Redevelopment Agency - 2026-01-21
Meeting Intelligence Preview
Meeting Summary
The Las Vegas Redevelopment Agency approved modernization of four incentive programs and created a new Tenant Improvement Incentive Program targeting downtown office vacancy. Key changes include doubling the Commercial Visual Improvement Program maximum to $50,000, increasing multifamily grants to $30,000 per door, and launching a pilot eliminating match requirements for Historic West Side properties. The agency also voted to amend Redevelopment Area 1 to include the 22.7-acre former Grant Sawyer state building site and a 5-acre former church site in the Medical District.
Key Decisions (6)
Business Security Grant Program Expansion
Resolution RA-1-2026 approved expanding eligibility to include buildings without retail storefronts (allowing grants before business moves in with 12-month business license requirement) and adding tattoo shops as eligible business type. Program provides $5,000 grants for security upgrades. Seven businesses already reimbursed with seven more in progress.
Commercial Visual Improvement Program (CVIP) Changes
Resolution RA-2-2026 approved increasing maximum grant from $25,000 to $50,000, maintaining 2:1 match requirement (50% reimbursement). Created pilot program for Historic West Side eliminating match requirement entirely. Added tattoo parlors as eligible. New construction within 12 months ineligible. Program has invested $2.3 million leveraging nearly $30 million in private investment since 2015.
Multifamily Residential Improvement Program Changes
Resolution RA-3-2026 approved changing multifamily definition from 4 units to 5 units (industry standard), increasing grants from $20,000 to $30,000 per door. Blanket mass leasing contracts made ineligible. Since 2017, RDA invested $1.5 million leveraging nearly $13 million in private investment.
Creation of Tenant Improvement Incentive Program
Resolution RA-4-2026 approved new program to address downtown office vacancy in Class B and C buildings. Rebates up to 10% of total improvement cost: maximum $50,000 for properties up to 5,000 sq ft, maximum $95,000 for properties over 5,000 sq ft. Each tenant space eligible for its own incentive. Cannabis operations and industrial uses ineligible.
Amendment to Redevelopment Area 1 Plan
Approved amendment to add two parcels to Downtown Las Vegas Redevelopment Area 1: the 22.7-acre former Grant Sawyer state building site (built 1995, state is selling) and the 4.9-acre former Grace Presbyterian Church site in the Medical District. Both sites were previously excluded as government/church properties but are now being sold. Public hearing held; next steps include city council hearings on February 4 and February 18.
Samepage LLC Restaurant Tenant Improvement Reimbursement
Resolution RA-5-2026 approved $1,000,000 reimbursement agreement with Samepage LLC for tenant improvements at 70 East Bonneville Avenue, Suite 150 (Civic Plaza). $300,000 is reimbursable through amortized period of the 12-year lease with two 5-year options.
Development Activity (3)
Civic Plaza Restaurant
New restaurant with $1,000,000 in tenant improvements, 12-year initial lease with two 5-year options
Former Grant Sawyer State Building Site Redevelopment
22.7-acre site built in 1995, state is selling property, now eligible for RDA support
Former Grace Presbyterian Church Site Redevelopment
Approximately 5-acre site in Medical District, being sold for redevelopment
Market Signals (5)
Commercial Demand
Downtown Las Vegas experiencing significant office vacancy in Class B and C buildings, prompting creation of new Tenant Improvement Incentive Program to compete with newer Southwest office space.
Commercial Demand
Construction costs have risen significantly since 2015, necessitating doubling of grant maximums from $25,000 to $50,000 for commercial improvements.
Housing Demand
Multifamily improvement program has leveraged nearly $13 million in private investment from $1.5 million RDA investment since 2017, indicating strong investor interest in downtown multifamily.
Sentiment
Historic West Side identified as underperforming area with lowest incentive application rates, prompting elimination of match requirements to stimulate investment.
Infrastructure
Security concerns in Arts District and downtown core led to Business Security Grant Program addressing break-ins and HVAC theft, with 14 businesses participating.