Nevada § 279.6025 - Submission of initial and annual reports for each redevelopment area in redevelopment plan

§ 279.6025. Submission of initial and annual reports for each redevelopment area in redevelopment plan

1. In addition to the report required pursuant to the provisions of subsection 2,

for each redevelopment area for which a redevelopment plan is adopted pursuant to

the provisions of NRS 279.586 on or after July 1, 2011, the agency shall, on or before the January 1 next after

the adoption of the plan, submit to the Director of the Legislative Counsel Bureau,

for transmittal to the Legislature, and to the legislative body a report on a form

prescribed by the Committee on Local Government Finance that includes, without limitation,

the following information for the redevelopment area: (a) A legal description of the boundaries of the redevelopment area; (b) The date on which the redevelopment plan for the redevelopment area was adopted; (c) The scheduled termination date of the redevelopment plan; (d) The total sum of the assessed value of the taxable property in the redevelopment

area for: (1) The fiscal year immediately preceding the adoption of the redevelopment plan;

and (2) The fiscal year during which the redevelopment plan was adopted, if such fiscal

year ends before the reporting deadline; (e) The combined overlapping tax rate of the redevelopment area; (f) The property tax rate of the redevelopment area; (g) The property tax revenue expected to be received from any tax increment area,

as defined in NRS 278C.130 , within the redevelopment area during the first fiscal year that the agency will

receive an allocation pursuant to the provisions of NRS 279.676 ; (h) Copies of any memoranda of understanding into which the agency enters during the

fiscal year in which the redevelopment plan was adopted; and (i) The amortization schedule for any debt incurred for the redevelopment area and

the reasons for incurring the debt. 2. On or before January 1 of each year, for each redevelopment area for which a redevelopment

plan has been adopted pursuant to the provisions of NRS 279.586 , the agency shall submit to the Director of the Legislative Counsel Bureau, for transmittal

to the Legislature, and to the legislative body a report on a form prescribed by the

Committee on Local Government Finance that includes, without limitation, the following

information for the redevelopment area for the previous fiscal year: (a) The property tax revenue received from any tax increment area, as defined in NRS 278C.130 , within the redevelopment area; (b) The combined overlapping tax rate of the redevelopment area; (c) The property tax rate of the redevelopment area; (d) The total sum of the assessed value of the taxable property in the redevelopment

area; (e) If the amount reported pursuant to the provisions of paragraph (d) is less than

the total sum of the assessed value of the taxable property in the redevelopment area

for any other previous fiscal year, an explanation of the reason for the difference; (f) Copies of any memoranda of understanding into which the agency enters; (g) The amortization schedule for any debt incurred for the redevelopment area and

the reasons for incurring the debt; and (h) Any change to the boundary of the redevelopment area and an explanation of the

reason for the change. 3. In addition to the information required pursuant to the provisions of subsection

2, an agency of a city whose population is 500,000 or more shall include in the report

submitted pursuant to subsection 2 the following information for the redevelopment

area for the previous fiscal year: (a) A statement of all revenues and expenditures of the agency. (b) A statement of efforts by the agency to promote the goals of the regional development

authority, as defined in NRS 231.009 , including, without limitation, an explanation of the extent to which the activities

of the agency have promoted private investment, the formation of businesses and the

creation of jobs. 4. Any report for a redevelopment area submitted pursuant to the provisions of subsection

1 must be submitted with the report for the redevelopment area submitted pursuant

to the provisions of subsection 2.