Good morning.

The redevelopment agency meeting of April 15th, 2026 is called to order.

Please note that Mayor Berkeley is excused from this meeting.

She is fortunate enough to be one of the mayors selected for the Bloomberg Harvard City Leadership Initiative.

Mayors from around the globe are chosen to take part in this prestigious program.

It's designed to offer insights and expertise to help our city be even better at providing positive results for our residents.

With that, this meeting has been properly noticed and posted in compliance with the open meeting law.

These proceedings are being video recorded and can be viewed live on City of Las Vegas TV on Cox Cable Channel 2.

You can also watch the meeting live online and access other city content by visiting Los Vegas Nevada.gov slash connect.

The proceedings will be rebroadcast on City of Las Vegas TV the Wednesday of the meeting at 8 p.m.

and also on Friday at 4 a.m.

Saturday at 7 p.m.

Sunday at 7 a.m.

and the following Monday at 5 p.m.

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Once outside, assemble on the northeast corner across from the street from City Hall at Lewis and First Street.

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For public comment related to the items on the agenda, citizen participation and public hearing items, we have available a speaker card, which you can complete and submit to the city clerk.

Cards are available in this clerk's office or at the rear of the chambers.

If you do not submit a card, it does not prevent you from speaking under public comment.

Citizen participation or specific public hearing items.

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We'll move on to item number three.

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

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

All comments will made will be cross-referenced to those specific items.

If anyone submitted a speaker card or who wishes to speak under this portion of the agenda, please come to the podium and state your name for the record.

This is your opportunity to address the agency member, but the members are not able to respond or engage in dialogue.

You may also address the agency members at the end of the meeting during citizen participation regarding matters within the jurisdiction of the redevelopment agency.

Although you are not prohibited from speaking during both public comment periods, we kindly ask that your comments are not repetitive.

We will set the time at one minute.

Does anybody wish to come forward?

Thank you.

We'll now move on to item number four.

For possible action to approve the final minutes by reference of the regular development redevelopment agency meeting of March 18th, 2026.

Councilwoman Diaz, is there a motion to approve the minutes?

I don't know why my mic's not working.

Yes, move to approve.

I mean the minutes.

It just flashes red and doesn't give us a mic.

No mic.

And post that item passes.

We can share mic.

Moving on to item number five.

RA-82026.

Discussion for possible action regarding a resolution finding the agency participation agreement between the City of Las Vegas redevelopment agency and CB events LLC for the feed the block event series to be in compliance with and in furtherance of the goals and objectives of the redevelopment plan and authorizing the execution of the agreement by the RDA.

This is not to exceed $200,000 RDA special fund, redevelopment area one, Ward 3 with Councilwoman Diaz.

And note this item is related to Council Item 39, R dash 22-2026.

And we're very excited to uh to have this partnership.

This is Ryan Doherty.

Welcome, Ryan.

Thank you.

All right, so I'm very excited to start today's meeting with this particular item because this is a fun one.

Uh Feed the Block is a free open to the public large-scale block party.

I thought it was more like even a festival, because I actually went out and checked it out on April 2nd.

Uh last year, Feed the Block was their first year, and they held four events, uh, and they were so successful that this year they're expanding the uh their scope, the number of events, and as you'll see here in the presentation, the crowd and the number of people that are coming downtown to activate this area.

Uh, you know, it combines the world class music.

Oops, sorry.

Uh, creates an uh just wonderful atmosphere.

Uh, at the last event, there was 20,000 people.

The marshmallow uh performer was the headliner.

Uh, that event, I think, met headlines not only in the Las Vegas area, but around the nation, I would say, because I've seen uh media just about on every social media channel.

Uh the reason we're partnering, uh, not only because this is a re it's a really fun uh set of events.

We're really look oh someone's trying to think of a councilwoman somewhere, sorry.

Oh, okay.

May I continue?

Please.

Um, so we're looking to enhance the uh the obviously the activation in downtown, but also the perception of downtown because as we all know, we all see sometimes social media, you know, we occasionally see things that maybe not um are uh telling the true story of downtown.

So in this particular partnership, we are going to participate in a um in a way where there's more media content created to elevate the downtown and what people uh will see that actually is happening um in this wonderful place.

So the partnership itself is uh 200,000 for the whole year.

Um it is 20,000 per event.

Uh and particularly this is uh these might this money is supposed to be spent on promotion, media content, and things of that nature.

Mr.

Doherty and his team are the ones who are actually putting the events together.

They take on the cost of setting everything up, and we will participate to uh to promote the event.

We do have some requirements in the agreement where the event has to stay free to the uh yeah, free to the public, so no no charge uh and as well as the uh that the funding is not going to be spent on any operations, uh talent um or any infrastructure to surround it.

So this is literally RDA participating and promoting downtown and the great things that are happening here.

Now I'm going uh to also say that we included some measurable outcomes in the agreement.

We will expect Mr.

Doherty and his team to come back to uh to the board and and provide some regular updates on how the event is going, uh, what kind of outreach the media content is achieving, uh, and just in general, I think share the exciting news and maybe uh, you know, some some plans on what new headliners will be uh that will be leading these events.

And this is just a quick snapshot of what happened April 12, April 2nd, right?

Yeah.

So, as you see, the event was a huge success, and I think it's only going to continue to grow in the number of people that will come, and uh, you know, we'll truly become a downtown event known throughout the region and the nation.

With that, I'll pass the mic over to Mr.

Doherty to provide any additional content or to answer any questions.

Yeah, we're looking to do one of these almost every five weeks.

And uh the crowd right now is at 20,000 people.

We think we can grow to probably 30,000 people, hopefully get people from out of market to come in a day early.

We're doing these events on Wednesday and Thursday nights, so if they're coming in for the weekend, maybe coming in one day early for a free event, a major free event.

We'll put an extra, you know, NATO hotel rooms downtown.

That's our goal.

We miss Life is Beautiful.

This is a way to do uh a little slice of it once a month.

Well, thank you very much, Miss Babsky.

I think you've uh far exceeded expectations in your role.

I think it's really exciting to see everything you're building, uh, not only in the medical district, but in the arts district and entertainment district as well.

Mr.

Dorothy, some of my absolutely favorite memories of Las Vegas are in your venues, and you've created a vision for Las Vegas that I fully support and get behind.

So thank you for doing that.

And also my neighbor is good friends with you, and he says you're a great friend, so you have a whole bunch of things going for you.

So those are my comments.

Are there any comments from the agency members?

Thank you, Mr.

Chair.

Um, it might be worth mentioning.

I sit on the LVC VA, and your um your four events were highlighted as part of uh overall media push for the visit Las Vegas uh and LVCVA media portals.

So uh we're there to support, and it is uh a great venue, and if we can move it to 7:30, I would be there, but other than that, we'll do our best.

Have fun, have fun.

Other comments?

Please thank you, Mr.

Doherty.

I'm not I'm not surprised that you're the creative genius behind this.

Um I just had a question about age restrictions.

Is it 18?

Is it open to anyone?

Is there 18 above?

And I guess how are you monitoring it if it is age restricted?

Thank you.

We advertise it as 18 and over, but there's no check-in gates.

So generally you would be scanned in at a regular festival that was gated, and you would see you know, or be able to ID.

Right now we advertise it as 18 and over.

We haven't had uh a younger crowd.

I think a lot of this is gonna come down to programming towards an older crowd, uh, which is generally what we've been doing in terms of music.

So it's hard to say free event and then also monitor, you know, all the ages or whoever's coming, but we're doing our best.

We have plenty of security, and um they're doing a great job of just kind of monitoring the crowd.

Please thank you, Mr.

Chair.

I was had the delight to run into Dina that day, and uh, or the day of the event, and she was talking about uh her excitement in going, kind of testing the waters, and um I was a little bemoaning that it was so past my bedtime too, so you know, Nancy and I will be there for the crew that starts going, just to wave to everybody and Francis.

That'll be us.

So um uh and then I saw one of your social media posts, and the the reason I wanted to bring that up is is Dina, you know, you you live this and breathe this at Born and Raised here, so uh there's always music, there's always events, not uh suggest at all, sir, that this is something other than what and what terrific video you put together to really capture the essence of the vibe and the feeling and the incitement, and it really showed that people are having a good time, which is what we want, obviously.

And um, but what I what I what I was thinking about that night and then the next day when I saw some of her postings is here was our employee, you know, who's in management, and she's you know, super important for all these reasons, and she was excited about it, and um she was excited the next day to talk about her excitement about it, and I think that's uh the real testament, sir, to uh what you're bringing to the table because when you have those of us who have been here done that still excited about it, right?

Really excited about.

I was just looking at it thinking, you know, I can stay up a little late one night, and and how nice it would be just walking around in that ambiance and the the feeling and and and celebrating downtown.

So I just wanted to thank you for your investment and time and uh commitment, and you were a great um tester, Dina.

So thanks so much.

Thank you.

For the record, I was there for work.

I and I believe Councilman Summers Armstrong is on the line.

Councilman, if you do want to comment, just let me know.

Well, I have power what uh I can hear the uh you think that I have a hard time uh lobbying it and bringing IA and congratulations and I'm really excited about the well now turn it over to the lucky councilwoman of the entertainment district, Councilman Diaz.

Uh thank you, MPT, and um thank you, Mr.

Doherty.

I know that this has been something that you've envisioned for significant period of time.

Um, and I'm happy that uh it seems like all my colleagues are ecstatic that we are having these activations.

Um I hope that we don't have any issues.

I know you mentioned life is beautiful and you're bringing slices, and I I prefer these slices versus what happened in the past because I think that it is value added that you're bringing to all of the other businesses that are close by, and um it's a definitely a boost for that area.

And we know other areas of our city are getting 11 attention and activation.

I think Fremont East Entertainment District also deserves it, and you're doing it in a really big way.

So, with that, I'm gonna move to approve agenda item number five.

There's a motion, please vote.

And Councilwoman Summers Armstrong.

And please post.

And that passes.

Congratulations.

Thank you both.

Thank you, everyone.

Thank you.

Now moving on to item number six, RA-9-2026, discussion for possible action regarding a resolution finding the project proposed by the commercial visual improvement program, agreement between the City of Las Vegas Redevelopment Agency and Good Hood LLC and Shang Downtown LLC, located at 211 South Las Vegas Boulevard, Suite 100, to be in compliance and in furtherance of the goals and objectives of the redevelopment plan and authorizing the execution of the C VIP agreement by the RDA not to exceed 22,550 RDA Special Revenue Fund, redevelopment area one, ward three, Councilwoman Diaz.

And this item is related to council item number 40.

Ms.

Babski.

Uh thank you, Mayor Pratem.

Council members, Dina Babski, director of EUD.

And with me here today at the podium is Mr.

Sam Huang.

He is the owner of the of the project that we'll be presenting to you today.

So the subject site is 21 South Las Vegas Boulevard.

We are very well familiar with that building.

This is the old post office that has been recently remodeled, and it's absolutely beautiful.

Uh so this addition is going to make it even more so.

And we always need an extra food and beverage place in the civic district district.

So in this area, uh, as uh I mentioned it is in the civic and business district, so there's a lot of employment.

I'm excited that uh that you know the new the new uh venue is going to have food traffic that it that it will just be so beneficial uh for them, but also um it's also exciting for us city employees because it's just a few blocks over, and uh like I said, we're super uh thrilled to have another way how we can dine in the downtown area.

So the exterior before, as I mentioned, uh brand newly remodeled uh venue.

It is uh vacant, so you're going to be the first tenant in that in that in that space, right?

Yes.

Um so there's quite a bit of work that needs to be done, and the investment on Mr.

Huang's um portion um obviously is very uh extensive.

The exterior after, uh, this is going to be by the way, uh Shang Artisan Noodle uh restaurants is gonna be traditional Chinese food.

And as I just learned, this is uh already the fourth store that's going to be uh in the region.

Uh the other three, I'll let Mr.

Huan talk about it in a little bit, have been very successful.

So this is going, I am certain also be very successful in downtown.

Uh the total project cost uh by the owner is almost six hundred thousand dollars, with exterior being 45,000 of it, which makes uh the applicant eligible for 22 550, which is half of the exterior costs.

The exploded uh expected completion date is third quarter of Q uh uh the third quarter of this year.

So, with that, um would you please tell us a bit more about the project?

Sure.

Oh, good morning.

Um custom members and mayor.

My name is Sam Huam.

I'm the owner of Shang Lau Tuzan Noodle, located at 211 South Las Vegas Boulevard.

Thank you for the opportunity to present our project.

And as you um already saw, our project includes uh significant exterior improvements that which would include a unit stall front, um, upgraded signage, um, some lighting, and also a catetrotectural um facade enhancement that will create um stronger street um presence and also a more welcoming um pedestrian experience.

Um we believe that this project will have um pretty meaningful public benefit that will bring more um business activity, also attracting more people to record all by adding the for a unit design element to Delta Las Vegas.

Thank you for your time and uh consideration.

Thank you very much, and thank you for investing in Las Vegas.

Um are there any questions or comments from the agency members?

I do start out briefly.

Thank you, Mr.

Chair.

Sam, it's so nice to meet you in person.

My family and I have been in uh patronizing your establishment for a very long time when you had like five two top tables and just a lunch counter, and you have exploded.

Thank you so much.

Yes, I'm so proud and uh grateful that you have decided to invest in downtown Las Vegas.

And um I mostly want to ask at one point I had heard rumors that you would potentially have a location in the northwest part of the valley off the rain go in the 215.

Is that true?

Yes, we're actually uh building it right now, and so it's located in all the Dorinco in uh 215 in the Centennial Hills area.

Okay, I look forward to that too.

You're gonna be right in my backyard from where I work.

So thank you for all you do for Las Vegas.

We expect that one to be opening uh third quarter of this year as well.

Thank you.

And thanks for your support.

And Councilman Diaz.

Thank you, Mr.

Chair.

It sounds like uh Councilwoman Palenski will be getting her fixed near work and near her house.

So we're so happy that you're satisfying her noodles, her noodle cravings.

Um, I love uh Shang Noodles as well.

I know my whole team too.

You make your noodles in-house, and um just the taste and the quality is so amazing.

So when I heard um, I think Mr.

Dapper shared with me that you were coming to um the building.

I was like, oh my gosh, you have to let us know when the opening is so that we can be there to partake in those festivities.

So we are welcoming you with open arms because your flamingo location is always slammed, and it's so hard to get our noodle fix there.

So happy you're gonna have a downtown presence and soon in the northwest.

So with that, I'm gonna move to approve agenda item six.

There's a motion, please vote.

And post that item passes.

Thank you very much.

Thank you, Dinah.

It's nice to meet you.

Moving on to item number seven, RA-10-2026, discussion for possible action regarding a resolution authorizing the execution of the land cell agreement to purchase certain real property located at 1619 West Charleston Boulevard, 1515 West Charleston Boulevard, 1620 Ellis Avenue, and 1608 Ellis Avenue by the City of Las Vegas Redevelopment Agency from the State of Nevada Department of Transportation, and finding that the purchase is in the best interest of the public, and for the furtherance of the goals and objectives of the RDA, 8,360,000 RDA Special Revenue Fund, redevelopment area one, ward one with Councilman Knutson.

And this item is related to council item 41, R-24-2026.

Ms.

Babski, it's your show today.

Thank you, Mayor.

Temp City Council members Dina Babski, director of EUD.

And um, this is a great opportunity that I'd like to present for your consideration.

Uh the medical district, as we all know, has very limited uh sites when it comes to size of parcels.

And so for us to be able to present almost five acres uh for the RDA to be able to purchase is a rare opportunity, and I uh I hope you get just as that as excited as I am about this.

Uh that so the total acreage is almost five acres.

The site is currently owned by the state of Nevada specifically, NDOT.

Uh it was acquired by them a few years back for the uh expansion of the highway of the freeway, and so obviously they no longer need the site, and we are thrilled that they are open to uh the opportunity to sell it to us.

Uh the appraised value for the site is $8,360,000.

Uh if the site is uh if this acquisition is approved today by the board, then we will shoot to close before July 15th of this year.

Um and you know, in the future, we do plan to partner with local higher ed institution uh to you know do a medical district development that will have an educational and a medical component that's all in the works right now.

That's all in the works right now.

So as long as uh this gets approved today, we can move that forward.

Thank you very much, Ms.

Babski.

And I just would let everyone know uh this is a critical piece of the medical district.

And uh Mr.

Jansen and I were on the phone a couple of years ago with NDOT, and they had actually talked about potentially storing snow plows there.

Uh so this is gonna be an exceptional uh better use of this particular piece of property that will add value to the redevelopment agency as well as increase the quality and access of health care and our higher education options.

So I am just grateful for the vision that's here in southern Nevada, not necessarily northern Nevada.

Uh with that, I'll open up for questions or comments to the agency board members.

Hearing and seeing none, I am going to move to approve with appreciation.

Please vote.

Hi.

And post.

That item passes.

Thank you, Ms.

Babski.

Thank you.

Moving on to item number eight, RA-11-2026 discussion for possible action regarding a resolution finding the project proposed by the owner participation agreement between the City of Las Vegas Redevelopment Agency and Alley Cat LLC partnership to pay for a portion of physical and visual improvements and generally located at 307 through 319 South Main Street and is in compliance with and in furtherance of the goals and objectives of the redevelopment plan and authorizing the execution of the OPA by the RDA, 95,000 RDA Special Revenue Fund Redevelopment Area 1 Ward 3 with Councilwoman Diaz.

This item is related to Council Item 42.

Ms.

Babski.

Yes, thank you, Mayor Pertem.

Uh City Council members, Dina Babski, Director of EUD.

And with me here today is Ms.

Michelle Dell and Miss Michelle Sandler.

Welcome.

So this is another very exciting project, just like the first item because it is a really truly fun one.

The project site is just north of City Hall.

We all remember uh the old looking dilapidated uh I'm sorry, let me go backwards.

Dilapidated uh multifamily residential that was boarded out for quite a few years, and as of recently, it has been taken down because the project is moving forward.

And so um none of us I think are uh unfamiliar with the project because it's been a stable downtown for many many years.

Uh so again, this is the site uh that was before.

I very vividly remember those very colorful wind windows or boarded up windows, and now they're uh thankfully gone.

Um but this is what the project will look like in just a few months.

Now that the site has been demoed, uh the applicant is working on bringing uh, and they'll I'll let them tell you more about it, but bringing the well-known hogs and heifers right into heart of downtown by City Hall.

Uh and uh there's going to be bar dancing, there's gonna be bar dancing and more bar dancing.

So uh it's definitely gonna be a fun place to be at and visit after hours.

Um so our participation for the project is at 95,000.

Um, the total investment by the owners is over three million dollars, and so that definitely makes them eligible for the full amount for the owner participation agreement.

Um, the estimated work commencement, obviously, if this is approved today, is just gonna be in a couple of weeks, and then we're hoping to start uh dancing on the bar on October 15th.

So without further ado, I'd like to let um Michelle and Michelle tell more about the project.

Um hello, good morning, everyone.

Thank you, Mayor Putam and City Council.

Uh, thank you, Dina.

Um, we really are very grateful and appreciative for the support from the redevelopment agency.

Um we are very excited about this project.

Uh I have been in business now for 34 years.

Um, I started in New York City.

Um, I've presented here before, so um it's nice to see smiling faces again.

Um we are uh really excited to be able to be moving forward with this project and bringing it um to downtown.

Uh uh for me, it's a dream to be able to own my own property and uh really be a landowner and an operator and a contributor to the continued growth in downtown.

Um, this is an area we looked at this property for three years, and um we I feel very strongly that over time these kind of gaps that we have that run in and along Main Street that are sort of these empty lots and you know, somewhat blights and are are really gonna start to grow and develop.

Um, I'm excited to be part of that development, um, to be one of the people that puts a building up and says, okay, we're we want to see this neighborhood change and grow.

We want to bring more life to Main Street, we want to make it a safer place, we want to create a place for community.

Um, yes, we're a bar with lots of dancing on top of the bar as a main staple, but we're also very involved in our community.

Um, and now we will have a lot uh of approximately 14,000 square feet in addition to the 10,000 square foot building, and the lot will give us an opportunity to really open up a gathering space for our community.

It's not just about hogs and heifers related events, it's also about events that are good for our community.

Um, so uh we do a lot of charity work, and we see ourselves reaching out more uh to organizations in need to be able to host activations that uh bring positive uh contribution and engagement and interaction.

Um so do you want to talk at all about uh our event space?

I just put her on the spot.

Well, the event space, you know, is for the community, but it's also for corporate events that come into town.

Everyone wants an outdoor space, and this gives us the ability to do that, make the space you know, very flexible.

Um, and again, she said it's not just about the bar, it's about what we can bring to the community and uh to the corporate world.

Can you state your name for the record?

Michelle Sandler.

Thank you so much.

Uh you both have wonderful energy, and it was great running into you at Main Street Provisions last week.

Outside of being an elected official, I'm known for my bar dancing skills.

So I'm looking forward to it.

I can't wait.

Uh I thank you for your investment in Las Vegas, especially so close to work.

Uh there any questions or comments from the redevelopment agency members.

There's a comment here.

Yes, thank you, Mr.

Chairman.

I I wanted to just applaud you for your commitment to Las Vegas.

And um, it's you know, I've I've been here a very, very long time, but your enthusiasm and your steadiness with with which you approach your business.

Um, I think your business type uh is one of the most difficult.

Um, and it's hard with managing uh fun and alcohol and keeping it fun.

I don't even want to talk about the dancing on a table.

Takes and at your age, um you could break a hip.

I'm kidding.

So but the Helen Kerr, how excited you are about the outdoor space and um what you what you can do for community.

So we appreciate that because you're really investing um in an idea and and and taking what you've built and now really expanding on it.

So thank you.

And I was kidding, Mayor Prayer.

Yeah, just so you know.

Councilwoman Diaz.

I can't claim that, but okay.

I'm sure Miss Babski is gonna be there on work.

I just had to make light of that.

No, but um, I'm truly honored, and I'm so excited that uh Michelle, um both Michelles are in this and uh are so invested and want to make it uh to benefit the entire community for the neighborhood, for the neighbors, for the children, for whatever cause is gonna come and say, hey, we need your support.

They're definitely invested in seeing uh that their contributions to our city are value added, and um, it is a difficult line of business and keeping people that uh are uh enjoying spirits on you know the right uh behavioral path um and uh keeping things contained, but uh I I'm so trusting your 34 years of experience and knowledge in this area to bring an awesome addition.

And I hope that this your hours don't conflict with our city staff hours because then we're gonna have to go find some folks at your place.

Um so with that, I'm gonna move to approve agenda item eight.

There's a motion, please vote.

Councilman uh Summers Armstrong, I didn't hear that.

Sorry.

Okay, thank you.

And please post.

And that motion passes.

Congratulations.

Thank you so much.

Oh, yeah.

Thank you.

Thank you.

So sorry.

We will now hear items nine through 11 together, but act on them separately.

Right-12-2026 discussion for possible action regarding a resolution finding the proposed owner participation agreement between the City of Las Vegas Redevelopment Agency and Greystone, Nevada for the project concerning the development of public improvements in the right-of-way adjacent to and on the real property near the intersection of Washington Avenue and Las Vegas Boulevard North described as APNs 139.26301204.

13927, 70901, and 13926-201-012 to be in compliance with and in furtherance of the goals and objectives of the redevelopment plan and authorizing the execution of the OPA by the agency principal amount not to exceed 26 million nine hundred and twenty thousand four hundred and seventeen dollars plus any applicable interest there on RDA special revenue fund.

This item is related to council items 44, R-27-2026.

And item 10 RA-13-2026.

Discussion for possible action regarding our resolution consenting to the purchase of 2.64 acres at 850 Las Vegas Boulevard North from Greystone, Nevada LLC, and/or its permitted transfer to the City of Las Vegas redevelopment agency and authorizing the execution of the purchase and sell one million eight hundred ninety-nine thousand two hundred forty four dollars, RDA special revenue fund.

This item is related to Council Item 45, R-28-2026.

And item 11, RA-14-2026.

Discussion for possible action regarding a resolution finding the proposed real property operating agreement between the City of Las Vegas Redevelopment Agency and Greystone, Nevada LLC and/or its land banker for the operation of the Las Vegas Lights Soccer Stadium property, commonly known as Cashman Field, to be in compliance with and in furtherance of the goals and objectives of the redevelopment plan and authorizing the execution of the agreement by the agency.

And this item is related to Council Item 46, R 49 2026.

These items are in redevelopment area one, which is Ward 5, Councilwoman Summers Armstrong, and Miss Babski.

Thank you, Mayor Pratem.

City Council members Dean of Abski, Director of EED, and now we'll get to some serious business.

Then we'll parting.

So with me here today at the podium is Mr.

Robert Johnson, Mr.

David Kernor, Miss Alex Green, and Mr.

Patrick Sieg.

They represent the developer Lenar.

So a little bit of background, although I'm sure a lot of us already know it by heart.

But as you know, a while ago, Lenar uh entered into a purchase and sale agreement with the city as well as with the state to acquire uh both Cashman and Grant Sower site for future redevelopment to provide more workforce housing options in downtown area.

So the anticipated approximate investment on both sides is over 300 million dollars.

As we all know, that site uh that area obviously um you know is in the redevelopment area, and some of the infrastructure is definitely aging.

Uh there's a lot of need for public improvements in order to make the project that Lenar is trying to uh or plans to accomplish uh work and be delivered on time and at the level that we all obviously expect uh of Lenar.

So with that said, uh I'd like to talk about the uh application for a tech uh TIF reimbursement, which is TIFF stands for tax increment financing, and it's a tool that RDA uses to essentially help uh redevelopment projects get to the finish line, especially when it comes to public improvements and the high costs that are associated with it.

So Lenar submitted an application uh to the redevelopment agency to help uh pay for these costs.

And uh some of those costs obviously um they include things like getting the site ready, uh running power, sewer, you know, getting the the sidewalks built and things of that nature.

And so after the reviewing of the application, we identified those items that were eligible, and so this uh OPA is essentially covers uh those specific costs.

Uh within the agreement, uh the redevelopment agency will pay a lump sum of 10 million uh 207,000 dollars to the developer once the mass grading and demolition of cashman is complete and the very first permit for the first house is pulled.

Following that, um additional public improvements that are eligible for reimbursement add up to 16.7 uh million dollars, and that's the the amount that will be reimbursed to the developer through TIFF, meaning that when the property taxes are generated by the homes that will be built on that on that site, uh, that's the the property tax that will be then reimbursed back to the developer to help um offset some of these costs.

We are including on top of the 16.7 million and 6% interest uh rate for any amount that has to be carried forward if the tax is not generated fast enough.

Uh it is very in line with the current market conditions and the uh overall OPA will run until 2046, which is the day uh the year when the redevelopment um area won sunsets.

So until uh the very end, they'll be eligible to um to continue to receive the tax increment finance reimbursement.

This is a busy slide, but all I wanted to highlight uh to you is um what you see on the left side in the red, essentially what I mentioned where the interest comes in because the property tax won't be generated fast enough.

You will see a carry-forward amount up until the very end.

Uh, and uh we do have in the agreement that any remaining balance on this note that will still be left will essentially be uh forgiven.

Uh so there won't be any kind of balloon payment, but uh I just wanted to highlight the you know some of the numbers.

All right, uh moving forward to the purchase and sale agreement.

So the 2.64 acres that you see um on the map, that is what is uh slated to be the commercial component of Cashman redevelopment.

It has really nice Las Vegas Boulevard frontage.

As you all know, we own quite a few land assets on both sides of the boulevard.

So essentially it kind of completes the corridor, and we envision to have some very uh impactful redevelopment going um up the boulevard, especially uh now that Cashman and Grand Sawyer is going to welcome thousands of new residents.

Uh so it's 2.64 acres.

We are buying it back from Lenar once they close on Cashman and uh record the final map.

So the site is actually parceled out.

Uh we're buying it at the same purchase price that that they're buying it from the city uh per square foot.

So the total uh purchase price is 1.899 uh million dollars.

Um, as I mentioned, we have 10 days to close on it after the map is recorded, uh, and no later than December 31st of this year.

And then the third agreement is the real property operating agreement.

Um, as you know, the Las Vegas uh soccer team, the lights have been playing that for a few years now.

Uh we have uh a current lease agreement that has been terminated, uh, but within that agreement, they still have the right to play there until the end of their regular season, which is end of October of this year.

Uh with that, uh, we're going to partner with Lenar uh to help them operate the facility, uh, just like we have been doing for the last many years.

Uh so nothing, status quo for the lights, essentially nothing will change for them.

Uh Lenar will contribute uh half a million dollars uh in order to pay for the costs to operate the facility.

Uh and with that, essentially, as soon as the lights play their last game, uh we turn the keys over and all these wonderful things I just described will start happening.

Um there is uh one uh important point to mention that uh we do have a contingency on this agreement that we need to acquire certain uh general liability insurance uh by April 21st in order for this to work.

But um, you know, we're still so excited.

And before I give the mic over to uh our wonderful partners, I'd like to thank uh City Attorney's Office, specifically Dimitri Delakis and John Rodilla, because these agreements were uh very exciting to work on, and we all uh had a great time.

I I called Robert and I hadn't talked to him in a week.

I'm like, I feel like I missed talking to you.

It's been a while now.

So um again, thanks to City Attorney's Office, and with that I'd like to pass the word over to our wonderful partners.

Thank you.

Robert Johnson with Lenar Homes.

Um very excited this morning to be here.

Uh they were excellent agreements to work through.

The city's been great partners to get through that.

Um we are excited to bring you know the American dream to the downtown area.

Uh it's something long overdue.

Uh, we know attainability is is a real issue right now, and so we're uh excited to bring these homes at a very attainable price.

Um we've got our wonderful planning team here that's done the hard work.

Um if you'd like to say anything.

Uh sure, good morning, Dave Kanoyer with Lenar.

Good to see you all.

Um, it's been uh a lot of work getting here, and I just want to express our sincere thanks on behalf of Lenar to the council, the mayor, all of City Staff for the incredible amount of time and energy that it took to get to this point.

So I just want to express our appreciation and just state that we are very much looking forward to being community partners for a long time with the city of Las Vegas and personally, and I hope we all are very excited about this to be the first major home builder in downtown Las Vegas.

So it's a it's a great uh great place to be in.

And so I just want to say thank you so much for all your hard work, efforts, and energy in on this.

And thank you very much for your continued partnership.

I'm gonna open this up for any questions or comments from the agency members.

Hearing and seeing none at uh Councilman Summers Armstrong, this is yours.

Yes, I'm so very excited.

One of the reasons why I knew that I could not miss this meeting.

Um thank you to the Lenar team uh for constantly keeping me informed for being um good partners in this endeavor to design and present something that will be really helpful to the community, will bring uh enlightenment to board five.

I'm excited that we are uh going to have housing for sale near downtown, and that really leads into my desire to have a balance of both uh rental but also housing for purchase and a price point that will be helpful to our community who is struggling uh to find affordability.

Um I will just reiterate our conversation that um we should start now making partnership um to help with down payment assistance, even going so far as to um talking to our legislative body about how they can better support home ownership for our local uh citizens.

Um but I am just grateful and uh excited that this is happening in Ward 5, and I appreciate your partnership.

Thank you, Councilman.

Can I get a motion on item number nine?

So moved.

There's a motion to approve, please vote.

Aye.

And post.

Aye.

And item number nine passes, and councilwoman Summers Armstrong and I a motion on item number 10.

So moved.

There's a motion to approve item number 10, please vote.

Aye.

Item number 10 passes and a final motion on item number 11 for Councilwoman Summers Armstrong.

So moved.

There's a motion to approve item number 11.

Please vote.

And post.

Aye.

And item number 11 passes.

Thank you all very much.

Thank you.

Ms.

Babski, I just noticed this is the longest RDA meeting we've ever had, and a lot of members of your team are here, so there's clearly a lot of redevelopment agency work going on, and you are the best and brightest of Las Vegas.

So thank you for making Las Vegas proud.

Thank you.

They're wonderful.

Thank you.

And with that, we'll move on to citizen participation.

Public comment during this portion of the agenda must be limited to matters within the jurisdiction of the redevelopment agency.

No subject may be acted upon by the redevelopment agency unless that subject is on the agenda and is scheduled for action.

If you wish to be heard, come to the podium and give your name for the record, the amount of discussion on any single subject as well as the amount of time any single speaker is allowed may be limited.

Is there anyone wishing to speak under this portion of the agenda?

Hearing and seeing none, we will adjourn today's redevelopment agency meeting.

And we are running a little bit behind.

We're going to take a five minute break just to transition over the technology, and then we'll get started with our council meeting.

And thank you all for being patient.

You got to see some really great things happening in Las Vegas.