LVRDA News

LVRDA News The latest news from the The city of Las Vegas Redevelopment Agency! http://www.lvrda.org Historic Deal Signed with Zappos The Las Vegas City Council, on Feb. 1, 2012, approved a final development agreement with Resort Gaming Group (RGG), which will see the current Las Vegas City Hall site turned into a corporate campus for Zappos.com, Inc. The deal made between the city and RGG, owned in part by CEO Andrew Donner, will bring at least 1,200 total jobs initially to the city and a total economic impact of more than $336.6 million when Zappos opens its doors. <o:p></o:p><o:p> </o:p>“The relocation of Zappos’ corporate headquarters to downtown is triggering more interest, more business investments and a resurgence of enthusiasm for living and working in the heart of the city,” Mayor Carolyn G. Goodman said. “You can already see the investments that Zappos CEO Tony Hsieh is making downtown with sponsoring events like First Friday and being so supportive of small, startup business development. The entrepreneurs in the Fremont East Entertainment District and the city’s work in revitalizing the area have really been the catalysts that have sparked Zappos’ interest in downtown, and we are ecstatic to welcome the company and its employees.”<o:p></o:p><o:p> </o:p>Ranked for the fourth straight year among FORTUNE's "100 Best Companies to Work For," the Zappos Family of Companies intends to relocate its corporate headquarters to the current City Hall site in late 2013, after completing building renovations. Zappos’ plans for the site include adapting the site to accommodate up to 2,000 employees.  a<o:p>Zappos is funding the building improvements at a projected expense of up to $40 million. More than 100 construction jobs are expected to be created during the renovation, according to a study prepared for the city in December 2011 by RCG Economics.</o:p><o:p> </o:p><o:p></o:p>Zappos’ corporate headquarters is expected to generate $126.3 million in employee wages and benefits, according to the RCG report.  In addition, the redevelopment of the site is projected to increase the taxable value of the site from $33 million (exempt) to approximately $64.5 million (non-exempt), resulting in the city collecting approximately $395,900 annually in property taxes not previously received.                                                                 <o:p></o:p>RGG and Zappos have an option to purchase an additional 10 acres directly east of the City Hall for the expansion of its corporate campus. The development of the additional acreage would bring a direct investment of approximately $269.5 million in private funds to the area, which would establish recurring operational benefits of approximately $275.3 million per year within the city’s downtown core, according to the RCG Report. The development of the additional parcels would create approximately 2,148 full-time and part-time construction jobs over the course of six years and approximately 3,203 full-time and part-time permanent jobs once construction is completed, according to the same report. In addition, the development of the additional parcels would add more than $258 million of taxable property to the assessor’s tax rolls at the completion of construction on a site that is currently vacant and owned by the city.aAccording to Donner, who, along with his partners, brokered the deal that brings Zappos downtown, this transaction helps ensure the ongoing downtown revitalization that began many years ago. "While progress on downtown redevelopment has made great strides in recent years, today, with the realization of this deal, downtown is on the cusp of becoming the next great place in Las Vegas," Donner said.aThe property is being purchased by RGG for $18 million. In addition to a $3 million cash payment at closing, the city will receive a $15 million promissory note with a market interest rate over the second half of the note. Escrow is scheduled to close on or before April 1, 2012. The promissory note will be secured by a mortgage on the building and a 15-year, triple-net lease with Zappos, which in turn is guaranteed by Amazon, parent company of Zappos. The city is protected in the event of a default; the property will revert back to the city, complete with any building improvements. aProceeds from the sale and tax increment revenue will be used to offset the cost of a new City Hall that is nearing completion at 495 S. Main St. The new City Hall is a lynchpin in a downtown redevelopment plan that is creating thousands of jobs, bringing billions in private investment and millions in new tax revenue to the city. http://www.lvrda.org/news.php?global_news_id=52 http://www.lvrda.org/news.php?global_news_id=52 Wed, 01 Feb 2012 00:00:00 -0700 Job Fair to Be Held by Nevada Health Centers Nevada Health Centers is hosting a job fair from 9 a.m. to 2 p.m. on Friday, Feb. 17, at the Foundation for an Independent Tomorrow office, located at 1931 Stella Lake Drive in Enterprise Park. The open positions are for new staff at the Nevada Health Centers building nearing completion in Enterprise Park in Ward 5.a<o:p>Enterprise Park is a 75-acre, mixed-use business park master-planned by the city of Las Vegas, which is located west of Martin L. King Boulevard, between Vegas Drive and Lake Mead Boulevard.<o:p></o:p></o:p><o:p> </o:p>Ward 5 Councilman Ricki Y. Barlow is cosponsoring the job fair that will allow those looking for a job to turn in applications and be interviewed for new positions. Applications can be printed from the Nevada Health Centers website, <a href="http://www.nvrhc.org/NVHC_Employment_Application.pdf">http://www.nvrhc.org/NVHC_Employment_Application.pdf</a>, allowing applicants to bring completed forms to the job fair.aApplications will be accepted for positions such as medical assistant, front office and medical records clerks and OB/GYN scheduler.  All of these positions require a high school diploma or GED equivalent. Some require at least two years of experience. NHC is also interested in hiring registered nurses holding degrees from accredited schools; these nurses must be licensed in Nevada and have three to five years of clinical experience.<o:p> </o:p><o:p> </o:p>In addition, representatives from the Nevada Career Institute and Kaplan College are scheduled to be at the job fair sharing information about the training they offer in medical career fields. <o:p> </o:p><o:p> </o:p>For more information about the job fair, visit the city of Las Vegas website at <a href="http://www.lasvegasnevada.gov/Government/Ward5.htm">www.lasvegasnevada.gov/Government/Ward5.htm</a>.  <o:p></o:p><o:p> </o:p> http://www.lvrda.org/news.php?global_news_id=51 http://www.lvrda.org/news.php?global_news_id=51 Tue, 31 Jan 2012 00:00:00 -0700 Downtown Parking to Get a Revamp The city of Las Vegas is rolling out a new plan designed to upgrade public parking services downtown.<o:p> </o:p>The first phase, to be implemented from March to June 2012, includes creating a “one-stop-shop” for parking services. As part of this effort, a newly created Parking Services Division would combine all of the city’s current parking functions under the department of Economic and Urban Development. Staff will take this opportunity to review the city’s policies and procedures regarding parking permits, enforcement, towing, booting and more.<o:p> </o:p>The second phase, which will begin in July and take place over the course of 18 months, would involve upgrading meter technology to make it easier for customers to pay for parking using credit cards. Staff will also be developing a plan for easier parking access on nights and weekends during special events, both in city-controlled parking areas and on private land. This plan will incorporate informational and directional signage. Parking rates and hours will also be reviewed, as will parking proximity to downtown businesses, the need for long-term parking and establishing parking permits for certain areas.<o:p> </o:p>Future goals include giving people “real time” information on parking availability, thus making it more convenient to find a parking space in the downtown area. The city will work closely with the private sector on this, as only nine percent of the downtown parking inventory is controlled by the city. <o:p></o:p> http://www.lvrda.org/news.php?global_news_id=50 http://www.lvrda.org/news.php?global_news_id=50 Thu, 05 Jan 2012 00:00:00 -0700 Club 2100 Begins Revitization Effort in East Downtown Section Mayor Carolyn Goodman and Ward 3 Councilman Bob Coffin were on-hand on Dec. 6 to snip the red ribbon marking the construction of the soon-to-be-open Club 2100.  The salsa club/restaurant is scheduled to officially open this New Year’s Eve.Club 2100 is the first in what developers hope is a series of revitalization efforts in an area near a major downtown section known as “The Four Corners.”  The Four Corners is where Fremont Street, Eastern Avenue, Charleston Boulevard and Boulder Highway intersect and is billed as a “gateway entrance” at the eastern portion of downtown Las Vegas.  A master-planned retail center, built on 9.61 acres and called the Las Vegas Gateway Center, is slated for this site.  A number of aging properties — including  the Blue Angel, Vegas and Par-A-Dice motels – currently sit empty in this area and will be demolished to make way for developments such as a supermarket, pharmacy, neighborhood-oriented retail shops and additional restaurants.Discussions are in progress with downtown’s Neon Museum to preserve several of the existing buildings’ signs, including the iconic Blue Angel. The Blue Angel was fashioned after Marilyn Monroe and designed by Betty Willis, who also created the famous “Welcome to Las Vegas” sign.Mary Bartsas Enterprises, LLC is the owner of the Club 2100 property and developer of the Las Vegas Gateway Center.  Saeed Shakiri is the owner/operator of the club-restaurant.  http://www.lvrda.org/news.php?global_news_id=49 http://www.lvrda.org/news.php?global_news_id=49 Tue, 06 Dec 2011 00:00:00 -0700 History Channel's American Restoration Filmed in Downtown Las Vegas After spending many years in Las Vegas, a city where the old is often demolished in favor of the new, Rick Dale and his crew have earned a spot on the History Channel for doing just the opposite. The stars of American Restoration take old, dilapidated items and restore them to their original glory. Every restoration is a high-stakes business project intended to result in a valuable collectible, preserving a piece of American culture.a<o:p></o:p>While these projects are not always easy, Dale says, "The challenge is the absolute best part of what we do. The toughest jobs are always the ones I can't stop thinking about. The challenge is what drives us, because not everyone has the skills or patience to make old things like new again."<o:p></o:p>Dale has a fondness for "Old Vegas" and a keen ability to recognize potential value in rough exteriors. These qualities made the 18b Arts District a natural fit for relocation once Rick's Restorations grew too popular to remain a home-based business on Lone Mountain Road. Because his life's work is seeing beauty in the blend of the classic and the creative, moving his restoration business to a neighborhood that is itself a large-scale restoration project could not appeal more to Dale. Together, with his savvy business partner and fiancée Kelly, he has been hard at work since January renovating an expansive warehouse at 1112 S. Commerce St., and the interior is finally complete. The various workshops have large observation windows allowing tourists and fans to see the team in action. In addition to the benefits of a much larger space, the new address is now close enough to the Las Vegas Strip to be a proper tourist attraction and close enough to the Pawn Stars at Gold and Silver Pawn Shop for History Channel fans to visit both in one day.<o:p></o:p>The next phase of the project is to transform the building's exterior, which includes making the long driveway area into a replica of a 1940s-era main street with trees, building facades and possibly even an actual classic American diner.<o:p></o:p>"The goal is to be an attraction," says Dale. "We want it to be a kind of 'Disneyland' for the people who love this stuff. And the best news is that it's free! We're always working on something different, so it is a place to enjoy visiting again and again."<o:p></o:p>Rick's Restorations is open for tours Monday through Saturday, from 9 am - 5 pm. For more information, visit <a href="http://www.ricksrestorations.com/">http://www.ricksrestorations.com/</a>.<o:p></o:p>Photo: Rick Dale and fellow stars of American Restoration, courtesy of The History Channel.  <o:p></o:p> http://www.lvrda.org/news.php?global_news_id=47 http://www.lvrda.org/news.php?global_news_id=47 Mon, 28 Nov 2011 00:00:00 -0700 Ten-Story Federal Justice Tower To Be Constructed Downtown <o:p></o:p>SDA Inc. held a groundbreaking on Nov. 21, 2011 heralding the construction of the new Federal Justice Tower, located at the southeast corner of Las Vegas Boulevard and Clark Avenue in downtown Las Vegas. The ten-story, Class A office development is a cooperative effort between the city of Las Vegas Redevelopment Agency and developer Steve Biagiotti of SDA Inc., the entity that serves as the managing member of Las Vegas ICE LLC. The development will house the executive and administrative offices of the Department of Homeland Security U.S. Immigration and the U.S. Attorney’s Office for the District of Nevada.<o:p></o:p><o:p> </o:p>The project, expected to take 16 months to complete, will employ more than 300 construction workers through Las Vegas-based general contractor, SR Construction, and follow the guidelines of the Redevelopment Agency’s employment plan policy.  <o:p></o:p><o:p> </o:p>Upon completion, these two government agencies will employ at least 170 permanent workers at the Federal Justice Tower.<o:p></o:p><o:p> </o:p>The 129,000-square-foot project will be a catalyst for future development in the downtown area and will help ensure stability by having long-term government leases in place.  <o:p></o:p><o:p> </o:p>“We are very excited about bringing the city and the federal government together to create this opportunity for growth in downtown Las Vegas,” Steve Biagiotti said. “This opportunity is a win/win for the building’s tenants and the local community.” <o:p></o:p><o:p> </o:p>SDA Inc. has constructed several federal projects in the Las Vegas Area, as well as one local low-income apartment complex, over the last 15 years.<o:p></o:p><o:p> </o:p>Las Vegas Mayor Carolyn G. Goodman and Ward 3 Councilman Bob Coffin, both speakers at the groundbreaking event, noted that this project helps build on past revitalization successes in the emerging Las Vegas urban core. <o:p></o:p><o:p> </o:p>This past year, at least 55 businesses relocated, opened, upgraded or began new construction in downtown Las Vegas. In 2012, which is being billed as “The Year of Downtown,” six major projects totaling more than $796 million will debut in Las Vegas’ urban core. aRuth Cox, regional administrator for the General Services Administration, the U.S. goverment agency that contracted for office space in the Federal Justice Tower, emphasized the building will be energy efficent and feature sustainable designs. The Federal Justice Tower will achieve LEED Silver ratings as established by the U.S. Green Buildings Council, according to Cox. <o:p></o:p><o:p> </o:p><o:p></o:p>“This central location will allow us to be closer to many of our critical law enforcement partners, and will greatly enhance the work of our criminal investigators and enforcement officers here in Southern Nevada,” said Peter T. Edge, deputy executive associate director for ICE Homeland Security Investigations, who also spoke at the groundbreaking ceremony. http://www.lvrda.org/news.php?global_news_id=46 http://www.lvrda.org/news.php?global_news_id=46 Mon, 21 Nov 2011 00:00:00 -0700 City's Bond Ratings Strong Despite Weak Economy Three national rating agencies have sustained the city of Las Vegas’ AA bond rating with stable outlooks. Moody's Investors Service, Standard & Poor's and Fitch are three of the principal rating agencies for municipal debt. All three rating services sustained the city’s bond ratings with stable outlooks. The city is very pleased to maintain such a high bond rating at a time when many municipalities, including several in Nevada, are receiving downgrades.<o:p></o:p><o:p> </o:p>The Standard & Poor’s report states, “Las Vegas’ financial management is considered strong under Standard & Poor's Financial Management Assessment (FMA) methodology. An FMA of strong indicates that practices are strong, well embedde, and likely sustainable.” <o:p></o:p><o:p> </o:p>The report cites continued strong reserve levels, despite large declines in assessed value, the creation of a fiscal stabilization fund, continued low debt, “strong financial practices and policies and an experienced, stable, and proactive management team whose efforts are expected to continue to provide stability to Las Vegas reserve levels, as shown in recent city expenditure cuts designed to maintain strong reserve levels.”<o:p></o:p><o:p> </o:p>In addition,“The stable outlook reflects our expectation that in the next two years Las Vegas will continue to maintain strong financial reserves, and manage its budget so as to restore fiscal balance as necessary.”<o:p></o:p><o:p> </o:p>Maintaining strong bond ratings means the city can borrow money at a lower interest rate and that it will have more interested buyers (sometimes bonds offered for sale with ratings below investment grade cannot attract buyers, especially in difficult economic times). The city recently issued $27.6 million in tax-exempt bonds and was able to receive a 2.57 percent interest rate. Projects that will be funded through the bonds include the installation of new LED streetlights and various fire protection projects. The city also recently issued a $3.66 million taxable bond series at a 2.2 percent interest rate. The bonds will fund planning and design costs for the remodeling of the Historic Fifth Street School. <o:p></o:p><o:p> </o:p> http://www.lvrda.org/news.php?global_news_id=45 http://www.lvrda.org/news.php?global_news_id=45 Thu, 10 Nov 2011 00:00:00 -0700 City Simplifying Process for Business Developers to Complete Projects The Las Vegas City Council recently adopted an ordinance simplifying the Zoning Code chapter regarding applications and procedures. The purpose of the text amendment is to allow greater administrative authority to alter already approved projects and approve smaller new developments. In the current economy, these measures are especially important for the prompt completion of approved projects as they are revived and encourage new, smaller proposals that will require faster action by the city.<o:p></o:p>Special use permits, variances and site development reviews (not requiring legislative action) will receive final action at the Planning Commission, shortening the process for applicants by up to six weeks.  All of these applications will have the same two-year expiration period, or will allow the Planning Commission or City Council to set another timeframe.<o:p></o:p><span style="LINE-HEIGHT: 115%; FONT-FAMILY: "Tahoma","sans-serif"; COLOR: black; FONT-SIZE: 11.5pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">The text amendment is a direct result of recommendations made in the Development Review Process Efficiency Analysis developed for the city by consultants with Kirchoff and Associates. The report provides a series of recommendations for the city’s consideration to improve the development review process. The mayor and council accepted the report findings in January and staff has been working since that time to implement the city’s commitment.<span style="LINE-HEIGHT: 115%; FONT-FAMILY: "Tahoma","sans-serif"; COLOR: black; FONT-SIZE: 11.5pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><a href="http://www.lasvegasnevada.gov/dsp ">Additional details on city's efforts to streamline business development process.</a><span style="LINE-HEIGHT: 115%; FONT-FAMILY: "Tahoma","sans-serif"; COLOR: black; FONT-SIZE: 11.5pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><a href="http://www.lasvegasnevada.gov/files/DSC_Brochure_July_2011-Web.pdf">City of Las Vegas Development Services Center</a> http://www.lvrda.org/news.php?global_news_id=44 http://www.lvrda.org/news.php?global_news_id=44 Wed, 02 Nov 2011 00:00:00 -0600 Major Developments Occur In Las Vegas Redevelopment Area The downtown Las Vegas area has turned a corner; it is undergoing a renaissance and is on the cusp of becoming a dynamic, revitalized area. Below is a sampling of some of the accomplishments achieved in the city’s Redevelopment Area during Fiscal Year 2011. <o:p></o:p><o:p> </o:p>Major Initiatives:<o:p></o:p><o:p> </o:p>Development of at least 55 businesses. The projects were as varied as they were numerous: company relocations, business startups and upgrades, new construction and more.<o:p></o:p><o:p> </o:p>Creation of jobs. Completed projects generated 1,240 construction jobs, 512 permanent jobs and were valued at $204 million. In addition, projects under construction during FY 2011 will result in 3,145 construction jobs and 1,724 permanent jobs. <o:p></o:p><o:p> </o:p>Continued construction of large-scale, public-private downtown projects, slated to be completed before or in 2012. These include: The Smith Center for the Performing Arts, the (new) City Hall Campus Complex, the National Museum of Organized Crime and Law Enforcement and the Metropolitan Police Headquarters Complex. <o:p></o:p><o:p> </o:p>Continued openings by small business operators in both the Fremont East Entertainment District and in 18b, the Las Vegas Arts District. City assistance through matching Visual Improvement Program grants and waiving certain substantial license fees helped these business operators open their doors. <o:p></o:p><o:p> </o:p>Relocation of Zappos.com, a well-known online retailer, which will move its corporate headquarters downtown in the building complex that will be available once city employees are established in a new City Hall.<o:p></o:p><o:p> </o:p>Increased lease-up of space in the Urban Chamber of Commerce Business Development Center, which is sponsored by the Las Vegas Redevelopment Agency.  Occupancy is currently at 75 percent. This center is designed to help new and struggling small businesses.<a href="http://www.lasvegasnevada.gov/information/20765.htm">Further details on city's efforts to improve business development processes.</a><a href="http://www.lasvegasnevada.gov/files/DSC_Brochure_July_2011-Web.pdf">City of Las Vegas Development Services Center.</a><o:p> </o:p>  http://www.lvrda.org/news.php?global_news_id=43 http://www.lvrda.org/news.php?global_news_id=43 Thu, 13 Oct 2011 00:00:00 -0600 Shakespeare TO BE Downtown <o:p></o:p>The Las Vegas Shakespeare Company soon will be paying tribute to the famous bard in a new location. At today’s Las Vegas City Council meeting, the council approved a new home for the theatre group.<o:p></o:p><o:p> </o:p>The award-winning theatre company will be housed in the former Reed Whipple Cultural Center, located at 821 Las Vegas Blvd., North in a downtown area dubbed the Cultural Corridor.  The Cultural Corridor includes the Las Vegas Natural History Museum, the Neon Boneyard, the Old Las Vegas Mormon Fort and State Historic Park, the Las Vegas Library and Cashman Center.<o:p></o:p><o:p> </o:p>Upon opening in early 2012, the new Shakespeare Company’s regional headquarters will be called the Las Vegas Shakespeare Theatre. The 33,000-square-foot facility will house two performance spaces, scene and costume shops, rehearsal space, offices, classrooms, a gift shop and storage.<o:p></o:p><o:p> </o:p>Ward 5 Councilman Ricki Y. Barlow noted that establishing a working professional theatre downtown is “big cultural news for our city,” adding that the theatre will provide much needed cultural activities for Las Vegas residents and tourists alike. The councilman also drew attention to the positive impact the theater would have on job creation. <o:p></o:p><o:p> </o:p>In addition to seven permanent theater administration employees, the company creates about 200 part-time jobs in the course of a year for Las Vegas actors and technicians, both union and non-union, said Dan Decker, artistic director for the Las Vegas Shakespeare Company. “The company produces six productions each year and moving into the new facility will enable us to expand our schedule,” Decker said.<o:p></o:p><o:p> </o:p>The company also operates an active educational outreach program through partnerships with the Clark County School District and Opportunity Village.<o:p></o:p><o:p> </o:p>Shakespeare plays will account for about one-third of theatre productions, Decker said. The rest will be musicals, contemporary plays, new works, holiday productions and family shows.<o:p> </o:p><o:p> </o:p>“‘We plan to provide something for everyone, helping to make the Cultural Corridor the go-to place for high-quality and affordable entertainment in Las Vegas,” Decker said.               <o:p></o:p><o:p> </o:p>Earlier this year, the city issued a request for proposals (RFP) for the reuse and/or redevelopment of the Reed Whipple Cultural Center. After a committee review of several proposals, the Las Vegas Shakespeare Company was selected to negotiate a lease agreement. The agreement has a primary term of 10 years, with an option to purchase. The annual rent will be $10 per year with Shakespeare responsible for all operations and maintenance costs of the facility. <o:p></o:p><o:p> </o:p>For more information on the Las Vegas Shakespeare Company, visit <a href="http://www.lvshakes.org/">www.lvshakes.org</a> or call (702) 220-5872.<o:p></o:p> http://www.lvrda.org/news.php?global_news_id=41 http://www.lvrda.org/news.php?global_news_id=41 Thu, 08 Sep 2011 00:00:00 -0600