[Rev. 11/21/2013 10:34:55
AM--2013]
CHAPTER 278C - TAX INCREMENT AREAS
NRS 278C.010 Definitions.
NRS 278C.020 “Clerk”
defined.
NRS 278C.030 “Cost
of the undertaking” defined.
NRS 278C.040 “County”
defined.
NRS 278C.050 “Engineer”
defined.
NRS 278C.060 “Governing
body” defined.
NRS 278C.070 “Municipality”
defined.
NRS 278C.080 “Newspaper”
defined.
NRS 278C.090 “Posting”
defined.
NRS 278C.100 “Publication”
and “publish” defined.
NRS 278C.110 “Specially
benefited zone” defined.
NRS 278C.120 “Tax
increment account” defined.
NRS 278C.130 “Tax
increment area” defined.
NRS 278C.140 “Undertaking”
defined.
NRS 278C.150 Designation
of area; creation of special account; certain property to be excluded from
area.
NRS 278C.155 Creation
by cooperative agreement between Nevada System of Higher Education and city in
which principal campus of Nevada State College is located or intended to be
located.
NRS 278C.160 Provisional
order: Procedure.
NRS 278C.170 Provisional
order: Meeting; notice of meeting; comments about undertaking; modification or
rescission of proceedings; restrictions on changes after provision of notice.
NRS 278C.180 List
of persons who reside within proposed area; mailing of notice; verification of
mailing.
NRS 278C.190 Verification
of posting of notice.
NRS 278C.200 Publication
of notice; verification of publication.
NRS 278C.210 Actions
at hearing; resolutions; complaint, protest or objection of proceedings.
NRS 278C.220 Procedure
after hearing; modification of plans; adoption of ordinance creating area.
NRS 278C.230 Amendment
of ordinance creating area; notice to be provided to certain owners of tracts
of land; amount of taxes to be allocated must be computed separately for
original area and each addition of land thereto.
NRS 278C.240 Applicability
to undertaking of provisions governing payment of prevailing wage.
NRS 278C.250 Allocation,
division and disposition of money from taxes; limitation on revenue; repayment
of bond or other indebtedness.
NRS 278C.260 Limitation
upon revenue from taxes ad valorem not applicable.
NRS 278C.270 Appeal
from adverse order.
NRS 278C.280 Securities:
Issuance; types; terms; debt limitations; net pledged revenues.
NRS 278C.290 Maturation
and payment of securities.
NRS 278C.300 Expiration
of area.
NRS 278C.310 Effect
of chapter.
_________
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NRS 278C.010 Definitions. Except
as otherwise provided in this chapter or where the context otherwise requires,
terms used or referred to in this chapter are as defined in the County Bond
Law, insofar as they apply to counties, and the City Bond Law, insofar as they apply
to cities, and except as otherwise provided in those laws, as defined in the
Local Government Securities Law, but the definitions provided in this chapter,
except where the context otherwise requires, govern the construction of this
chapter.
(Added to NRS by 2005, 1757)
NRS 278C.020 “Clerk” defined. “Clerk”
means the county clerk or city clerk, as appropriate.
(Added to NRS by 2005, 1757)
NRS 278C.030 “Cost of the undertaking” defined. “Cost
of the undertaking” or any phrase of similar import, means the “cost of any
project” as the latter phrase is defined in the Local Government Securities
Law.
(Added to NRS by 2005, 1757)
NRS 278C.040 “County” defined. “County”
means any county in this State.
(Added to NRS by 2005, 1757)
NRS 278C.050 “Engineer” defined. “Engineer”
means the municipal engineer or firm of engineers employed by the municipality
in connection with any undertaking, any project or the exercise of any power
authorized in this chapter.
(Added to NRS by 2005, 1757)
NRS 278C.060 “Governing body” defined. “Governing
body” means the board of county commissioners, the board of supervisors, the
city council or the board of commissioners, as appropriate.
(Added to NRS by 2005, 1757)
NRS 278C.070 “Municipality” defined. “Municipality”
means any county or city in this State.
(Added to NRS by 2005, 1757)
NRS 278C.080 “Newspaper” defined. “Newspaper”
means a newspaper printed in the English language at least once each calendar
week of general circulation in the municipality.
(Added to NRS by 2005, 1757)
NRS 278C.090 “Posting” defined. “Posting”
means posting in three public places at or near the site of the undertaking or
any project designated at least 20 days before the designated hearing or other
time or event.
(Added to NRS by 2005, 1757)
NRS 278C.100 “Publication” and “publish” defined. “Publication”
or “publish” means publication in at least one newspaper, except as otherwise
expressly provided or necessarily implied in this chapter, at least once a week
for 3 consecutive weeks by three weekly insertions, the first publication being
at least 15 days before the designated time or event.
(Added to NRS by 2005, 1757)
NRS 278C.110 “Specially benefited zone” defined. “Specially
benefited zone” means an area which is specially benefited by an undertaking
under this chapter.
(Added to NRS by 2005, 1758)
NRS 278C.120 “Tax increment account” defined. “Tax
increment account” means a special account created pursuant to NRS 278C.220.
(Added to NRS by 2005, 1758)
NRS 278C.130 “Tax increment area” defined. “Tax
increment area” means the area:
1. Whose boundaries are coterminous with
those of a specially benefited zone established as provided in NRS 278C.150;
2. Specially benefited by an undertaking
under this chapter;
3. Designated by ordinance as provided in NRS 278C.220; and
4. In which is located the taxable
property the assessed valuation of which is the basis for the allocation of tax
proceeds to the tax increment account pursuant to NRS
278C.250.
(Added to NRS by 2005, 1758)
NRS 278C.140 “Undertaking” defined. “Undertaking”
means any enterprise to acquire, improve or equip, or any combination thereof:
1. In the case of counties:
(a) A drainage and flood control project, as
defined in NRS 244A.027;
(b) An overpass project, as defined in NRS 244A.037;
(c) A sewerage project, as defined in NRS 244A.0505;
(d) A street project, as defined in NRS 244A.053;
(e) An underpass project, as defined in NRS 244A.055; or
(f) A water project, as defined in NRS 244A.056.
2. In the case of cities:
(a) A drainage project or flood control project,
as defined in NRS 268.682;
(b) An overpass project, as defined in NRS 268.700;
(c) A sewerage project, as defined in NRS 268.714;
(d) A street project, as defined in NRS 268.722;
(e) An underpass project, as defined in NRS 268.726; or
(f) A water project, as defined in NRS 268.728.
3. In the case of a city with respect to
any tax increment area created pursuant to a cooperative agreement between the
city and the Nevada System of Higher Education pursuant to NRS 278C.155, in addition to the projects described
in subsection 2:
(a) A project for any other infrastructure
necessary or desirable for the principal campus of the Nevada State College
that is approved by the Board of Regents of the University of Nevada; or
(b) An educational facility or other capital
project for the principal campus of the Nevada State College that is owned by the
Nevada System of Higher Education and approved by the Board of Regents of the
University of Nevada.
(Added to NRS by 2005, 1758; A 2007, 2462)
NRS 278C.150 Designation of area; creation of special account; certain
property to be excluded from area.
1. Except as otherwise provided in
subsections 2, 3 and 4, the governing body of a municipality, on the behalf and
in the name of the municipality, may designate a tax increment area comprising
any specially benefited zone within the municipality designated for the purpose
of creating a special account for the payment of bonds or other securities
issued to defray the cost of an undertaking, including, without limitation, the
condemnation of property for an undertaking, as supplemented by the Local
Government Securities Law, except as otherwise provided in this chapter.
2. The right-of-way property of a railroad
company that is under the jurisdiction of the Surface Transportation Board must
not be included in a tax increment area unless the inclusion of the property is
mutually agreed upon by the governing body and the railroad company.
3. A tax increment area may not include a
property that is, at the time the boundaries of the tax increment area are
created, included within a redevelopment area previously established pursuant
to the laws of this State.
4. The taxable property of a tax increment
area must not be included in any subsequently created tax increment area until
at least 50 years after the effective date of creation of the first tax
increment area in which the property was included.
(Added to NRS by 2005, 1758)
NRS 278C.155 Creation by cooperative agreement between Nevada System of
Higher Education and city in which principal campus of Nevada State College is
located or intended to be located.
1. A tax increment area may be created
pursuant to this section by a cooperative agreement between a city in which the
principal campus of the Nevada State College is located or intended to be
located and the Nevada System of Higher Education, if the boundaries of the tax
increment area include only land:
(a) On which the principal campus of the Nevada
State College is located or intended to be located; and
(b) Which:
(1) Consists of not more than 509 acres;
(2) Was transferred by the city creating
the tax increment area to the Nevada System of Higher Education for the use of
the Nevada State College;
(3) Has never been subject to property
taxation; and
(4) The Nevada System of Higher Education
has agreed to continue to own for the term of the tax increment area.
Ê The
provisions of NRS 278C.160, subsections 4, 6 and 7
of NRS 278C.170, NRS
278C.220, paragraphs (c) and (d) of subsection 1 of NRS
278C.250 and paragraph (d) of subsection 4 of NRS
278C.250 do not apply to a tax increment area created pursuant to this
section, but such a tax increment area is subject to the provisions of
subsections 2 to 9, inclusive.
2. Whenever the governing body of a city
in which the principal campus of the Nevada State College is located or intended
to be located and the Board of Regents of the University of Nevada determine
that the interests of the city, the Nevada System of Higher Education and the
public require an undertaking, the governing body and the Board of Regents may
enter into a cooperative agreement pursuant to NRS 277.080 to 277.180, inclusive, which describes by
reference to the general types of undertakings authorized pursuant to NRS 278C.140 and the undertakings proposed for the
tax increment area, and which contains or refers to an exhibit filed with the
clerk of the city and the Secretary of the Board of Regents which contains:
(a) A statement of the last finalized amount of
the assessed valuation of the real property within the boundaries of the tax
increment area, which boundaries must be in compliance with subsection 1, and a
statement that, based upon the records of the county treasurer, no property
taxes were collected on any of that property, or on any interest therein,
during the most recent year for which those records are available; and
(b) A description of the tax increment area or
its location, so that the various tracts of taxable real property and any
taxable personal property may be identified and determined to be within or
without the tax increment area, except that the description need not describe
in complete detail each tract of real property proposed to be included within
the tax increment area.
3. The governing body may, at any time
after the effective date of a cooperative agreement entered into pursuant to
this section, adopt a resolution that provisionally orders the undertakings and
creation of the tax increment area.
4. The notice of the meeting required
pursuant to subsection 3 of NRS 278C.170 must:
(a) Describe by reference the general types of
undertakings authorized pursuant to NRS 278C.140
and the undertakings proposed for the tax increment area;
(b) Describe the last finalized amount of the
assessed valuation of the real property within the boundaries of the tax
increment area, and state that, based upon the records of the county treasurer,
no property taxes were collected on any of that property, or on any interest
therein, during the most recent year for which those records are available;
(c) Describe the tax increment area or its
location, so that the various tracts of taxable real or personal property may
be identified and determined to be within or without the tax increment area;
and
(d) State the date, time and place of the meeting
described in subsection 1 of NRS 278C.170.
5. If, after considering all properly
submitted and relevant written and oral complaints, protests, objections and
other relevant comments and after considering any other relevant material, the
governing body determines that the undertaking is in the public interest and
defines that public interest, the governing body shall determine whether to
proceed with the undertaking. If the governing body has ordered any
modification to an undertaking and has determined to proceed, the governing
body must consult with the Board of Regents to obtain its consent to the
proposed modification. When the Board of Regents and the governing body are in
agreement on the modification, if any, and a statement of the modification is
filed with the clerk, if the governing body wants to proceed with the
undertaking, the governing body shall adopt an ordinance in the same manner as
any other ordinance:
(a) Overruling all complaints, protests and
objections not otherwise acted upon;
(b) Ordering the undertaking;
(c) Describing the tax increment area to which
the undertaking pertains; and
(d) Creating a tax increment account for the
undertaking.
6. Money deposited in the tax increment
account as described in paragraph (b) of subsection 1 of NRS 278C.250 may be used to pay the capital costs of
the undertaking directly, in addition to being used to pay the bond
requirements of loans, money advanced or indebtedness incurred to finance or
refinance an undertaking, and may continue to be used for those purposes until
the expiration of the tax increment area pursuant to NRS
278C.300.
7. The Board of Regents may pledge to any
securities it issues under a delegation pursuant to subsection 8, or
irrevocably dedicate to the city that will issue securities hereunder, any
revenues of the Nevada System of Higher Education derived from the campus of
the Nevada System of Higher Education whose boundaries are included in whole or
in part in the tax increment area, other than revenues from state
appropriations and from student fees, and subject to any covenants or
restrictions in any instruments authorizing other securities. Such an
irrevocable dedication must be for the term of the securities issued by the
city and any securities refunding those securities and may also extend for the
term of the tax increment area.
8. The city may delegate to the Board of
Regents the authority to issue any security other than a general obligation
security which the city is authorized to issue pursuant to this chapter, and in
connection therewith, may irrevocably dedicate to the Board of Regents the
revenues that are authorized pursuant to this chapter to be pledged or used to
repay those securities, including, without limitation, all money in the tax
increment account created pursuant to subsection 5. The irrevocable dedication
of any security pursuant to this subsection must be for the term of the
security issued by the Nevada System of Higher Education and any security
refunding those securities and may also extend for the term of the tax
increment area.
9. If the boundaries of a county school
district include a tax increment area created pursuant to this section and the
county school district operates a public school on property within the
boundaries of that tax increment area, the county school district and the
Nevada System of Higher Education shall consult with one another regarding
funding for the operating costs of that public school.
(Added to NRS by 2007, 2459)
NRS 278C.160 Provisional order: Procedure.
1. Whenever the governing body of a
municipality is of the opinion that the interests of the municipality and the
public require an undertaking, the governing body, by resolution, shall direct
the engineer to prepare:
(a) Preliminary plans and a preliminary estimate
of the cost of the undertaking, including, without limitation, all estimated
financing costs to be capitalized with the proceeds of the securities issued by
the municipality and all other estimated incidental costs relating to the
undertaking;
(b) A statement of the proposed tax increment
area pertaining thereto, the last finalized amount of the assessed valuation of
the taxable property in such area, and the amount of taxes, including in such
amount the sum of any unpaid taxes, whether or not delinquent, resulting from
the last taxation of the property, based upon the records of the county
assessor and the county treasurer; and
(c) A statement of the estimated amount of the
tax proceeds to be credited annually to the tax increment account during the
term of the proposed securities payable therefrom.
2. The resolution must describe the
undertaking in general terms and must state:
(a) What portion of the expense of the
undertaking will be paid with the proceeds of securities issued by the
municipality in anticipation of tax proceeds to be credited to the tax
increment account and payable wholly or in part therefrom;
(b) How the remaining portion of the expense of
the undertaking, if any, is to be financed; and
(c) The basic security and any additional
security for the payment of securities of the municipality pertaining to the
undertaking.
3. The resolution must designate the tax
increment area or its location, so that the various tracts of taxable real
property and any taxable personal property can be identified and determined to
be within or without the proposed tax increment area, but need not describe in
minute detail each tract of real property proposed to be included within the
tax increment area.
4. The engineer shall file with the clerk
the preliminary plans, estimate of costs and statements.
5. Upon the filing of the preliminary
plans, estimate of costs and statements with the clerk, the governing body
shall examine the preliminary plans, estimate of costs and statements, and if
the governing body approves of the preliminary plans, estimate of costs and
statements, it shall by resolution provisionally order the undertaking.
(Added to NRS by 2005, 1759)
NRS 278C.170 Provisional order: Meeting; notice of meeting; comments about
undertaking; modification or rescission of proceedings; restrictions on changes
after provision of notice.
1. In the resolution making the
provisional order, the governing body shall set a time and place for a meeting
to consider the ordering of the undertaking and hear all complaints, protests,
objections and other relevant comments concerning the undertaking that are made
in accordance with subsection 2. The time for the meeting must be at least 20
days after the date the governing body adopts the resolution that provisionally
orders the undertaking.
2. The Federal Government, the State, any
public body, or any natural person who resides in the municipality or owns
taxable personal or real property in the municipality, or any representative of
any such natural person or entity, may submit a complaint, protest, objection
or other comment about the undertaking before the governing body. If such an
entity or person desires to submit a complaint, protest, objection or other
comment about the undertaking for consideration by the governing body, the
entity or person must:
(a) File a written complaint, protest, objection
or other comment about the undertaking with the clerk at least 3 days before
the date of the meeting described in subsection 1;
(b) Present an oral complaint, protest, objection
or other comment about the undertaking to the governing body at the meeting
described in subsection 1; or
(c) Present the complaint, protest, objection or
other comment in the manner required pursuant to paragraphs (a) and (b).
3. Notice of the meeting described in
subsection 1 must be given:
(a) To all persons on the list established
pursuant to NRS 278C.180, by mailing;
(b) By posting; and
(c) By publication.
4. The notice must:
(a) Describe the undertaking and the project or
projects relating thereto without mentioning minor details or incidentals;
(b) State the preliminary estimate of the cost of
the undertaking, including all incidental costs, as stated in the preliminary
plans, estimate of costs and statements of the engineer filed with the clerk
pursuant to NRS 278C.160;
(c) Describe the proposed tax increment area
pertaining to the undertaking, the last finalized amount of the assessed valuation
of the taxable property in the area, and the amount of taxes, including in such
amount the sum of any unpaid taxes, whether or not delinquent, resulting from
the last taxation of the property, based upon the records of the county
assessor and the county treasurer;
(d) State what portion of the expense of the
undertaking will be paid with the proceeds of securities issued by the
municipality in anticipation of tax proceeds to be credited to the tax
increment account and payable wholly or in part therefrom, and state the basic
security and any additional security for the payment of securities of the
municipality pertaining to the undertaking;
(e) State how the remaining portion of the
expense, if any, is to be financed;
(f) State the estimated amount of the tax
proceeds to be credited annually to the tax increment account pertaining to the
undertaking during the term of the proposed securities payable from such
proceeds, and the estimated amount of any net revenues derived annually from
the operation of the project or projects pertaining to the undertaking and
pledged for the payment of those securities;
(g) State the estimated aggregate principal
amount to be borrowed by the issuance of the securities, excluding proceeds
thereof to fund or refund outstanding securities, and the estimated total bond
requirements of the securities;
(h) Find, determine and declare that the
estimated tax proceeds to be credited to the tax increment account and any such
net pledged revenues will be fully sufficient to pay the bond requirements of
the securities as they become due; and
(i) State the date, time and place of the meeting
described in subsection 1.
5. All proceedings may be modified or
rescinded wholly or in part by resolution adopted by the governing body at any
time before the governing body passes the ordinance ordering the undertaking
and creating the tax increment area and the tax increment account pertaining
thereto pursuant to NRS 278C.220.
6. Except as otherwise provided in this
section, a public body shall not make a substantial change in the undertaking,
the preliminary estimates, the proposed tax increment area or other statements
relating thereto after the first publication or posting of notice or after the
first mailing of notice to the property owners, whichever occurs first, without
additional notice and a hearing pursuant to this section. A public body may
delete a portion of the undertaking and property from the proposed tax
increment area without notice and a hearing pursuant to this section. A
subsequent final determination of the amount of assessed valuation of taxable
property in the tax increment area or a subsequent levy of taxes does not
adversely affect proceedings taken pursuant to this chapter.
7. The engineer may make minor changes in
and develop the undertaking as to the time, plans and materials entering into
the undertaking at any time before its completion. Any minor changes authorized
by this subsection must be made a matter of public record at a public meeting
of the governing body.
(Added to NRS by 2005, 1759)
NRS 278C.180 List of persons who reside within proposed area; mailing of
notice; verification of mailing.
1. The governing body shall cause a list
of the names and addresses of all persons who reside within a proposed tax
increment area and who own taxable property within a proposed tax increment
area to be created. The names and addresses for the list may be obtained from
the records of the county assessor or from such other sources as the clerk or
the engineer deems available. A list of such names and addresses pertaining to
any tax increment area may be revised from time to time, but must be revised at
least once every 12 months if the list is needed for a period longer than 12
months.
2. If notice is required to be mailed
pursuant to this chapter, the notice must be sent by prepaid, first-class mail,
to the last known address of the person to whom the notice is being sent.
3. The mailing of any notice required in
this chapter must be verified by the affidavit or certificate of the engineer,
clerk, deputy or other person mailing the notice. Each verification of mailing
must be filed with the clerk and be retained in the records of the municipality
at least until all bonds and any other securities pertaining to a tax increment
account have been paid in full, or any claim is barred by a statute of
limitations.
4. A verification of mailing is prima
facie evidence of the mailing of the notice in accordance with the requirements
of this section.
(Added to NRS by 2005, 1761)
NRS 278C.190 Verification of posting of notice.
1. The posting of any notice required in
this chapter must be verified by the affidavit or certificate of the engineer,
clerk, deputy or other person posting the notice. Each verification of posting
must be filed with the clerk and must be retained in the records of the
municipality at least until the bonds and other securities pertaining to a tax
increment account have been paid in full and until any claim is barred by a
statute of limitations.
2. A verification of posting is prima
facie evidence of the posting of the notice in accordance with the requirements
of this section.
(Added to NRS by 2005, 1761)
NRS 278C.200 Publication of notice; verification of publication.
1. Any notice required to be published pursuant
to this chapter must be published in a newspaper of general circulation within
the area of the tax increment area about which the notice relates at least once
a week for 3 consecutive weeks. The first publication must be at least 15 days
before the designated time or event, and the last publication must be at least
14 days after the first publication.
2. Publication is complete on the day of
the last publication.
3. Any publication required in this
chapter must be verified by the affidavit of the person who publishes the
notice. Each verification of publication must be filed with the clerk and must
be retained in the records of the municipality at least until all the bonds and
any other securities pertaining to a tax increment account have been paid in
full, or any claim is barred by a statute of limitations.
4. A verification of publication is prima
facie evidence of the publication of the notice in accordance with the
requirements of this section.
(Added to NRS by 2005, 1762)
NRS 278C.210 Actions at hearing; resolutions; complaint, protest or objection
of proceedings.
1. At the time and place of the hearing,
the governing body shall cause to be read and consider all written complaints,
protests, objections and other relevant comments made in accordance with NRS 278C.170 and hear all oral complaints, protests,
objections and other relevant comments made pursuant to that section.
2. After considering all written and oral
complaints, protests, objections and other relevant comments that were properly
submitted and after considering any other relevant material put forth, if the
governing body determines that the undertaking, or a part thereof, is not in
the public interest:
(a) The governing body, by resolution, shall make
an order which states that the undertaking or a part of the undertaking, as
appropriate, is not in the public interest and which states the reasons that
the undertaking, or part of the undertaking, is not in the public interest;
(b) The public body may, by resolution and in
accordance with the notice and hearing requirements of this chapter, modify the
proposed tax increment area or undertaking to conform to the order; and
(c) The undertaking or part of the undertaking,
as appropriate, must be stopped until the governing body adopts a new
resolution for the undertaking which conforms to the order.
3. Any complaint, protest or objection to
the regularity, validity and correctness of the proceedings taken and the
documents made before the date of the hearing is waived unless presented in the
manner specified in this chapter.
(Added to NRS by 2005, 1762)
NRS 278C.220 Procedure after hearing; modification of plans; adoption of
ordinance creating area.
1. If, after considering all written and
oral complaints, protests, objections and other relevant comments that were
properly submitted and after considering any other relevant material put forth,
the governing body determines that the undertaking is in the public interest
and defines that public interest, the governing body shall determine whether to
proceed with the undertaking. If the governing body has ordered any
modification to an undertaking and desires to proceed, it shall direct the engineer
to modify the plans, estimate of costs and statements, as appropriate.
2. The engineer, if so directed, shall
appropriately modify them and file the modified plans, estimate of costs and
statements, as appropriate, with the clerk.
3. When the plans, estimates and
statements are filed with the clerk and are satisfactory to the governing body,
if the governing body wants to proceed with the undertaking, the governing body
shall, by ordinance:
(a) Overrule all complaints, protests and
objections not otherwise acted upon;
(b) Order the undertaking;
(c) Describe the tax increment area pertaining to
the undertaking; and
(d) Create the tax increment account for the
undertaking.
4. The governing body must adopt the
ordinance in the same manner as a regular ordinance.
(Added to NRS by 2005, 1762)
NRS 278C.230 Amendment of ordinance creating area; notice to be provided to
certain owners of tracts of land; amount of taxes to be allocated must be
computed separately for original area and each addition of land thereto.
1. The governing body may amend an
ordinance adopted pursuant to NRS 278C.220 by
adopting a supplemental ordinance, introduced and adopted in the same manner as
a regular ordinance, to:
(a) Modify the undertaking by specifying new
projects or removing or modifying projects specified in the original ordinance;
(b) Add areas to or remove areas from a tax
increment area; and
(c) Make such other changes, additions or
deletions as the governing body determines will further its objectives within
the tax increment area.
2. If a proposed amendment would add any
area to or remove any area from a tax increment area, the governing body shall
provide by mail notice of the date, time and place of the meeting at which the
proposed amendment will be considered to the last known owner or owners of each
tract of land proposed to be added or removed.
3. The amount of taxes to be allocated to
a tax increment account pursuant to NRS 278C.250
must be computed separately for the original tax increment area and each
addition of land thereto.
(Added to NRS by 2005, 1763)
NRS 278C.240 Applicability to undertaking of provisions governing payment of
prevailing wage. The provisions of
NRS 338.010 to 338.090, inclusive, apply to any
construction work to be performed under any contract or other agreement related
to an undertaking ordered by a governing body pursuant to this chapter.
(Added to NRS by 2005, 1763)
NRS 278C.250 Allocation, division and disposition of money from taxes;
limitation on revenue; repayment of bond or other indebtedness.
1. After the effective date of the
ordinance adopted pursuant to NRS 278C.220, any
taxes levied upon taxable property in the tax increment area each year by or
for the benefit of the State, the municipality and any public body must be
divided as follows:
(a) That portion of the taxes that would be
produced by the rate upon which the tax is levied each year by or for each of
those taxing agencies upon the total sum of the assessed value of the taxable
property in the tax increment area as shown upon the last equalized assessment
roll used in connection with the taxation of the property by the taxing agency,
must be allocated to and when collected must be paid into the funds of the
respective taxing agencies as taxes by or for the taxing agencies on all other
property are paid.
(b) Except as otherwise provided in this section,
the portion of the taxes levied each year in excess of the amount determined
pursuant to paragraph (a) must be allocated to, and when collected must be paid
into, the tax increment account pertaining to the undertaking to pay the bond
requirements of loans, money advanced to, or indebtedness, whether funded,
refunded, assumed or otherwise, incurred by the municipality to finance or
refinance, in whole or in part, the undertaking. Unless the total assessed
valuation of the taxable property in the tax increment area exceeds the total
assessed value of the taxable property in the area as shown by the last
equalized assessment roll referred to in this subsection, all of the taxes
levied and collected upon the taxable property in the area must be paid into
the funds of the respective taxing agencies. When the loans, advances and
indebtedness, if any, and interest thereon, have been paid, all money
thereafter received from taxes upon the taxable property in the tax increment
area must be paid into the funds of the respective taxing agencies as taxes on
all other property are paid.
(c) The amount of the taxes levied each year
which are paid into the tax increment account pursuant to paragraph (b) must be
limited by the governing body to an amount not to exceed the combined total
amount required for annual debt service of the project or projects acquired,
improved or equipped, or any combination thereof, as part of the undertaking.
(d) Any revenues generated within the tax
increment district in excess of the amount referenced in paragraph (c), if any,
will be paid into the funds of the respective taxing agencies in the same
proportion as their base amount was distributed.
2. Except as otherwise provided in this
subsection, in any fiscal year, the total revenue paid to a tax increment area
in combination with the total revenue paid to any other tax increment areas and
any redevelopment agencies of a municipality must not exceed:
(a) In a county whose population is 100,000 or
more or a city whose population is 150,000 or more, an amount equal to the
combined tax rates of the taxing agencies for that fiscal year multiplied by 10
percent of the total assessed valuation of the municipality.
(b) In a county whose population is less than
100,000 or a city whose population is less than 150,000, an amount equal to the
combined tax rates of the taxing agencies for that fiscal year multiplied by 15
percent of the total assessed valuation of the municipality.
Ê
Notwithstanding the provisions of this subsection, if a county has a population
of less than 100,000 or if a city has a population of less than 150,000 at the
time the municipality issues securities for a tax increment area pursuant to NRS 278C.280, the revenue limitation set forth in
paragraph (b) must remain the revenue limitation for the tax increment area
until such time as the securities issued for that tax increment area pursuant
to NRS 278C.280 have been paid in full, including
any securities issued to refund those securities, regardless of whether the
population of the municipality reaches or exceeds 100,000 after the issuance of
those securities.
3. If the revenue paid to a tax increment
area must be limited pursuant to paragraph (a) or (b) of subsection 2 and the
municipality has more than one redevelopment agency or tax increment area, or
one of each, the municipality shall determine the allocation to each agency and
area. Any revenue that would be allocated to a tax increment area but for the
provisions of this section must be paid into the funds of the respective taxing
agencies.
4. The portion of the taxes levied each
year in excess of the amount determined pursuant to paragraph (a) of subsection
1 which is attributable to any tax rate levied by a taxing agency:
(a) To produce revenue in an amount sufficient to
make annual repayments of the principal of, and the interest on, any bonded
indebtedness that was approved by a majority of the registered voters within
the area of the taxing agency voting upon the question, must be allocated to,
and when collected must be paid into, the debt service fund of that taxing
agency.
(b) In excess of any tax rate of that taxing
agency applicable to the last taxation of the property before the effective
date of the ordinance, if that additional rate was approved by a majority of
the registered voters within the area of the taxing agency voting upon the
question, must be allocated to, and when collected must be paid into, the
appropriate fund of that taxing agency.
(c) Pursuant to NRS 387.3285 or 387.3287, if that rate was approved by a
majority of the registered voters within the area of the taxing agency voting
upon the question, must be allocated to, and when collected must be paid into,
the appropriate fund of that taxing agency.
(d) For the support of the public schools within
a county school district pursuant to NRS
387.195, must be allocated to, and when collected must be paid into, the
appropriate fund of that taxing agency.
5. The provisions of paragraph (a) of
subsection 4 include, without limitation, a tax rate approved for bonds of a
county school district issued pursuant to NRS
350.020, including, without limitation, amounts necessary for a reserve
account in the debt service fund.
6. As used in this section, the term “last
equalized assessment roll” means the assessment roll in existence on the 15th
day of March immediately preceding the effective date of the ordinance.
(Added to NRS by 2005, 1763; A 2007, 2462; 2011, 1202)
NRS 278C.260 Limitation upon revenue from taxes ad valorem not applicable. The allowed revenue from taxes ad valorem
determined pursuant to NRS 354.59811
does not apply to tax increment areas created pursuant to this chapter.
(Added to NRS by 2005, 1765)
NRS 278C.270 Appeal from adverse order. The
Federal Government, the State, any public body or any natural person filing a
written complaint, protest or objection in the manner and within the time
provided in NRS 278C.170, may, within 30 days
after the governing body has finally passed on the complaint, protest or
objection by resolution pursuant to NRS 278C.210
or by ordinance pursuant to NRS 278C.220, commence
an action or suit in a court of competent jurisdiction to correct or set aside
the determination, but thereafter all actions or suits attacking the validity
of the proceedings are perpetually barred.
(Added to NRS by 2005, 1765)
NRS 278C.280 Securities: Issuance; types; terms; debt limitations; net
pledged revenues.
1. To defray in whole or in part the cost
of any undertaking, a municipality may issue the following securities:
(a) Notes;
(b) Warrants;
(c) Interim debentures;
(d) Bonds; and
(e) Temporary bonds.
2. Any net revenues derived from the
operation of a project acquired, improved or equipped, or any combination
thereof, as part of the undertaking must be pledged for the payment of any
securities issued pursuant to this section. The securities must be made payable
from any such net pledged revenues as the bond requirements become due from
time to time by the bond ordinance, trust indenture or other proceedings that
authorize the issuance of the securities or otherwise pertain to their
issuance.
3. Securities issued pursuant to this
section:
(a) Must be made payable from tax proceeds
accounted for in the tax increment account; and
(b) May, at the option of the municipality and if
otherwise so authorized by law, be made payable from the taxes levied by the
municipality against all taxable property within the municipality.
Ê The
municipality may also issue general obligation securities other than the ones
authorized by this chapter that are made payable from taxes without also making
the securities payable from any net pledged revenues or tax proceeds accounted
for in a tax increment account, or from both of those sources of revenue.
4. Any securities payable only in the
manner provided in either paragraph (a) of subsection 3 or both subsection 2 and
paragraph (a) of subsection 3:
(a) Are special obligations of the municipality
and are not in their issuance subject to any debt limitation imposed by law;
(b) While they are outstanding, do not exhaust
the debt incurring power of the municipality; and
(c) May be issued under the provisions of the
Local Government Securities Law, except as otherwise provided in this chapter,
without any compliance with the provisions of NRS 350.020 to 350.070, inclusive, except as otherwise
provided in the Local Government Securities Law, only after the issuance of
municipal bonds is approved under the provisions of NRS 350.011 to 350.0165, inclusive.
5. Any securities payable from taxes in
the manner provided in paragraph (b) of subsection 3, regardless of whether
they are also payable in the manner provided in paragraph (a) of subsection 3
or in both subsection 2 and paragraph (a) of subsection 3:
(a) Are general obligations of the municipality
and are in their issuance subject to such debt limitation;
(b) While they are outstanding, do exhaust the
power of the municipality to incur debt; and
(c) May be issued under the provisions of the
Local Government Securities Law only after the issuance of municipal bonds is
approved under the provisions of:
(1) NRS
350.011 to 350.0165, inclusive; or
(2) NRS
350.020 to 350.070, inclusive,
Ê except for
the issuance of notes or warrants under the Local Government Securities Law
that are payable out of the revenues for the current year and are not to be funded
with the proceeds of interim debentures or bonds in the absence of such bond
approval under the two acts designated in subparagraphs (1) and (2).
6. In the proceedings for the advancement
of money, or the making of loans, or the incurrence of any indebtedness,
whether funded, refunded, assumed or otherwise, by the municipality to finance
or refinance, in whole or in part, the undertaking, the portion of taxes
mentioned in subsection 2 of NRS 278C.250 must be
irrevocably pledged for the payment of the bond requirements of the loans,
advances or indebtedness. The provisions in the Local Government Securities Law
pertaining to net pledged revenues are applicable to such a pledge to secure
the payment of tax increment bonds.
(Added to NRS by 2005, 1765)
NRS 278C.290 Maturation and payment of securities. Any
securities issued by a municipality for a tax increment area pursuant to this
chapter must mature and be fully paid, including any interest thereon, before
the expiration of the tax increment area.
(Added to NRS by 2005, 1766)
NRS 278C.300 Expiration of area. A
tax increment area must expire not more than 30 years after the date on which
the ordinance which creates the area becomes effective.
(Added to NRS by 2005, 1766)
NRS 278C.310 Effect of chapter.
1. This chapter, without reference to
other statutes of this State, except as otherwise expressly provided in this
chapter, constitutes full authority for the exercise of powers granted in this
chapter.
2. No other law with regard to the
exercise of any power granted in this chapter that provides for an election,
requires an approval, or in any way impedes or restricts the carrying out of
the acts authorized to be done applies to any acts taken under this chapter,
except as provided in this chapter.
3. The powers conferred by this chapter
are in addition and supplemental to, and not in substitution for, and the
limitations imposed by this chapter do not affect the powers conferred by, any
other law.
(Added to NRS by 2005, 1766)
