call, please?

Chair Doherty.

Excused Vice Chair West.

Excuse Member Cherry.

Present.

Member Schlottman.

Present.

Member Johnson.

Excuse Member Nelberg.

Present.

Member Riley.

Present.

Member Loden.

Excuse Member Ortiz Thompson.

Present.

You have a quorum.

Thank you.

And um item number two announcement regarding that we are in compliance with the open meeting law.

We are compliant.

Oh, thank you.

Uh moving on to public comment.

Public comment during this portion of the agenda must be limited to the matters on the agenda for action.

If you wish to be heard, come forward and give your name for the record.

The amount of discussion as well as any amount of time any single speaker is allowed may be limited.

Seeing nobody, we'll go on to item number four.

Approval chair, if you can close the public comment.

Yep.

Closing, we will now close the public comp portion of the agenda and move on to item number four.

Thank you.

Uh for possible action to approve the final minutes by reference of the regular minute meeting of October 28th, 2025.

Can we get a motion?

I'll make a motion to approve.

Thank you.

There's a motion on the floor.

Please cast your votes.

Aye.

Aye.

Aye.

Aye.

Aye.

That motion carries.

Okay, moving on to item number five, report by Tracy Reich, redevelopment manager regarding development area incentive changes.

Good afternoon, everybody.

Uh Tracy Reich, redevelopment manager for the record.

On the 21st, uh, we took the uh changes to the incentive programs that we discussed at our last CAC meeting to the city count the RDA and City Council for approval.

They approved that approve those.

I wanted to just run through them and give you a quick update where we landed.

Um the recently uh proposed, we I suppose if the clicker's up there.

Because I'm too lazy to go up and get there.

So on the recently uh approved business security program, we made two little tweaks on this program.

Uh basically allowing eligibility for buildings that don't have retail storefronts, allowing um property owners to do some upgrades before they have tenants, and then allowing tattoo shops as an eligible business type.

This is a a theme you'll hear throughout the incentives.

Um the first RDA incentives were put together, tattoo shops had a different connotation than they do today, and it was recognizing the need to upgrade that piece.

Uh we made some changes there to where now the maximum that can be uh applied for is 50,000.

Still requires a two to four two for one match.

So for every two dollars a developer uh expends, we can match one dollar up to 50,000 of eligible expenses, unless you're in a targeted area.

We created a new targeted area on the historic west side that is mostly the core from MLK to the freeway.

Uh Bonanza to Owens, I think it is I should have brought the map.

Anyway, it's a targeted area where the uh where the match is not required.

Um there was no definition of significant significant improvement.

We change we updated that to where a significant improvement is defined.

The zoning code list um was out of date.

It did not include form-based code, and by the time we started adding everything in, it was easier to just say these are the zoning codes that are not eligible, industrial manufacturing, single family homes, those ty uh um non-commercial properties.

So we changed that within the application.

Um we added tattoo parlors are eligible.

We did put in that um new construction.

There's a limitation for the first year with new construction.

The intent of redevelopment and these incentives is to reduce blight in a brand new building is already reduced blight, so give them a year to age before they can apply for the program with that.

And then in the application, just emphasizing that permits and entitlements are still required if necessary for their improvements.

We've had a number of folks go to the building department say, Hey, I got a VIP, I don't need permits.

And I guess still need permits.

So just emphasizing that in that program.

On the multifamily residential program, we changed the name from the multifamily residential unit improvement program and the multifamily residential visual improvement program to the multifamily residential renovation program.

Took out a few words, made it a little bit more descriptive of what it actually is.

With both interior and exterior, we upped the amount or the amounts for 50,000 and 25,000 for interior and exteriors.

That we did change the current program was supposed to be four or more units.

It ended up there was a lot of language things in this, and it doesn't match the general idea of what people think of multifamily, which is five or more units, and so we've updated that to five or more units.

A fourplex would still qualify if there were multiple fourplex on one APN acting as a complex versus a single fourplex by itself on an infill piece.

That just is a reflection of the amount of construction costs right now.

The idea was that these are supposed to be substantial improvements.

20,000 per door get you paint, as you all know, it'll get you paint and maybe a couple other things right now.

So moving that needle just a little bit to be in line with today's reality.

And then we also were taking out the blank blanket mass leasing contracts.

So units must be leased to individuals and families for up to 12 months.

So to really keep in line with this isn't for group homes, this isn't this is for putting new units to house individuals and families within our downtown.

Also, this was the intent originally, but it was never really called out, just in the enforcement that single family home conversions are not eligible.

We want to keep our single family homes, we just want more housing on top of that.

And then we added what a definition of a unit is.

We had a bait and switch during one.

Um the switch happened at council, and there was a little bit of a uh explosion between the council person and the applicant, and so we don't want to see that ever again, and created a definition of a unit, which basically is there is a kitchenette, a bathroom, and a living bedroom area with that.

So the basic studio definition or more.

Is we created a new incentive, the tenant improvement program.

Uh, this one rebates up, it's it's very similar for those that have been around a while to the old office tenant improvement program, but it's not limited to office.

It's a commercial tenant improvement program, rebates up to 10% of tenant improvement value, maximum amount that they can be applied for is 50,000 for properties 2,500 square feet to 4999 square feet, and 95,000 for properties at 5,000 square feet and above.

You can have multiple incentives per building.

This is to help with those some of our large office buildings that have multiple floors, different tenants, um, and being able to say that each floor or each section is its own project within itself.

It allows for us to help hopefully help reduce uh vacancy in our commercial buildings by making by helping property owners do tenant improvements to entice tenants to come in there, as well as those that have already signed tenants and can and are looking to increase those pieces.

Um the minimum space is 2,500 square feet of leaseable interior space.

If it is less than that, it can be eligible if it meets other requirements, which are $20 per square foot of qualified improvements and provide and can provide that they are creating 10 new verifiable jobs.

Um the ineligible properties are the same as we see in most of our others, industrial properties, cannabis related operations, privileged licensed businesses, and then of course properties that don't meet the eligibility requirements.

The ineligible properties are the same as we see in most of our others, industrial properties, cannabis related operations, privileged licensed businesses, and then of course properties that don't meet the eligibility and requirements.

So those were the updates that were passed at the last uh city council meeting.

We're in the process of getting those new applications through our graphics design place, and hopefully we'll have them online next week.

Any questions?

Yes, Kelly or Tiz Thompson.

When will this new tenant improvement program begin?

Tracy Reich redevelopment manager for the record.

Technically, no.

It was eligible right after that.

I just don't have the application packet polished.

So it will have it online.

There's a placeholder on the website right now, and if people inquire, we'll start taking doing intake.

It's just we don't have a formal application packet ready just yet.

Yes, uh chair through you.

Uh so the tenant improvement could be office or retail, or could be potentially even food and beverage as long as they don't sell alcohol.

Because it says uh business requiring privileged licenses ineligible, right?

Yes, and we I should have said there is the qualification, like our visual improvement program that a full you know a full tavern license is eligible.

So a food and because most of our food and beverage areas have a full tavern license or whatever is the new technology or the new name is but the VIP would clas or would is what what those particular businesses would go after versus tenant improvement uh program, is that correct?

Well, so the VIP is for the exterior of the building only.

This was it would allow for tenant improvements on the interior, so it would imp it it only would qualify for the interior build out.

Okay, and and when does a owner participation agreement come into effect?

So this would be in this is what we were using OPAs in lieu of this um incentive.

Um we use owner participation agreements for projects that don't fit in any bucket.

Um so we're trying to if we get a bunch of but if we get a number of them that are similar to that, that that means we need an incentive program for that particular thing so that we don't use an owner participation agreement for that.

We then have an incentive program to cover it, and that's we we had tried this with the owner with the office tenant improvement program and didn't get we got like two in the time, decided that it wasn't doing that, but now we're getting we're seeing a number of uh requests through the VIP program that were for interior improvements for food and beverage echo is a good example of of one that we did through an OPA because of that.

We did one in the B of A building as an OPA because of we didn't have the right tools for those type of things.

So this takes that place.

And then I didn't see what what was the contribution the city would be able to make on the multifamily?

Uh it is still 50,000 for interior and 25 for exterior maximum of 75,000 per project.

Okay, thank you.

Uh thank you for all that info.

Okay.

Any other questions?

Seeing no other questions, thank you for the report, and we will move on to item number six report by Tracy Reich, redevelopment manager, regarding an update of the establishment of redevelopment area three.

Tracy Reich redevelopment manager for the record.

This time I have to come up here because I need the camera.

So uh last that for the last couple meetings, we've talked about the establishment of this.

We I in September we had the initial steps um approved so that we could get started, which was proposing a designated area for evaluation, and that's what the map shows in light blue where where that is.

Uh so our steps in the program is we've we are in the middle of the blight study right now, and I say middle, we're almost done with the blight study.

We have um started putting together the preliminary redevelopment plan while they finish up the blight study with the big holes of where you gotta punch in all the data and things, and are looking for doing uh neighborhood meetings and outreach starting in March.

So we are hopefully on track to be at Planning Commission April.

It may be May, because that April deadline's coming up really quickly right now.

Uh, but it with the hope that we would have the readings of the ordinance at the first and second meeting in June and have this adopted by the end of the fiscal year.

Great.

Thank you.

Any questions from the committee about redevelopment area three?

No, seeing none with Trinity.

Yes.

Sure, three years.

So the redevelopment area three has officially been established now and adopted by city council.

Is that correct?

No.

So the study area for redevelopment three is.

So we you we establish the area that will be studied to become the area, then you do the blight study to show that yes, there is a significant blight in the area to be to be remediated, and then you do outreach to let the things that the public know in that area what's going on and get their input, put together a preliminary redevelopment plan.

That plan with an ordinance is then taken to back to planning commission to the RDA and to the city council for adoption.

And once that ordinance has done gone through its sec its first and second hearing, then it's a formally adopted.

And that's what you're thinking will take place in June.

Yes.

Formally being adopted, and that's when the baseline tax records will be set.

Yeah, that's why we're we're really pushing for that because they start those baselines July 1, and if we have all the data to them before then, we can have the baseline at July 1.

Okay, thank you.

Thank you, Tracy.

Uh, we will move on to item number seven.

Don't go far.

I know I'm right.

Redevelopment manager regarding an overview of the op zone 2.0.

So most of you may be aware that um we already have opportunities zones and that they are about to ready to sunset.

It's an echo just a quick overview is as it's uh opportunity zones are uh an economic development tool allowing for individuals to invest in distressed areas.

The idea is that it would spur additional economic growth.

It's like you know, redevelopment in investments.

It provides a tax benefit to the investors.

It's basically allowing them to defer any um tax gains that they have on the sale of items uh to if they defer that into an opportunity zone fund, hold it for 10 years, they can defer the the taxes on those um capital gains.

The first 1.0 is set to sunset in 26.

The investments are good through 2028, but in the big beautiful bill that was passed last year, they created opportunity zones 2.0, made it a permanent uh program.

So this is the current look of opportunity zones.

Don't have to memorize this because I've got another one showing the next stuff.

Um, these are the type of of uh investments that can be made, eligible projects.

Most of them have been in real estate because it's the easiest.

You have to be able to show significant improvement from the investment, and taking a vacant piece of land and putting a building on it is a quick way to show we've done the maximum amount to do that.

You can also invest in new businesses opening in opportunity zones.

There's been nationwide, there's been fewer investments in the in those.

Um you can acquire an existing business and relocate it into an opportunity zone, and then major expansions of business in an opportunity zone.

So say you have a startup that's two, three employees, and all of a sudden they get an IPO, they explode, you got a hundred employees now.

That type of thing would qualify as well.

Our investments that we have seen so far in the redevelopment area have been in real estate.

So the this is this is a really ugly map.

It's hard to discern.

So the it with this is the city limits and the potential eligible census tracks.

The current redevelopment areas are in kind of mint green, darker blue, where the new one is going to be, and then the lighter blue, which is redevelopment area two, and then the white ones are the potential census tracks that could be eligible.

2.0 is uh is kind of a messy process right now.

We are waiting, there's a lot of things we're still waiting to do that.

They passed it without the details.

Typical federal government, when they pass a bill, they got the big broad idea and not all the details to make it happen.

Um, the first investments can happen in 2027, which means the selection process is underway right now, supposedly.

It actually starts in July, but the municipalities have until July to nominate their eligible tracks that they want to see in that zone to the state.

The state will make the recommendation to the federal government, and then this is where it falls down.

We don't know what the approval process is at the federal government or who's going to do it now.

It used to be within the Treasury Department.

Treasury has been um reorganized a couple times in the last year.

So we're not a hundred percent sure if it'll stay with CDFI, which is under the Treasury Department, or if it will be somewhere else.

We're waiting for that.

The other piece is to allow for to be able to say what exact census tracks are going to qualify.

They're waiting for the new American community um survey results, which won't come out until either the end of this month or the beginning of March.

So we're waiting to find out what those are.

That really puts a time crunch of what we can see.

They changed some the some of the eligibility requirements, actually narrowing who is eligible, what a census track would be eligible.

Increase the um or it decrease the amount of um uh income median income that a census track can qualify under.

It also said that uh it also um gave rural areas more bonuses, took a couple away.

It's it's still a little murky how that is all going to play out.

But how the selection process works generically for us is we nominate our area eligible areas to the state.

The state can only select 25% of the eligible areas in the state to nominate to the federal government, which that makes it extremely competitive with that.

The nice part is is outside of the rural areas, most of those eligible census tracks are in Clark County.

So we have a little bit of edge on that part.

But if you 25% of eligible, you know, if there's a hundred eligible in that, there's only 25 of them that are going to be um selected uh by the state and then sent to the federal government.

And the federal government does not have to approve all 25.

So they can say we only want 20 of you, we only think 20 of yours we are eligible.

So that is the process.

We still don't know what how that's going to happen with that.

Um there are firms like Snell Welmer and Novigradic that are tracking all of this information and feeding it back to municipalities so that we have the most up-to-date information.

I was expecting to see something this week and I haven't yet, so I'm hoping next week we'll get a next update of where we're at with that.

But I wanted to let you guys know that this is happening because uh our process is to take a look at those eligible census tracks, put the redevelopment areas over the top of them, and start that is the list to that we're going to promote is our primary ones.

We'll have some additional because some of it would be really nice if the redevelopment area and the census tracks and the city um boundaries all laid out nice and neat together, but they don't.

So there's some we'll be doing looking at some of those that are there.

But that that is our process that we're looking at and working through right now.

That's great.

Um, thank you for the report.

I I will start off by saying I I think it's so important for downtown to have um really tight overlay of the opsone stuff.

Our current project that we're doing and the previous project that we're we did in Fremont East were both op zone.

And I can think of maybe uh probably over a billion dollars worth between what's happened in the arts district and Symphony Park and what's coming in the medical district that are all op zone funded.

Um and you know, one thing, for example, the RFP that was recently put out um in the redevelopment agency.

It's right across the street from the area that is designated.

So if that side of the street can be designated, which it can be in the in this in this map.

I think that's a huge lift for the city and for um future projects along that corridor as well, up and down Las Vegas Boulevard.

And um I think it's an it's an extremely important tool for downtown.

We have one of the most unique op zone designated areas where you have a Las Vegas Boulevard and then Fremont Street where 17, 18 million people a year come to.

Yes.

It's so different from the rest of the country.

So there's huge opportunity, I think, for for downtown.

True.

Yes, uh I appreciate you explaining how how the opportunity zones get selected.

I I didn't know uh that the city actually took apart in you know, selecting those areas and it's to the state and then federal government.

So uh thank you for that report.

Um, you know, I I build a lot in the arts district and um and everybody is opportunity zone, opportunity zone, opportunity zone, you know, big investment, and everybody wanting to throw dollars into that area.

Um, but everybody who I talk to says we don't want to go north of Charleston because it's not us outside the opportunity zone.

So I think what we are seeing is uh an exceptionally large investment going into the area south of Charleston, and I I think that area is doing really good, and we're gonna continue seeing some growth.

Um I don't I would encourage y'all to take a look at north of Charleston to kind of see if we can broaden that growth north of Charleston where there's a lot more vacant properties, but I I don't know if it fits the criteria.

You'll you'll have to figure that out.

It might not.

So you know, it's it's uh Tracy Reich redevelopment manager for the record.

It is a um product of our success.

The fact that we have higher net worth individuals living in Joule and up and Newport and Soho, and that is what drove the income level up and the census track from being distressed to being higher.

So we're kind of a victim of our own success in that area.

Um Symphony Park is going to be at risk because of that as well.

And so we that's why we're like waiting with baited breath for that last bit of information with that.

Mr.

Chair, you're a little bit ahead of your time.

You shouldn't have built those soon.

Sam Cherry, blame me.

I'll take you ahead.

Uh but that's exactly why I was gonna pile on.

Like there's this sliver right just north of Charleston.

And it's I remember when the the opsone stuff came out, I was shaking my head like this isn't right, but it's it's just it's throwing it out of the um the compliance for what the guidelines were.

So um unfortunately, I don't think we're gonna see that area.

But I'm I'm hearing the same comments as you like they're looking north of that, east of that, or south of that, rather than that sliver for these bigger projects on the ops zone.

Right.

Yeah, and if we if we can if we can make that threat, we will be putting it in that threshold.

We will be putting it back in because yes, we've heard the same thing.

Okay, thank you.

Any other comments from the committee on op zone 2.0?

No.

Seeing none.

All right.

Thank you, Tracy.

Appreciate it as always.

Uh moving on to item number eight discussion regarding topics for future agenda items.

Comments made during this portion of the agenda by individual members shall or full refer solely to proposals for future agenda items and any discussion shall be limited to whether or not such proposed items are within the purview of the committee and whether such proposed items shall be placed on future agenda.

No discussion regarding the substance of any proposed topic shall occur, and no action shall be taken.

Do we have any for our committee on future topics for discussion?

I'll throw one out there that's a hot topic at the moment, and I know the city's working on it, which is parking.

Um, and I know that's a hot one, and I know the city's making a big effort to come up with something to come back with with folks in the arts district.

Um, and I hope us on the committee we can help bridge that gap in conversation because there's a lot of misinformation that's out there that gets put out there.

So um anything we can do as a committee, I think would be great on that topic.

I I just have a quick question about a totally different issue.

Tracy, I I love these presentations you give us, but uh when we come to these meetings, we're seeing them cold.

I wanted to ask, maybe knowing the answer to the question already.

Is there a way we can see these power points a day or two in advance?

Open meeting laws kind of flashing in my in my head.

You might not be allowed to do it, but um, it would be good to be able to see some of this material before we come into the meetings, so we're not viewing it cold.

Tracy Reich, redevelopment manager for the record.

Uh yes, this one is on me.

I got these PowerPoints done this morning.

So uh that one's on me for this one.

But yes, I will be I will strive to make sure you get them as part of your backup packet back up sooner.

Okay, any other comments from the committee?

Nope, seeing none, we will move on to citizens' participation.

Public comment during this portion of the agenda must be limited to the matters within the jurisdiction of the committee, no subject may be acted upon by the committee unless the subject is on the agenda and schedule fraction.

If you wish to be heard, come forward and give your name for the record.

The amount of discussion any single subject as well as the amount of time any single speaker is allowed, maybe limited.

Seeing nobody up, Tracy.

I'm going to bend the rules a little bit or stretch the rules a little bit.

Tracy Reich redevelopment manager for the record.

I have a couple of comments I'd like to make for the committee to understand.

You mentioned the artist, um, the affordable artist housing RFP.

We are in the process of putting together an RFP for the option parcels across from Zappos and the Ogden.

And because I didn't get it on the agenda, I can't ask for your input in this public meeting.

But if you would privately want to send me some suggestions of what you think would be an optimal type of development on that project, I would greatly appreciate that.

Um we are uh hoping to issue that in the next couple of weeks.

Um, it may take a little bit longer to get all the cooks in the kitchen on the same page, but um that is something we're looking at, and just so you know, that's about a little over 11 acres that will be available for development.

Oh, that's great.

That's fantastic.

And um, hopefully, is um you know, when you talk about the businesses in opzone, it there seems like there's an opportunity to relocate larger scale companies into downtown, which is one thing we we had for a moment and then it went away.

And hopefully we can get it back again and see some of this office stuff get filled up and you know, more activity with a base of people that are that are living here.

But that's fantastic.

Thanks for letting us know that.

Anyone else have any comments?

I will close the citizens' participation and we will adjourn.

Is there a gavel I can strike or anything?