Tax Increment Financing
Tax Increment Financing (TIF) provides rebate incentives for key infrastructure costs for retail., hotel, mixed-use and high-rise residential projects located within the city of Las Vegas Redevelopment Areas 1 and 2. Offered by the Las Vegas Redevelopment Agency.
Expenditures qualifying for TIF rebates may include street construction, gutters, water lines, storm drainage facilities, traffic signals, paving, sidewalks, flood control improvements, utilities and other infrastructure costs. To determine the tax increment for a specific project, the RDA assesses the current property value before any development begins. As the project progresses the property value naturally increases, creating additional property tax – this increase is the tax increment for the project. A portion of the individual project’s tax increment can be rebated annually to the property developer for qualified construction expenditures. Please view the TIF Application document.
New Markets Tax Credits
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The New Markets Tax Credits program assists with approximately 20 percent of a project’s expense and enables a developer to receive low-cost, flexible financing. To qualify, a project must be located in and benefit a low-income community census tract (determined by the U.S. Treasury). The city is interested in assisting owner-occupied commercial real estate projects, particularly those involving manufacturing, mixed-use, education and health care. A typical project cost would total between $5 and $15 million. For more information view this brochure.