The city of Las Vegas is launching a new program to encourage businesses to locate in existing commercial buildings in the redevelopment areas, which includes downtown. The Quick Start program will reimburse qualified applicants up to $50,000 toward the cost of rehabilitating older buildings to bring them up to current building and fire code standards.
Currently, a developer or tenant is responsible for covering most, if not all the costs to bring a building up to current building codes. This large expense can be an impediment to the development of existing structures in the redevelopment areas, many which have not been improved for 10, 20 or 40 years, and need extensive work to bring them up to code. The city’s program attempts to address this issue by encouraging the rehabilitation of older commercial buildings through incentives, which will enhance the physical appearance of the redevelopment areas and improve the overall economic viability of the city. The project will also create new jobs by providing additional space for new or expanding businesses.
The grants will reimburse qualified applicants for costs associated with code compliance, infrastructure issues such as utility and structural upgrades and review fees in the city’s two redevelopment areas. Matching funds from the business are required. For every dollar the city contributes, the business must contribute $4.
This is just one of a number of ways the city is working to encourage new businesses to locate to the redevelopment areas. The city also has a Visual Improvement Program that offers grants up to $50,000 to improve the facades of existing buildings.
For more information, contact the Economic and Urban Development Department at 229-6551.