1. No real or personal property, or any interest therein, acquired or constructed in whole or in part with money from the redevelopment revolving fund may be sold or leased for an amount less than its fair market value in accordance with any covenants and conditions governing that sale or lease, unless the agency finds that a sale or lease for a lesser consideration is necessary to effectuate the purposes of the redevelopment plan.
2. All money received by the agency from the sale, lease or encumbering of property acquired with money from the redevelopment revolving fund in excess of the money required to repay the loans and interest thereon authorized by this chapter must be redeposited in the fund.
3. If any property acquired in whole or in part from the redevelopment revolving fund is to be sold or leased by the agency, the sale or lease must be first approved by the legislative body by resolution adopted after public hearing. Notice of the time and place of the hearing must be published once in a newspaper of the community at least 1 week before the hearing. The resolution must be adopted by a majority vote unless the legislative body has provided by ordinance for a two-thirds vote for such purpose.
(Added to NRS by 1959, 667; A 1981, 763; 1985, 2078)
Structure Nevada Revised Statutes
Chapter 279 - Redevelopment of Communities
NRS 279.385 - "Affordable housing" defined.
NRS 279.386 - "Agency" defined.
NRS 279.388 - "Blighted area" defined.
NRS 279.390 - "Bonds" defined.
NRS 279.392 - "Community" defined.
NRS 279.3925 - "Developer" defined.
NRS 279.393 - "Eligible railroad" defined.
NRS 279.394 - "Federal Government" defined.
NRS 279.396 - "Legislative body" defined.
NRS 279.398 - "Obligee" defined.
NRS 279.400 - "Planning commission" defined.
NRS 279.404 - "Public body" defined.
NRS 279.405 - "Public educational activities and programs" defined.
NRS 279.406 - "Real property" defined.
NRS 279.408 - "Redevelopment" defined.
NRS 279.410 - "Redevelopment area" defined.
NRS 279.412 - "Redevelopment project" defined.
NRS 279.413 - "Southern Nevada Enterprise Community" defined.
NRS 279.414 - "State" defined.
NRS 279.416 - Declaration of state policy: Necessity of redevelopment of blighted areas.
NRS 279.426 - Agency for redevelopment: Creation.
NRS 279.428 - Resolution of legislative body as prerequisite to functioning of agency.
NRS 279.430 - Authority of agency conclusively presumed from resolution.
NRS 279.432 - Powers of public bodies in aid of local redevelopment.
NRS 279.434 - Exemption of agency and property from execution, process or lien; exceptions.
NRS 279.436 - Suspension of agency’s authority.
NRS 279.440 - Appointment of members; exceptions.
NRS 279.442 - Restriction on appointment of members.
NRS 279.446 - Terms of office of members; vacancies.
NRS 279.448 - Chair: Designation; election; term of office.
NRS 279.450 - Compensation and expenses of members.
NRS 279.452 - Removal of member: Grounds; procedure.
NRS 279.456 - Acquisition of property by agency from member or officer by eminent domain.
NRS 279.458 - Agency’s power vested in members.
NRS 279.460 - Agency’s governmental functions; powers.
NRS 279.462 - Powers of agency.
NRS 279.464 - Services and facilities available to agency.
NRS 279.466 - Personnel: Selection; employment; compensation; limitations.
NRS 279.4714 - Prerequisite to request that agency exercise power of eminent domain.
NRS 279.472 - Leases or sales: Public hearing.
NRS 279.474 - Development of building sites.
NRS 279.476 - Rehousing bureau.
NRS 279.478 - Assistance for relocation.
NRS 279.484 - Breach of covenants running with the land.
NRS 279.488 - Continuation of existing buildings on land; justification for acquisition by agency.
NRS 279.490 - Financial assistance from governmental and private sources.
NRS 279.492 - Eminent domain: Existing public use; consent of public body.
NRS 279.494 - Territorial jurisdiction: Counties; cities.
NRS 279.496 - Property owned in redevelopment project: Payment of money in lieu of taxes.
NRS 279.498 - Work exceeding $10,000 requires competitive bidding.
NRS 279.514 - Redevelopment of area within another community’s territory.
NRS 279.516 - Prerequisites of community for redevelopment: Planning commission; master plan.
NRS 279.518 - Designation of areas for evaluation as redevelopment areas.
NRS 279.520 - Contents of resolution designating area for evaluation.
NRS 279.522 - Requests for evaluation of particular area.
NRS 279.524 - Selection of redevelopment area; preliminary plan.
NRS 279.526 - Preliminary plan: Sufficiency.
NRS 279.528 - Submission of preliminary plan to agency; analysis.
NRS 279.530 - Cooperation of agency and planning commission.
NRS 279.564 - Preparation or adoption of redevelopment plan by agency; hearings and negotiations.
NRS 279.568 - Conformance to master or general plan for community.
NRS 279.570 - Report by planning commission; vote of legislative body.
NRS 279.572 - Contents of redevelopment plan: General requirements.
NRS 279.574 - Contents of redevelopment plan: Leases and sales of real property by agency.
NRS 279.576 - Contents of redevelopment plan: Acquisition of property; bonds.
NRS 279.578 - Submission of redevelopment plan to legislative body; report required.
NRS 279.580 - Matters to be considered by legislative body; public hearing; notice.
NRS 279.586 - Adoption of redevelopment plan by ordinance: Determinations; contents of ordinance.
NRS 279.589 - Effect of decision of legislative body.
NRS 279.598 - Safeguards required that redevelopment will be carried out; controls.
NRS 279.602 - Copy of ordinance transmitted to agency.
NRS 279.6035 - Applicants for building permits must be advised of redevelopment area.
NRS 279.604 - Approval of contracts by legislative body.
NRS 279.609 - Limitations on actions to question validity of redevelopment plan or amendment.
NRS 279.6094 - Employment plan required for redevelopment project built as public work.
NRS 279.6096 - Partial withholding of incentive by agency.
NRS 279.6099 - Appeal of refusal to pay amount of incentive withheld by agency.
NRS 279.614 - Agency’s administrative fund.
NRS 279.618 - Agency’s reports to legislative body.
NRS 279.619 - Limitation on issuing securities or incurring indebtedness.
NRS 279.620 - Revolving fund: Establishment; sources.
NRS 279.622 - Issuance and sale of general obligation bonds: Purposes; amount authorized.
NRS 279.625 - Special election may be held only if emergency exists.
NRS 279.626 - Issuance of general obligation bonds: Manner; limitations; exceeding limitation.
NRS 279.628 - Expenditures from revolving fund.
NRS 279.632 - Abolition of revolving fund; transfer of money.
NRS 279.634 - Bonds: Issuance for corporate or refunding purposes.
NRS 279.636 - Types of bonds which agency may issue; additional security for bonds.
NRS 279.638 - Liability on bonds; limitation of indebtedness.
NRS 279.640 - Authorization of bonds; sale.
NRS 279.642 - Validity of bonds: Termination of office.
NRS 279.644 - Negotiability of bonds.
NRS 279.646 - Validity of bonds: Presumptions.
NRS 279.648 - Issuance of bonds: Pledge of revenues; encumbrances of property.
NRS 279.650 - Issuance of bonds: Limitations on further indebtedness and transactions.
NRS 279.654 - Issuance of bonds: Rentals and revenues; special funds.
NRS 279.656 - Issuance of bonds: Abrogation or amendment of contracts with bondholders.
NRS 279.658 - Issuance of bonds: Use and maintenance of property; insurance.
NRS 279.660 - Issuance of bonds: Effects of breach of covenants; events of default; waiver.
NRS 279.664 - Power of agency to make additional covenants; additional powers.
NRS 279.666 - Rights of agency’s obligee.
NRS 279.668 - Rights of agency’s obligee upon default.
NRS 279.670 - Bonds, interest and income exempted from taxes; exceptions.
NRS 279.672 - Bonds of agency as legal investments.
NRS 279.674 - "Taxes" defined.
NRS 279.683 - Faith of State pledged not to impair securities.
NRS 279.700 - "Small business" defined.
NRS 279.720 - Revolving loan account: Authorized uses of money in account; limitation.
NRS 279.730 - Application for loan; requirements of contract for loan; regulations.