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MEDIA CONTACT: Jace Radke | 702.229.2205 | 702.249.3514 | [email protected]
City Of Las Vegas Offers Development Incentives
City Council Approves Programs To Help Businesses In Redevelopment Areas
At today's meeting, the Las Vegas City Council unanimously approved four programs that provide assistance to businesses in the city's Redevelopment Areas. The city's Economic and Urban Development team provided an update on the many incentives that the city offers.
Below find a quick reference of the city programs. For more information or for those businesses that want to apply visit https://www.lasvegasnevada.gov/EUDIncentives. Applications for these programs will be available soon.
Tenant Improvement Program: This new program provides rebates for interior build-outs in commercial properties. Key features include:
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Rebates of up to 10% of qualified tenant improvement costs
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Maximum rebates of:
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$50,000 for spaces between 2,500-4,999 square feet
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$95,000 for spaces 5,000 square feet and larger
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Minimum lease term of five years
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Ability to offer multiple incentives per building
Business Security Program: This existing program helps business owners improve safety by reimbursing up to $5,000 for new or enhanced security systems, including cameras, lighting and other protective measures. To better meet the needs of local businesses, program eligibility has been expanded to include:
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Buildings without retail storefronts
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Tattoo shops, which were previously ineligible
Commercial Visual Improvement Program: This existing program encourages property and business owners to enhance the appearance of their buildings, contributing to stronger commercial corridors and neighborhood pride. Since 2015, the city has invested $2.37 million, leveraging nearly $29.9 million in private funding. For every $1 the city invests, $12.59 is invested privately. Updates to the program include:
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Increasing the maximum incentive from $25,000 to $50,000
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Creating a pilot, targeted area, in the Historic Westside, where matching funds may not be required
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Providing a clearer definition of what qualifies as a "significant improvement"
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Updates zoning language
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includes tattoo establishments
Multifamily Residential Renovation Improvement Program: This existing program provides financial assistance for substantial interior and exterior rehabilitation of existing multifamily properties and commercial-to-residential conversions. Since 2017 the city has invested $1.45 million leveraging more than $12.4 million in private funding. For every $1 invested by the city, $8.59 is invested privately. Updates to the program's focus on long-term housing stability by:
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Increasing eligibility to properties with five or more units
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Requiring a minimum investment of $30,000 per unit
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Ensuring units are leased to individuals or families for at least 12 months
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Excluding single-family home conversions and mass leasing contracts
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