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Redevelopment Funds : How do Redevelopment Agencies secure funds?- ... (more)
The Redevelopment Agency uses a funding mechanism
called "tax increment financing". On the date the Redevelopment
Agency Advisory Board approves a redevelopment plan, the property within the
boundaries of the plan has a certain total property tax value. If this total
assessed valuation increases through property improvements or new development,
the increase goes to the Redevelopment Agency to be reinvested in the
redevelopment area where it was generated. This increase is called "tax
increment". Usually, the flow of tax increment revenues to the Agency are
not sufficient to finance the full scope of redevelopment activities and
development projects. Therefore, agencies may issue bonds, a debt
instrument used to increase capital available. These bonds are not a liability of
the City or County and are repaid solely from tax increment revenues. Tax
increment is generally used in the same project area where they were
generated. One exception is that as soon as the city's population reaches 500,000,
18% of the increment in all redevelopment areas goes toward affordable
housing projects throughout the city and public education in or
within one mile of a redevelopment area. Currently, the Downtown and
Eastside Redevelopment areas already set-aside 18% of revenues for public
education due to extending the area life (Downtown) and resetting the base year
(Eastside).
(FAQ3747)
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Redevelopment Areas: How do current businesses within a redevelopment area benefit?- Existing businesses within a redevelopment area can take advantage of several opportunities to expand and enhance their ... (more)
- Existing businesses within a redevelopment area can take advantage of several opportunities to expand and enhance their operations. Tangible and intangible assistance can be offered on a case by case basis.
In addition, as new companies invest in the area and new businesses become established, all of the existing businesses benefit from enhanced consumer traffic and increased visibility. Also, as nearby residential neighborhoods improve and become more desirable, local enterprises will benefit from having consumer markets immediately adjacent to the business district.
(FAQ7137)
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Redevelopment Project Area : Of what benefit to a citizen is being in a redevelopment project area?- Redevelopment is one of the most effective ways to breathe new life into older areas with social, physical, environmenta... (more)
- Redevelopment is one of the most effective ways to breathe new life into older areas with social, physical, environmental or economic conditions that prevent new investment by private companies. Through redevelopment activities, a project area may receive incentives in any of the following ways: improving buildings that are aging; bringing necessary commercial businesses by assembling parcels large enough to develop; improving public utilities; attracting new business to relocate to vacant redevelopment property; etc. Locating your business in or moving to a redevelopment area means you may be eligible for one of our incentive programs, but it also means your neighborhood is a priority to the City and can benefit from targeted reinvestments intended to increase property values throughout the redevelopment area.
(FAQ3755)
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Redevelopment Areas: What are the current Henderson redevelopment areas?- There are five Redevelopment Areas in the City of Henderson:Downtown Redevelopment Area: As Henderson’s or... (more)
- There are five Redevelopment Areas in the City of Henderson:
Downtown Redevelopment Area: As Henderson’s original business and residential center, this area contains Henderson’s most mature neighborhoods, including the Water Street District. Formed in 1995 to revitalize existing businesses and attract new investment, the Redevelopment Agency has made great strides in rejuvenating the economic viability and the spirit of the area.
Eastside Redevelopment Area: Generally bordered along Boulder Highway from Sunset Road at the north to Major Street at the south, the 4,500-acre Eastside Redevelopment District can be divided into four distinct neighborhoods: Pittman, Valley View, the East Sunset Industrial Corridor, and the 2,200-acre Landwell project.
Cornerstone Redevelopment Area: This former gravel mine, at Stephanie and I-215, is being transformed into a 100-acre detention basin, park, lake and recreational facility that will also be home to a school site, a Wal-Mart Neighborhood Market, and additional commercial, residential, and medical projects.
Tuscany Redevelopment Area: Located in Henderson’s northeast corner, this abandoned gravel pit was designated a Henderson redevelopment area in 2001. Today, Tuscany is a master planned residential community surrounding an 18-hole championship golf course.
Lakemoor Canyon Redevelopment Area: Is a former Open Pit Mine that is located on Located on Lake Mead Pkwy; approximately five (5) miles northeast of the City’s downtown. Lakemoor Canyon was adopted as a redevelopment area in March of 2009 and is comprised of approximately 1,259 acres.
(FAQ7136)
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Redevelopment Projects : Why are redevelopment projects important to the City of Henderson's growth and sus...- The City of Henderson has earned national recognition for its quality of life and for the services it provides its resid... (more)
- The City of Henderson has earned national recognition for its quality of life and for the services it provides its residents and businesses. Like other metropolitan areas, however, there are older neighborhoods, such as the original downtown and the eastside area that have deteriorated as the city has expanded outward. Projects are used to interrupt the cycle of blight in a redevelopment area. Whether funds are used to remediate environmental contamination or build new housing, small, meaningful projects can interrupt the cycle of decline, instill neighborhood pride and attract continued reinvestment. Each project can generate additional investment which then can continue to be reinvested in the area creating a variety of positive spin-off effects and sustained improvements. Redevelopment projects bring commercial, industrial and residential development back to these areas to stimulate growth, economic vitality, and quality of life.
(FAQ7134)
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Redevelopment Area Taxes: Does the redirection of property taxes in redevelopment areas have a negative imp...- During the life of the redevelopment area (30 years), other taxing agencies continue to receive base property tax revenu... (more)
- During the life of the redevelopment area (30 years), other taxing agencies continue to receive base property tax revenues (the amount they were receiving at the time the redevelopment area was first created). If there is an increase in assessed value in the area and therefore in the property tax revenue, that increase only is redirected to the Redevelopment Agency for reinvestment in the area. If there is no increase in assessed value, the Redevelopment Agency receives no revenue. Once the area expires (after 30 years), the total combined property tax available (base plus the new increased amount) is once again distributed to all taxing bodies as it was prior to the area's creation. It is important to keep in mind that this tool provides for increases in property tax revenue WITHOUT increasing taxes in older, inactive areas. But for redevelopment activities, the property values would not increase. During the life of the redevelopment area, other taxing agencies will continue to receive non-property tax revenues and those revenues generated just outside the project area as a direct result of redevelopment activities, i.e., sales taxes, hotel room taxes and property taxes generated outside the redevelopment area.
(FAQ3750)
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Redevelopment Agency Property Acquisition: How can I find out if the Redevelopment Agency is interested in...- The Redevelopment Agency evaluates property purchase opportunities on a case-by-case basis. Our Redevelopment office can... (more)
- The Redevelopment Agency evaluates property purchase opportunities on a case-by-case basis. Our Redevelopment office can answer any further questions you may have. Their number is 702-267-1515.
(FAQ3752)
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Redevelopment: What is redevelopment?- Redevelopment is established by law through NRS Chapter 279, Redevelopment of Communities Law, to remove the characteris... (more)
- Redevelopment is established by law through NRS Chapter 279, Redevelopment of Communities Law, to remove the characteristics of blight from communities in Nevada.
Redevelopment is a geographically-based, local economic development tool used by cities and counties to keep local taxes at home to revitalize neighborhoods and business districts that are maturing or underdeveloped. Redevelopment activities help to breathe new life into areas in need of revitalization and economic development. For example, Redevelopment activities can create new jobs by attracting new businesses, provide for workforce housing, improve homeownership possibilities through low interest loans and programs to assist homeowners in property improvements, enhance pubic amenities and quality of life and provide for environmental cleanup and crime reduction.
(FAQ3753)
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Developer Assistance: What type of assistance is available to developers interested in building in a rede...- The City of Henderson Redevelopment Agency offers assistance to developers who are interested in building in a redevelop... (more)
- The City of Henderson Redevelopment Agency offers assistance to developers who are interested in building in a redevelopment area. The incentives/assistance is custom-tailored to each project. Contact the Agency for more information.
(FAQ7143)
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Redevelopment Agency : What is a Redevelopment Agency?- The Redevelopment Agency purpose and powers are established in NRS Chapter 279. The Agency serves as the governing board... (more)
- The Redevelopment Agency purpose and powers are established in NRS Chapter 279. The Agency serves as the governing board for redevelopment area activity and has the power to: buy private property for resale to another private person or organization; and reallocate property tax "increment" in order to finance a variety of redevelopment activities and projects in a community.
(FAQ3754)
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Redevelopment Areas: What is a redevelopment project area?- The creation of Redevelopment Project Areas is a primary tool used by cities and counties to encourage commercial and re... (more)
- The creation of Redevelopment Project Areas is a primary tool used by cities and counties to encourage commercial and residential growth in areas that have aged and are currently underdeveloped. Redevelopment activities stimulate revitalization efforts and economic development. For example, redevelopment activities can create new jobs by attracting new businesses, provide for workforce housing, improve homeownership possibilities through low interest loans, provide assistance to homeowners for property improvements, provide for environmental cleanup and crime reduction, and improve infrastructure.
(FAQ7135)
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Redevelopment Agency Property Acquisition: If a property owner decides to sell property to the Agency, who ...- The Agency would hire an independent appraiser to establish the fair market value of the property. If the owner is not s... (more)
- The Agency would hire an independent appraiser to establish the fair market value of the property. If the owner is not satisfied with the appraised value of the property, he may hire his own appraiser to reevaluate the property, after which both appraisals will be compared and a selling price negotiated. Fair market value is the value the property would have if it were placed in today's market place and sold.
(FAQ3744)
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Property Taxes: As a business or property owner in a redevelopment area, will my property taxes increase?- Only if property value increases. It is important to note that higher taxes from the sale, development or rehabilitation... (more)
- Only if property value increases. It is important to note that higher taxes from the sale, development or rehabilitation of property reflects a rise in property value and not an increase in tax rate. As improvements to properties are made and the value of a property is raised, taxes naturally increase-just as they do throughout the rest of the City.
(FAQ3748)
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