Nevada Revised Statutes 338.177 – Lease of property acquired by local government for public work pending completion of public work
1. Real property acquired by a governing body for a public work may be leased, pending the completion of the public work but for not more than 5 years, upon such terms and conditions as the governing body prescribes.
Terms Used In Nevada Revised Statutes 338.177
- Governing body: means the board, council, commission or other body in which the general legislative and fiscal powers of a local government are vested. See Nevada Revised Statutes 338.010
- 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
- Public work: means any project for the new construction, repair or reconstruction of a project financed in whole or in part from public money for:
(a) Public buildings;
(b) Jails and prisons;
(c) Public roads;
(d) Public highways;
(e) Public streets and alleys;
(f) Public utilities;
(g) Publicly owned water mains and sewers;
(h) Public parks and playgrounds;
(i) Public convention facilities which are financed at least in part with public money; and
(j) All other publicly owned works and property. See Nevada Revised Statutes 338.010
2. The governing body shall:
(a) Adopt the procedures for entering into such a lease at a public hearing held thereon; and
(b) Offer to lease the property to the person from whom it was acquired before offering to lease the property to any other person.
3. Except as otherwise provided in this subsection, revenue from the lease must be used to maintain the property in order to mitigate any adverse effect upon the adjacent area. Any revenue from the lease that is not needed to maintain the property must be used to offset the cost of the public work for which the property was acquired.