Why. Redevelopment? About Redevelopment. The core function of redevelopment. In your community, REDEVELOPMENT IS:

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1 Why Redevelopment? Hundreds of communities throughout Nevada are struggling economically and socially. Communities with abandoned gas stations, dilapidated housing, or continually vandalized, vacant strip malls are all examples of deteriorated areas. Revitalization of these areas does not just happen on its own. Without some catalyst, the private sector is reluctant to invest in them. That s where redevelopment comes in. The core function of redevelopment is to identify and serve as a catalyst for revitalization projects in which the private sector otherwise would not be involved. In your community, REDEVELOPMENT IS: Affordable housing and homeownership opportunities Revived business districts and downtowns Revitalization of rundown neighborhoods About Redevelopment Redevelopment is a process authorized under Nevada law that enables concerned communities to establish redevelopment agencies that can identify deteriorated and blighted areas in need of revitalization. Redevelopment agencies develop a plan and provide the initial funding to launch revitalization of those areas. In doing so, redevelopment encourages and attracts private sector investment that otherwise wouldn t occur. Redevelopment agencies focus their efforts in our landscarred regions, remediated areas, and urban neighborhoods. By promoting urban-centered growth, redevelopment activities help preserve the environment and open space, reduce commute times and improve the quality of life for Nevada residents. Crime reduction Improvements to streets, lighting, sewers and water lines Clean-up of contaminated property Community centers Parks Libraries Fire and police stations Neighborhood beautification such as upgrading facades and sidewalks Redeveloping Nevada Introduction 1

2 Downtown Coffee Co. after facade improvements, Downtown Las Vegas, NV. Photo by City staff About Redevelopment Agencies Agencies are tasked with determining that the buildings, facilities, structures or other improvements are of benefit to the redevelopment area. In doing so, the Agency considers whether the proposed projects encourage the creation of new business, create jobs for nearby residents, increase local revenues from desirable sources, increase pedestrian activity, possess attributes that are unique as to quality and design, and demonstrate greater social or financial benefits to the community. Without the initial investment from redevelopment agencies, many important community projects simply would not happen leaving communities plagued by deterioration, crime, and poor economic and social conditions. Important Data and Case Studies... Redevelopment Works! Here s How: 63 Commercial Façade Improvements 92 Housing Rehabilitations $38.2 million $29.5 million $ 8.7 million $417 thousand $182 thousand $235 thousand 20 Completed Commercial Developments $1.3 billion $1.1 billion $200 million Adding 5.1 million square feet and 31,115 jobs 6 Office Developments 7 Mixed Use Developments $36.5 million $30.8 million $ 5.7 million $207.7 million $197.6 million $ 10.1 million 2

3 T here are 18 statewide redevelopment areas reporting from 9 member agencies. The oldest redevelopment area in Nevada was established in 1978, while some were adopted as recently as The average life of Nevada s redevelopment areas to date is years. 4 Affordable Housing Projects Adding 247 residential units $27.6 million $24.3 million $ 3.3 million 6 Market-Rate Housing Projects $941.4 million $885.7 million $ 55.7 million Adding 1,790 residential units 8 Community Facilities Other Agency/Grant Invest.: $201.1 million $ 15.1 million $156.7 million $ 29.3 million 9 Infrastructure Projects $105.2 million $ 48.9 million Other Agency/Grant Invest.: $ 9.7 million $ 46.6 million GRAND TOTALS Other Agency/Grant Investment: Redevelopment Investment: $2.8 billion $2.3 billion $166.4 million $359.6 million Beautification improvements within Carson City s historic Telegraph Square. Investment dividends PAY OFF with... Building better communities... Build and preserve community amenities Help small businesses thrive by revitalizing downtowns Clean up blight through beautification programs Providing much needed housing... Redevelopment has provided 247 affordable housing units in Nevada A total of 1,790 market-rate housing units have been added as a result of redevelopment When a jurisdiction population reaches 200,000, 18% of all redevelopment tax increment revenue is set aside specifically for affordable housing Creating jobs and stronger economies... Redevelopment has created almost 32,000 Nevada jobs Redevelopment leverages low-cost financing laying the fiscal foundation needed to make projects economically feasible and attractive to the private sector Redevelopment has proven both locally and nationally to be one of the most effective ways to expand businesses, create jobs, and upgrade insufficient or deteriorating infrastructure Reflecting the communities needs... Redevelopment Agencies are in the best position to identify exactly what a community needs because they are locally-governed and accountable to their residents Residents are involved in the redevelopment process through public meetings and hearings Agency staff meet with private investors on local projects to meet the community s needs...without it, important projects would NOT get done! 3

4 Redevelopment Success Stories World Market Center LAS VEGAS, NV The World Market Center (WMC) is located at 495 S. Grand Central Pkwy. The first phase of this state-of-the-art home furnishings complex was completed in The phase one building is a 10-story venue comprised of 1.3 million square feet and 230 showrooms. While not open to the public, the WMC attracts thousands of furniture buyers and retail sellers from leading facilities around the nation and globe. The original WMC concept called for 7.5 million square feet, valued at $1 billion and generating $9.3 million in annual property taxes. Due to its success, a total of 12 million square feet is now planned. WMC owners and operators assert that, when fully built-out, the 12-million-square-foot campus will be the largest, most comprehensive trade show complex in the world. Currently, the WMC sponsors semiannual furniture trade shows attended by more than 100,000 national and international furniture buyers and representatives each year. The trade show complex will ultimately open year-round after expanding their offerings into other related areas including lighting, decorative and floral furnishings, plumbing, floor coverings and more. Since it first opened its doors in July 2005, the WMC has had a substantial economic impact on the area an impact that is expected to grow dramatically. More than 1,500 permanent, full-time jobs are the result of the first two building phases. When all eight phases of the 12-million-square-foot complex are completed in 2010, it is projected that WMC will generate 35,000 direct and indirect jobs. Sierra Crest Senior Apartments SPARKS, NV The Sierra Crest Senior Apartments represent the first transit-oriented development in the City of Sparks. The 72-unit affordable, senior housing project built by Prater Partners is located at the corner of Pyramid Way and Prater Sierra Crest Senior Apartments Way. It is situated along a Regional Transportation Commission bus route, which allows residents access to area stores, restaurants and other services. The Sierra Crest Senior Apartments also has many necessities onsite including a beauty shop, computer lab, library, exercise facilities and a game room. The land for the project was purchased by the Redevelopment Agency and leased to Prater Partners. The apartment complex opened its doors in March The WMC has also produced a number of public improvements by utilizing the city of Las Vegas Redevelopment Agency s Tax Increment Financing incentive program. These public improvements include installation of storm drainage, site lighting, fencing, sidewalks and retaining walls. The center has also increased local demand for business (rather than leisure-oriented) hotels. It has also spurred purchases for nearby condominiums, fueled by the need to provide accommodations for traveling clients and company executives. World Market Center Rendering (right) and Photo (left) World Market Center SM, Building A comprises 1.3 million square feet of permanent showrooms for the world s leading furniture manufacturers. Photo is provided courtesy of World Market Center SM, Las Vegas. World Market Center SM, Master Plan Experiential Rendering provided by courtesy of Jon Jerde Partnership, all rights reserved. 4 Redeveloping Nevada Success Stories

5 Truckee River Walk Whitewater Park RENO, NV COMMERCIAL PROJECT Century Riverside 12 Theatre The 2,200 seat, 12-screen, multiplex theater, which opened in 1999, is a state of the art example of the movie theater experience. Built along the beautiful Truckee River, the theater and adjacent shops and galleries are the centerpiece of the River Walk area and the Downtown Arts and Culture District. Located at the corner of West 1st and Sierra Streets, adjacent to the City s Parking Gallery for convenient parking, the new theater is enjoying great success. HOUSING Riverside Artist Lofts The historic Riverside Artist Lofts building sits at the very place where Reno began. It was built in 1927 and served for years as a hotel, then a hotel/casino. Today it is living and working space for 35 Reno artists, with an art gallery, coffee shop and jazz cafe on the first floor, including outside dining next to the river. A joint effort by the Reno Redevelopment Agency, Artspace Projects, Inc. of Minneapolis, and the Sierra Arts Foundation, the Riverside Artists Lofts is a stellar example of cooperation among the public, private and non-profit sectors to improve the quality of life in our community. COMMUNITY AMENITIES The Whitewater Park allows everyone to enjoy outdoor activity year-round, within walking distance of a city s cultural amenities. It provides a constant flow of clean, fresh water through its 11 drop-pools. It is one-half mile long, with easy access for the public and spectators. There are whitewater activities available for a wide range of skill levels. Raymond I. Smith Truckee River Walk The Truckee River Walk was built in the early 1990 s to highlight the river that runs through the middle of downtown Reno. Dedicated to the founder of Harold s Club, the River Walk provides a beautiful venue for special events in a relaxing atmosphere. The River Walk has seven water features and original sculptures of native Nevada wildlife. Streetscape in Downtown Mesquite: before (above) & after (right) Mesquite & Sandhill Boulevards MESQUITE, NV Mesquite Boulevard and Sandhill Boulevard Reconstruction. Improvements for the project include, new road base, asphalt paving, curb and gutter, decorative sidewalk in the Central Business District, new median planters, turn lanes, and new street lights. Street improvements run in the Mesquite Boulevard right-of-way from the west end of Mesquite near the Casa Blanca Casino to Sandhill Boulevard, and in the Sandhill Boulevard right-of-way from Mesquite Boulevard to the I-15 Interchange. This project goes hand-in-hand with the Urban Corridors (Mesquite & Sandhill Boulevards) Landscape beautification project. Truckee River Walk event (above) and at night (left). Photo courtesy of the City of Reno Redeveloping Nevada Success Stories 5

6 Redevelopment Success Stories Cheyenne Point NORTH LAS VEGAS, NV Cheyenne Pointe, an 89,000 square foot neighborhood shopping center, located on a 9.3 acre site at the southeast corner of Cheyenne Avenue and Civic Center Drive, is the first largescale commercial retail project within the North Las Vegas redevelopment area. The project, estimated to cost $21 million, and will be anchored by three main tenants, including a 30,000 square-foot Mariana s Supermarkets and a Starbucks. This project is an excellent example of the creativity required of both Montecito Companies (the Developer), the City and the Agency to make this project a reality. Before the shopping center could be considered, the City had to agree to trade a fire station for a new police facility, and the Agency had to agree to help with the public improvements. Without a strong partnership between the public and private sectors these types of projects would be too difficult and risky for a company like Montecito to consider. This project will create a minimum of 425 jobs and generate approximately $190,000 in property tax revenues. With a total project cost of $21,000,000, and an Agency contribution of $350,000, the Agency was able to leverage $60 of private sector investment for every $1 of public sector funds. This project will provide valuable services to an underserved neighborhood, to the nearby Community College, and to those commuters entering and exiting Interstate 15 at Cheyenne. Mixed-Use Redevelopment HENDERSON, NV D o w n t o w n Henderson was actually born in America s defense ten years prior to its incorporation during World War II with the building of the Basic Magnesium Plant. Once a hub for business and industry, downtown suffered a Meridian New development in the decline in the 1980 s Water Street District. Photo by City of as people moved to Henderson Redevelopment Agency Staff Hank Greenspun s master-planned community, Green Valley. Over the years, downtown realized higher and higher vacancy rates, physical deterioration of existing, single-story retail buildings and housing stock, and a decline in quality of life. In 1994, the City of Henderson Redevelopment Agency initiated rehabilitation efforts and is now restoring economic activity, encouraging new commercial and retail development, and has constructed a pedestrian-friendly, aesthetically pleasing streetscape. Redevelopment improved Downtown Henderson, now known as The Water Street District, by: Creating enduring private-public partnerships that have resulted in the completion of three new mixed-use developments and one office complex in the last year adding 91,900 square feet of office/commercial space, 5 luxury apartments, and 119 jobs. Offering a façade improvement program and rehabilitating 31 existing commercial buildings. Adding 135 affordable housing units. Investing $3.2 million in addition to the City s $9 million investment in streetscape and utility upgrades to promote development as well as create an inviting destination for residents and visitors. Rehabilitating 75 town-site homes Cheyenne Point Commercial Center before (top) and rendering (bottom). Photo provided by City of North Las Vegas Redevelopment Agency staff and rendering provided by Las Vegas Corners I, LLC FOR MORE INFORMATION 6 Redeveloping Nevada Success Stories

7 Red s Old 395 Grill CARSON CITY, NV Within the redevelopment district, incentives to help fund development of a 120 seat theme restaurant, featuring a train station exterior and a 45 foot water tower, have helped to create what s become a local icon. In addition, a turn-of-the-century steam roller on the adjacent property was added to create visual appeal. Street abandonment to accommodate the project itself and parking, monitory grants and support through the building approval process comprised redevelopment support. The project converted empty and unsightly downtown property into a dynamic commercial center that not only draws people into the restaurant, but also to adjacent retail and service businesses that generate substantial pedestrian traffic from surrounding hotels and motels. Highlights: Abandonment of streets and easements offered opportunity to sustain restaurant and 9 adjacent commercial suites Nationally known tenant restaurant Created 100 new jobs Promotes significant pedestrian traffic from nearly 500 State employees within the traffic corridor Architectural theme supports and promotes overall historic theme of community, thereby creating marketing synergies Goatfeathers Emporium complete (top) and under construction (bottom). Goatfeathers, Incorporated BOULDER CITY, NV Goatfeathers, a Boulder City Emporium, located at 1300 Wyoming, is an RDA project that consisted of the renovation of a 5,000sf building, and construction of a new attached 2 story 1800sf building. This historic building in Old Town Boulder City housed the Boulder City Laundry Co. following construction in What had once been a laundry building now provides retail exposure to nearly 100 craft vendors and is adding vendors weekly. This project has been a welcomed addition to tourists and locals alike and has certainly added to the shopping experience in Downtown Boulder City. RDA funds ($99,900) applied to the renovation and the addition, helped bring this project to fruition. This 120-seat themed restaurant is the anchor property in a previously blighted empty parking lot. Today, Red s Old 395 Grill is a 7-day-a-week destination hot spot. Redeveloping Nevada Success Stories 7

8 Redevelopment Success Stories Redevelopment has played a key role in producing new multifamily projects especially designed to house persons living within walking distance of downtown casinos. Through our Agencies partnership, redevelopment has been able to utilize our mortgage revenue bond authority for these projects and we hope to see more on the horizon. Charles L. Horsey, Administrator Nevada Dept. of Business & Industry, Housing Division Carson City s redevelopment efforts were locallydriven through a very public process. [It] not only helped pave the way for our substantial private investment, but their faith in us inspired our faith in the community. Now, five years later, Red s Old 395 Grill is a very engaged member of the business community, a proud corporate citizen, a major employer and an important sales tax generator. Jack Sterling, Owner, Red s Old 395 Grill Carson City, NV For more information, please contact our member agencies: City of Boulder City, Community Development Dept 401 California Avenue P.O. Box Boulder City, Nevada wwwbcnv.org Carson City Business Development Office 201 North Carson Street, Suite #2 Carson City, NV Clark County Redevelopment Agency 500 S. Grand Central Pkwy. Las Vegas, NV City of Henderson Redevelopment Agency PO Box Henderson, Nevada City of Las Vegas Redevelopment Agency 400 Stewart Avenue Las Vegas, NV Mesquite Planning & Redevelopment Director 10 East Mesquite Boulevard Mesquite, Nevada (702) City of North Las Vegas Redevelopment Manager 2225 Civic Center Drive, Ste. 224 North Las Vegas, NV City of Reno Redevelopment Agency 1 East First Street, Suite 700 P.O. Box 1900 Reno, NV City of Sparks Redevelopment Manager 1675 E. Prater Way, Ste. 107 Sparks, NV Redeveloping Nevada Success Stories 8