NV SB402

Counties and cities may create restoration improvement districts to fund restoration of buildings at least 50 years old that have been vacant for at least 10 years, using tax increment financing from increased property tax revenue generated by the project

Developers must enter into a recorded deed restriction prohibiting nonrestricted gaming operations on the property for at least 20 years from district creation

Public bodies receiving property taxes in the district have 30 days to opt out of having their tax revenue included in the pledge to the developer

Construction work on projects within a district must comply with prevailing wage requirements, regardless of when the contract was originally awarded

Developer reimbursement agreements automatically terminate at the end of the fiscal year containing the 20th anniversary of the district's creation, and cannot be secured by the municipality's general fund or taxing power