Nevada Revised Statutes 266.267 – Requirements for sale or lease of real property owned by city
1. A city council shall not enter into a lease of real property owned by the city for a term of 3 years or longer or enter into a contract for the sale of real property until after the property has been appraised pursuant to NRS 268.059. Except as otherwise provided in this section, paragraph (a) of subsection 1 of NRS 268.050 and subsection 3 of NRS 496.080:
Terms Used In Nevada Revised Statutes 266.267
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) The sale or lease of real property must be made in the manner required pursuant to NRS 268.059, 268.061 and 268.062; and
(b) A lease or sale must be made at or above the appraised value of the real property or average of the appraised value if two or more appraisals were obtained as determined pursuant to the appraisal or appraisals, as applicable, conducted pursuant to NRS 268.059.
2. The city council may sell or lease real property for less than its appraised value or average of the appraised value, as applicable, to any person who maintains or intends to maintain a business within the boundaries of the city which is eligible pursuant to NRS 374.357 for an abatement from the sales and use taxes imposed pursuant to chapter 374 of NRS.