Despite Economic Slowdown, Redevelopment Area Prospers
While communities across the nation are facing declining revenues and taxes and high unemployment, not all the news is grim this holiday season. One good news story is the city’s Redevelopment Area, which continues to see development and the creation of new jobs, despite the downturn in the economy.
The city’s Redevelopment Agency (RDA) was developed in 1986 per Nevada state law to promote and encourage the redevelopment of the downtown urban core and surrounding older commercial districts. The redevelopment area is 3,948 acres and includes portions of downtown Las Vegas, historic west Las Vegas and east Las Vegas.
Since 2004, 104 projects have been completed with a value of $2.9 billion within the Redevelopment Area. These projects created 9,711 construction jobs and 7,500 permanent jobs. The tax base within the RDA has tripled within the past five years, and in fiscal year 2009 the RDA is generating $25 million in revenue. Looking forward, the forecast is good as well as there is $16 billion of proposed development in the RDA area.
The work of the RDA can be seen throughout the area including notable success stories such as the Las Vegas Premium Outlets, the World Market Center, the Molasky Corporate Center and Union Park, a 61-acre mixed-use development located in the heart of downtown Las Vegas. The RDA will be critical in the redevelopment of the future City Hall and related projects, which are expected to generate 13,000 new jobs when complete.
The RDA helps businesses via a number of different vehicles including a Fast Track program, Visual Improvement Programs and Tax Increment Financing, which provide rebate incentives for high-rise residential, retail, hotel and mixed-use projects.
The Las Vegas City Council serves as the Redevelopment Agency’s Board of Directors, while City Manager Doug Selby serves as executive director and the city’s Financial Director Mark Vincent acts as financial officer. Day-to-day functions are handled by members of the city’s Office of Business Development.
For more information on the RDA, visit www.lvrda.org
Return to the Newsletter