SB 1 — Revises provisions governing economic infrastructure projects. (BDR S-9)

Further, the business must agree in writing that the business will not - 35th Special Session (2023) – 4 – take certain actions in relation to an employee’s use of such paid family and medical leave.

Section 39 also provides that if a business has a policy for paid family and medical leave for employees on the payroll of the business outside of this State that meets or exceeds the requirements for a policy of paid family and medical leave set forth in section 39 and the business agrees in writing that its employees on the payroll in this State are eligible for paid family and medical leave under the policy, the Office must determine that the business’s policy meets thetheleave necessary requirements for obtaining the partial abatement.

Existing law requires that every contract to which a public body is a party that requires the employment of certain workers to perform the public work mustartymust that require that such workers be paid at least the wages prevailing for the type of work that the worker performs in the region in which the public work is performed.

(NRS 338.020) Existing law exempts from the requirements to pay the prevailing wage any work, construction, alteration, repair or other employment performed, undertaken or carried out, by or for any railroad company or any person operating the same, regardless of whether a public body is party to the contract.

(NRS 338.080) Section 38 of this bill removes this exemption, and as a result, any such actExistingactivity law also exempts the work of or incidentemployment tomay thebe installationsubject andto operation of a monorail from the prevailing wage requirements.

(NRSExisting 705.690)law Sectionalso 40exempts of this bill removes this exemption, and as a result, the work of or incident to the installation and operation of a monorail mayfrom be subject to the prevailing wage requirements.

(NRS 705.690) Section 40 of this bill removes this exemption, and as a result, the work of or prevailing wage requirements.and operation of a monorail may be subject to the EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

(a) Because the Las Vegas area is the most visited and economically significant tourism market within this State, the tourism industry within the Las Vegas area is critically important to the economy of that local area and this State, and the continued growth and success of the tourism industry within the Las Vegas - *SB1_R1* – 5 – area is particularly vital to the general welfare and prosperity of that local area and this State.

- 35th Special Session (2023) – 5 – (1) Continue to be the preferred and premier destination for tourists from all walks of life in the ever-advancing technological age of the 21st century;

(2) Remain competitive with other national and international tourism destinations that are continually evolving and seeking to draw more tourists to their facilities, venues and forms ofofing to entertainment;

(c) It is in the public interest and beneficial to the public welfare to diversify, enhance and grow the largest tourism market in this State through the development of large-scale and one-of-a-kind convention, entertainment and sports venues and facilities within the Las Vegas area, including the Las Vegas Strip, by constructing and operating a state-of-the-artstadiumstate-of-the-art stadium capable of attracting professional sports franchises, such as teams from Major League Baseball, hosting national sporting events, such as the World Series and World Baseball Classic, playoff, tournament and championship games, and holding other large-scale entertainment and sports events, such as concerts, festivals, motor sports, prizefighting and rodeos.

(1) Is appropriate and suitable for the development of such large-scale and one-of-a-kind entertainment and sports venues andandh facilities;

- *SB1_R1* – 6 – (e) The Clark County Stadium Authority is positioned to play a significant role in the continued growth and success of the tourism industry within the Las Vegas area by facilitating the development and operation of such new, innovative and diversified facilities, venues and forms of entertainment within the Las Vegas area.

(a)- Because35th theSpecial LasSession Vegas(2023) area– is6 the– only area in this State that is appropriate and suitable for the development of such large-scalelarge-scaleat and one-of-a-kind entertainment and sports venues and facilities and has all the necessary local and special attributes, conditions and resources that are essential to support such venues and facilities, it is necessary to enact a law of local and special application to promote, develop and secure the advantages of the local and special characteristics and circumstances within the Las Vegas area, which are found nowhere else within this State, and to benefit the residents of that local and special area.

(b) Therefore, given that a law of local and special application is necessary to promote, develop and secure the advantages of the local and special characteristics and circumstances within the Las Vegas area, which are found nowhere else within this State, and given that such a law is necessary to benefit the residents of that local and special area, a general law cannot be made applicable to the purposes, objects, powers, rights, privileges, immunities, liabilities,liaSec. duties and disabilities set forth in this act.

3.s, Except as otherwise provided in this act or unless the context otherwise requires, the terms used or referred to in this act have the meanings ascribed to them in the Local Government Securities Law, but the definitions set forth in sections 4 to 17, inclusive, of this act, unless the context otherwise requires, govern the construction of this act.

3.

Except as otherwise provided in this act or unless the context otherwise requires, the terms used or referred to in this act have the meanings ascribed to them in the Local Government Securities Law, but the definitions set forth in sections 4 to 17, inclusive, of this act, unless the context otherwise requires, govern the construction of this act.

Sec.

“Board of County Commissioners” means the Board of CountyCouSec. Commissioners of Clark County.

Sec.

“Board of Directors” means the Board of Directors of the Stadium Authority appointed pursuant to subsection 1 of section 22 of the Southern Nevada Tourism Improvements Act, as amended by section 36 of this act.

- *SB1_R1* – 7 – 1.

General obligation bonds or other securities that are additionally secured by pledged revenues to the extent authorized by the provisions of this act and issued by the County pursuant to subsection- 235th ofSpecial sectionSession 34(2023) of– this7 act– and the Local Government Securities Law;

andtion 34 of this act and the Local Government 2.

“Clark(Deleted County homelessness prevention and assistance fund” means the fund created by theamendment.) CountySec. pursuant to section 20 of this act.

Sec.

“Developer partner” means a person who provides money to pay the costs of the design, acquisition, construction, entitlement, leasing, improvement, financing, equipping, operation or maintenance, or any combination thereof, of the Major League Baseball stadium project or the cost of any capital improvements to the Major League Baseball stadium project.

“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,partnership,l association, trust or unincorporated organization.

- *SB1_R1* – 8 – Sec.

(Deleted by amendment.) - 35th Special Session (2023) – 8 – means the district created by section 28 of this act.trict” Sec.

16.

“Sports and entertainment improvement district” means the district created by section 28 of this act.

Sec.

1.(Deleted by amendment.) Sec.

The Board of County Commissioners shall create a Clark County homelessness prevention and assistance fund.

2.

In managing the fund, the County shall coordinate with local governments in the County that provide the services described in subsection 3.

3.

Money in the fund shall be used exclusively to provide assistance to people who are at risk of becoming homeless or are currently experiencing homelessness by supporting programs which are designed to:

(a) Prevent homelessness;

(b) Help individuals and families to regain stable housing;

or (c) Diminish the incidence of homelessness throughout the County.

4.

To the extent practicable, money in the fund shall be invested in programs which provide a range of service, including, without limitation, emergency rental assistance, utility assistance, case management, job training, rehabilitation, respite and counseling services.

Sec.

Apply for and accept any gift, donation, bequest, grant or otherBaseball sourcestadium ofproject.finance money to finance or develop the Major League Baseball2. stadium project.

2.Require and receive such audits and other measurements of the performance of a developer partner or the Baseball Stadium Events Company as it deems necessary to ensure that the operation of the Major League Baseball stadium project complies with the provisions of this act, except that the Stadium Authority may not require an audit of the general business of the Major League Baseball team or any developer partner.

Require and receive such audits and other measurements of the performance of a developer partner or the Baseball Stadium Events Company as it deems necessary to ensure that the operation of the Major League Baseball stadium project complies with the provisions of this act, except that the Stadium Authority may not - *SB1_R1* – 9 – require an audit of the general business of the Major League Baseball team or any developer partner.

4.desirable or appropriate to carry out the powers and duties of the Stadium Authority with respect to the Major League Baseball stadium project.

Perform any other act that may be necessary, convenient, desirable or appropriate to carry out the powers and duties of the Stadium Authority with respect to the Major League Baseball stadium project.

(a)- Within35th 12Special monthsSession after(2023) the– effective9 date– of this section or, if the Board determines that an extension of this period is necessary ororif desirable, within 18 months after that effective date, finds that Major League Baseball has authorized the Major League Baseball team to locate or relocate within the sports and entertainment improvement district;

(2) Provided documentation satisfactory to the Board to indicate that the person or persons selected to be a developer partner have anan(3) affiliationDemonstrated withto the satisfaction of the Board that the developer partner is able to successfully develop and construct the Major League Baseball team;stadium project;

(3) Demonstrated to the satisfaction of the Board that the developer partner is able to successfully develop and construct the Major League Baseball stadium project;

and - *SB1_R1* – 10 – (d) Selects a Baseball Stadium Events Company which has disclosed to the Board the identity of each of its owners and managers.

A development agreement for the Major League Baseball stadium project entered into by the Stadium Authority with a developer partner selected by the Board of Directors pursuant to paragraph (c) of subsection 1 must require the location, design, fit and finish of the Major League Baseball stadium project to be consistent with first-class, premier Major League Baseball facilities currently in operation or approved for construction by Major LeagueLeaguees Baseball and:

- 35th Special Session (2023) – 10 – (c) Set forth the sources of financing to pay the costs of the development and construction of the project in a manner consistent with the provisions of sections 18 to 35, inclusive, of this act;

(d) Require the developer partner to provide periodic progress reportsand toconstruction the Board of Directorsthe project;s on the status of the development and(e) constructionSet forth the procedures for the provision of the project;periodic progress reports described in paragraph (d) and the information required to be included in such reports;

(e) Set forth the procedures for the provision of the periodic progress reports described in paragraph (d) and the information required to be included in such reports;

(h) Provide for an adequate contribution by the developer partner for the construction or improvement of any infrastructure, including, without limitation, infrastructure relating to transportation, parking, pedestrian traffic, public safety, utilities and safe and efficient airport operations, off the site of the project that is determined to be necessary for the project by the Department of - *SB1_R1* – 11 – Transportation, the County or any municipality in which the project is located and that is specified in the regional infrastructure and service evaluation required for a high impact project before a special use permit is issued for the project;

and (k)- Contain35th suchSpecial otherSession terms(2023) as– deemed11 necessary– and appropriate by the Stadium Authority.Authority.emed necessary and 3.

3.

(d) Authorize the Baseball Stadium Events Company to enter into an agreement with another person to operate the project on a day-to-day basis, as deemed necessary or appropriate by the Baseball Stadium Events Company;

- *SB1_R1* – 12 – (g) State that the Baseball Stadium Events Company and the developer partner are liable jointly and severally for the operating losses of the project or the Baseball Stadium Events Company;

(h) Require an annual audit of the Baseball Stadium Events Company by an independent certified public accountant in this State who does not provide any similar or related services to a developer partner or the Major League Baseball team, or any affiliate, subsidiary, principal or related party of a developer partner or the Major League Baseball team, and who is selected by the mutual agreement of the Stadium Authority and the Baseball Stadium Events Company;

(j)- Require35th thatSpecial theSession term(2023) of– any12 lease– or sublease entered into by the Baseball Stadium Events Company with the Major LeagueLeagueered into by Baseball team must be at least 30 years;

and (n) Such other terms and conditions as deemed necessary and appropriateapp4. by the Board of Directors.

4.

- *SB1_R1* – 13 – (c) Provide for damages in the event the Major League Baseball team relocates in violation of the agreement in an amount not less than:

(1) The amount required for the repayment of the principal and interest then outstanding on the bonds issued to finance or refinance the Major League Baseball stadium project;

finance or (2) An amount equal to the then outstanding tax credits subject to repayment pursuant to paragraph (g) of subsection 4 of section 32 of this act;

and (d) Require the Baseball Stadium Events Company to provide evidence satisfactory to the Stadium Authority of the ability to satisfy- the35th termsSpecial ofSession the(2023) non-relocation– agreement13 in– the event the Major League Baseball team relocates in violation of the agreement.

The community benefits agreement must be reviewed and updated not less than once every 5 years and each such update must be approved by the2. Board of Directors.

2.

and - *SB1_R1* – 14 – (3) Programs to support youth baseball in underserved communities;com(d) Provide for the use of a community suite by charitable, community or economic development organizations;

(d) Provide for the use of a community suite by charitable, community or economic development organizations;

(1) Educational programming in the community,State, including, without limitation, by working in partnership with local colleges and universities to provide programs of career development for the sports industry;

and (f)- Require35th theSpecial developerSession partner(2023) and– the14 Baseball– Stadium Events Company to make an adequate financial commitment in the community, including, without limitation, an annual commitment of cash and in-kind services which must not be less than:

(2) Beginning with the immediately succeeding calendar year after the end of the period set forth in subparagraph (1), an amount per calendar year that is the greater of $1,500,000$2,000,000 or 1 percent of Major League Baseball team ticket revenue generated by the Major League Baseball stadium project for the calendar year.

A baseball stadium community oversight committee must be created to oversee the implementation and administration of the communityThe benefitsbaseball agreementstadium developedcommunity pursuantoversight tocommittee subsectionis herebyn 1.

The baseball stadium community oversight committee is hereby authorized to enforce the provisions of the community benefits agreement which it was created to oversee.

 In appointing members to the baseball stadium community oversight committee, the appointing authority shall consider whether the members appointed to the committee reflect the - *SB1_R1* – 15 – diversity of this State, including, without limitation, the age, gender, gender identity or expression, sexual orientation, ethnic and geographic diversity of this State.

(c)- A35th representativeSpecial ofSession a(2023) business– that15 is– engaged by a business providing goods or services to the Major League Baseball team ororess the Major League Baseball stadium project;

(c) County manager of the County;

The Board of Directors shall appoint a community benefits director to advise the baseball stadium community oversight committee and monitor the compliance of the developer partner and the Baseball Stadium Events Company with the terms of thethetner and community benefits agreement.

-A *SB1_R1*person –must 16not –be 10.appointed as the community benefits director:

(a) Unless the person resided in the County for at least 5 years immediately preceding the date of his or her appointment.

(b) If the person is an employee of the Major League Baseball team or an affiliate or related entity of the Major League Baseball team or an employee of the Major League Baseball stadium project - 35th Special Session (2023) – 16 – project.filiate or related entity of the Major League Baseball stadium (c) If the person directly provides goods or services to a Major League Baseball team or the Major League Baseball stadium project or is an employee of a business that directly provides goods or services to a Major League Baseball team or the Major League Baseball stadium project.

10.

Upon receipt of such a notice, the developer partner and the Baseball Stadium Events Company, in coordination with the Major League Baseball team, shall submit in writingwri(a) A response to the determination of noncompliance by the baseball stadium community oversight committee which includes, without limitation, any reasons that the developer partner or the Baseball Stadium Events Company has not complied with the terms of the community benefits director:agreement;

(a)(b) A responsedescription to the determination of noncompliance by the baseballactions stadium community oversight committee which includes, without limitation, any reasons that the developer partner or the Baseball Stadium Events Company haswill nottake compliedto cure any noncompliance with the terms of the community benefits agreement;

(b) A description of the actions that that the developer partner or the Baseball Stadium Events Company will take to cure any noncompliance with the terms of the community benefits agreement;

If the baseball stadium community oversight committee determines that the response submitted by the developer partner and the Baseball Stadium Events Company pursuant to subsection 10 is insufficient or the baseball stadium community oversight committee determines that the developer partner and the Baseball StadiumStadiumttee Events Company are not taking the actions set forth pursuant to paragraph (b) of subsection 10 in a timely manner, the baseball stadium community oversight committee shall notify the Board of Directors of its findings and may request that the Board of Directors initiate legal proceedings to enforce the terms of the community benefits agreement.

Except as otherwise provided in subsection 3 and NRS 239.0115, the Stadium Authority shall keep confidential any - 35th Special Session (2023) – 17 – record or other document provided to the Stadium Authority by a developer partner, the Major League Baseball team or the Baseball Stadium Events Company, which is in the possession of the Stadium Authority, if the person providing the information:

(a) Submits a request in writing that the record or other document be kept confidential by the Stadium Authority;

andandr (b) Demonstrates to the satisfaction of the Stadium Authority that the record or other document contains proprietary or confidential information.

- *SB1_R1* – 17 – 2.

(b)(c) AreMust not abe publicdisclosed record;to any person who is not an officer or employee of the Stadium Authority unless the requesting entity consents to the disclosure.

and (c) Must not be disclosed to any person who is not an officer or employee of the Stadium Authority unless the requesting entity consents to the disclosure.

(a) Any contract, lease, sublease, lease-purchase agreement, management agreement or other agreement entered into pursuant to sections 18 to 35, inclusive, of this act by the Stadium Authority, a developer partner or any related entity relating to the Major League Baseball stadium project financed in whole or in part pursuant to sections 18 to 35, inclusive, of this act, and any contract, lease, sublease, lease-purchase agreement, management agreement or - 35th Special Session (2023) – 18 – other agreement that provides for the design, entitlement, acquisition, construction, improvement, repair, demolition, reconstruction, equipment, financing, promotion, leasing, subleasing, management, operation or maintenance, or any combination thereof, of the Major League Baseball stadium project or any portion thereof, or the provision of materials or services for the project are exempt from any law:

- *SB1_R1* – 18 – (2) Specifying procedures for the procurement of goods or services;

(1) The provisions of NRS 338.013 to 338.090, inclusive, apply to any construction work to be performed under any contract or other agreement pertaining to the project even if the estimated cost of the construction work is not greater than $250,000 or the construction work does not qualify as a public work, as defined in NRS 338.010;33(2) Any person or entity that executes one or more contracts or agreements for the actual construction, alteration, repair or remodeling of the project shall include in such a contract or agreement the contractual provisions and stipulations that are required to be included in a contract for a public work pursuant to the provisions of NRS 338.013 to 338.090, inclusive;

(2) Any person or entity that executes one or more contracts or agreements for the actual construction, alteration, repair or remodeling of the project shall include in such a contract or agreement the contractual provisions and stipulations that are required to be included in a contract for a public work pursuant to the provisions of NRS 338.013 to 338.090, inclusive;

The Stadium Authority and any prime contractor, construction manager or project manager selected by the Stadium Authority or a developer partner shall competitively bid all subcontracts- involving35th constructionSpecial whichSession the(2023) Stadium– Authority19 – determines can be competitively bid without affecting the quality of the Major League Baseball stadium project.

and - *SB1_R1* – 19 – (c) Must, in addition to the requirements of section 26 of this act, provide a preference for Nevada subcontractors in a manner that is similar to, and with a preference that is equivalent to, the preference provided in NRS 338.1389.

Any determination by the Stadium Authority regarding the establishment of one or more procedures for competitive bidding, and any determination by a developer partner or its prime contractor, construction manager or project manager regarding the award of a contract to any bidder, is conclusive in the absence of fraud or a gross abuse of discretion.

In addition to any other requirements set forth in sections 18 to 35, inclusive, of this act, and except as otherwise provided in subsection 8, a development agreement entered into pursuant to section 22 of this act, a lease agreement entered into pursuant to that section, a combined development agreement and lease agreement entered into pursuant to that section and any other agreement of any kind entered into by the Stadium Authority with a developer partner, must include provisions which require that any contract or other agreement entered into by a prime contractor selected by the Stadium Authority or a developer partner for the construction of the Major League Baseball stadium project must include a provision requiring that at least 15 percent of the Major Leaguelocal Baseballbusinesses.tadium stadium project must be subcontracted to small local2. businesses.

2.

- 35th Special Session (2023) – 20 – (d) The business has obtained all necessary licenses and registration within this State;

(1) For public works projects, $20,000,000;

A contractor that subcontracts work to a small local business pursuant to a contract or other agreement described in subsection 1 - *SB1_R1* – 20 – shall allow the small local business to be covered by any bond or insurance of the contractor and may require the subcontractor to pay a proportionate share of the cost for such coverage by the bond or insurance.

A contractor that subcontracts work to a small local business pursuant to a contract or agreement described in subsection 1 shall provide a mentorship program to assist the small local business to develop the skills necessary to carry out the work that isisiness to subcontracted.

Unless the requirements of subsection 1 are waived by the Stadium Authority pursuant to subsection 8, the failure of a prime contractor- to35th complySpecial withSession the(2023) requirements– of21 subsection– 1 shall be deemed a material breach of contract.contract.ments of subsection 1 shall be 8.

8.

and (b) In considering the availability and qualifications of a small local business to perform work under a contract or other agreement - *SB1_R1* – 21 – described in subsection 1, a contractor reasonably considered the worklocal experience,business., safety history and financial stability of the small localSec. business.

Sec.

The Stadium Authority may not grant any other person the right to enter into such agreements, but it may in the development agreement entered into pursuant to subsection 1 of section 22 of this act or a combined development and lease agreement entered into pursuant to subsection 4 of section 22 of this act, agree that any agreements regarding personal seat licenses or similar instruments will be made only in consultation with the developer partner or, if applicable, the Baseball Stadium Events Company and the Major instruments may contain priority purchase rights to ticketed events in the Major League Baseball stadium project, including the home games of the Major League Baseball team.

Such personal seat licenses or similar instruments may contain priority purchase rights to ticketed events in the Major League Baseball stadium project, including the home games of the Major League Baseball team.

4.- 35th Special Session (2023) – 22 – and the Major League Baseball team, the Stadium Authority shall have the power to enter into one or more agreements with third parties pursuant to which it sells to each such third party, the right to receive and own the proceeds from the sale, license or transfer of personal seat licenses, stadium builder’s licenses or other similar instruments as described in subsection 1, for cash and such other consideration as it deems appropriate to be paid upon sale or over time.

With the consent of the Baseball Stadium Events Company and the Major League Baseball team, the Stadium Authority shall have the power to enter into one or more agreements with third parties pursuant to which it sells to each such third party, the right to receive and own the proceeds from the sale, license or transfer of personal seat licenses, stadium builder’s licenses or other similar instruments as described in subsection 1, for cash and such other consideration as it deems appropriate to be paid upon sale or over time.

(c) Shall not give rise to any obligation or liability for monetary damages of the Stadium Authority to any person, including the third party or anyone purchasing a personal seat license or providing - *SB1_R1* – 22 – financing based on personal seat licenses through such third party or otherwise, but may, with the approval of the Baseball Stadium Events Company, provide remedies against the Baseball Stadium Events Company;

and (c) Selected a Baseball Stadium Events Company pursuant to paragraph (d) of subsection 1 of section 22 of this act which has disclosed to the Board the identity of each of its owners and managers.

to the Board the identity of each of its owners and 2.

(b)- Include35th onlySpecial parcelsSession of(2023) land,– or23 portions– thereof, on which the Major League Baseball stadium project is or will be located and any surrounding or adjacent properties necessary for the operation of the Major League Baseball stadium project;

(b) Exclude from the sports and entertainment improvement district any parcel of land, or portion thereof, on which the Major League Baseball stadium project is or will be located or any surrounding or adjacent property necessary for the operation of the MajorMaj(c) LeagueInclude Baseballwithin stadiumthe project;sports and entertainment improvement district any operating public accommodation facility, as defined in NRS 447.320, or any business which is operating and is required to hold a license issued pursuant to chapter 463 of NRS.

or (c) Include within the sports and entertainment improvement district any operating public accommodation facility, as defined in - *SB1_R1* – 23 – NRS 447.320, or any business which is operating and is required to hold a license issued pursuant to chapter 463 of NRS.

Subject to the provisions of subsection 8, to pay the principal of and interest on bonds issued by the County, whether funded, refunded or otherwise, and incurred by the County to finance or refinance, in whole or in part, the Major League Baseball stadium project, and to pay for other amounts described inine Baseball subsection 4 of section 32 of this act, the Board of County Commissioners shall pledge the proceeds of:

(1) NRS 372.105 and 372.185 with regard to tangible personal property sold at retail, or stored, used or otherwise - 35th Special Session (2023) – 24 – consumed, in the sports and entertainment improvement district during a fiscal year.

(2) NRS 374.110, 374.111, 374.190 and 374.191 with regard to tangible personal property sold at retail, or stored, used or otherwisedistrict consumed,during ina fiscal year.rts and entertainment improvement (3) NRS 363A.130 and 363B.110 with regard to wages earned by employees located within the sports and entertainment improvement district during a fiscal year.

(3) NRS 363A.130 and 363B.110 with regard to wages earned by employees located within the sports and entertainment improvement district during a fiscal year.

- *SB1_R1* – 24 – (8) NRS 369.330 with regard to any liquor purchased or otherwise consumed within the sports and entertainment improvement district during a fiscal year.

(10) Chapter 361 of NRS with regard to personal property, as defined in NRS 361.030, located in the sports and entertainment as improvement district during a fiscal year.

(2) The Clark County Crime Prevention Act of 2016 with regard to tangible personal property sold at retail, or stored, used or - 35th Special Session (2023) – 25 – district during a fiscal year.rts and entertainment improvement (3) Chapter 377 of NRS with regard to tangible personal property sold at retail, or stored, used or otherwise consumed, in the sports and entertainment improvement district during a fiscal year.

(3) Chapter 377 of NRS with regard to tangible personal property sold at retail, or stored, used or otherwise consumed, in the sports and entertainment improvement district during a fiscal year.

(c) With the approval of the Stadium Authority and the County, any other taxes, fees and charges which are imposed by the County at the time the sports and entertainment improvement district is created or which are later imposed by the County during the term of the development agreement, lease agreement or non-relocation agreement entered into pursuant to section 22 of this act, but - *SB1_R1* – 25 – excluding any rate levied by a governmental entity other than the County and also excluding:

(3) Any tax, fee or charge for services provided by any publicly owned and operated utility;

andandrvices provided by any (4) Any ad valorem tax on real property exempted pursuant to paragraph (c) of subsection 1 of section 33 of this act.

Subject to the provisions of subsection 8, the provisions of this act must not be applied to modify, directly or indirectly, any taxes levied or revenues pledged in such a manner as to impair adversely any outstanding obligations of any local government or the State, including, without limitation, bonds, notes, medium-term financing, letters of credit and any other financial obligation, until - 35th Special Session (2023) – 26 – all such obligations have been discharged in full or provision for their payment and redemption has been fully made.

Subject to the provisions of subsection 8, the Department of Taxation and the Division of Insurance of the Department of Business and Industry may each adopt regulations regarding procedures for the identification and segmentation with respect to the sports and entertainment improvement district of the taxes, fees and charges described in subsection 1 which the Department of Taxation or the Division of Insurance is responsible for administering.

Subject to the provisions of subsection 8, for the purposes of the taxes, fees and charges described in subsection 1, the Major League Baseball team shall be considered an employer within the - *SB1_R1* – 26 – sports and entertainment improvement district and any tax, fee or charge imposed upon or passed-through to the Major League Baseball team, the Major League Baseball stadium project or any affiliated or unaffiliated business operating within the sports and entertainment improvement district shall be deemed to occur within the sports and entertainment improvement district and therefore inure to the benefit of the sports and entertainment improvement district.

Subject to the provisions of subsection 8, after the adoption of an ordinance creating a sports and entertainment improvement district pursuant to section 28 of this act, the Board of County Commissioners, the Department of Taxation and the Division of Insurance of the Department of Business and Industry shall enter into an agreement establishing the procedures, including any deadlines,- for35th theSpecial distributionSession to(2023) the– County27 of– any money pledged pursuant to this section.

of any money pledged (a) Must be made not less frequently than once each calendar month;

(2) Continue after the dates set forth in subparagraph (1) with respect to the remaining 10 percent of the taxes, fees and charges collected in a fiscal year so long as the Major League Baseball stadiumsta8.um projectNotwithstanding isany ownedother provisions of this act, with respect to the taxes, fees and charges imposed by the Stadiumstate Authority.government and described in paragraph (a) of subsection 1, the provisions of this section do not, under any circumstances, create, cause or constitute for the State:

8.(a) Any form of contract, obligation or pledge granting, providing or otherwise securing the full faith and credit of the State for any payment, assumption, liability, surety, guarantee, assurance, compromise, settlement, discharge or other relief, in whole or in part, of any public or private debts of any kind or nature whatsoever;

Notwithstanding any other provisions of this act, with respect to the taxes, fees and charges imposed by the state government and described in paragraph (a) of subsection 1, the provisions of this section do not, under any circumstances, create, cause or constitute for the State:

(a) Any form of contract, obligation or pledge granting, providing or otherwise securing the full faith and credit of the State for any payment, assumption, liability, surety, guarantee, assurance, compromise, settlement, discharge or other relief, in whole or in - *SB1_R1* – 27 – part, of any public or private debts of any kind or nature whatsoever;

(a) The State Treasurer shall provide a credit enhancement of not less than 0.5 times the anticipated average annual debt service for each fiscal year of the term of bonds issued to finance the construction of the Major League Baseball stadium project from funds appropriated for the initial deposit or other funds available for that purpose.

(b) The credit enhancement may take the form of any insurance, letter of credit or other financial instrument or structure, as reasonably determined by the State Treasurer, including, without limitation, the form of other financial assistance from the Nevada State- Infrastructure35th BankSpecial toSession the(2023) extent– authorized28 by– NRS 408.55061, except that the form of the credit enhancement utilized shall be subject to approval by the Board of Directors and the chief financial officer of the County, neither of whom shall unreasonably withhold their approval of the form of credit enhancement proposed by the State Treasurer.

(a) Exceeds 3.0 times the anticipated annual debt service for any year of the term of such bonds, the State Treasurer may submit a written request to the Board of Directors and the chief financial officer of the County to cease the provision of the credit enhancement provided pursuant to subsection 1 by 50 percent.

(c) Falls below 2.0 times the anticipated annual debt service for any year of the term of such bonds, the State Treasurer shall reinstate the credit enhancement provided pursuant to subsection 1, using one or more of the sources of funding specified in paragraph (b) of subsection 5, in an amount not less than 50 percent of the debt - *SB1_R1* – 28 – service due on the bonds in each of the next two successive fiscal years.

Such reinstatement of the credit enhancement shall not prohibit the State Treasurer from subsequently making a written request to the Stadium Authority and chief financial officer of the Countypursuant forto aparagraph reduction(a) or cessation(b), ofas applicable.t enhancement  If the creditState enhancementTreasurer submits a written request for approval pursuant to paragraphany (a)provision of this subsection, such approval shall not be unreasonably withheld by either the Board of Directors or (b),the aschief applicable.financial officer of the County.

 If the State Treasurer submits a written request for approval pursuant to any provision of this subsection, such approval shall not be unreasonably withheld by either the Board of Directors or the chief financial officer of the County.

Subject to the provisions of subsections 7 and 10, the terms of any credit enhancement provided pursuant to subsection 1 must be set forth in an agreement entered into by the Stadium Authority, the County and the State relating to the financing of the Major League- Baseball35th stadiumSpecial project.Session (2023) – 29 – notice and administrative terms with respect to the creditntain enhancement as agreed to by the Stadium Authority, the County and the State.

Such an agreement must contain notice and administrative terms with respect to the credit enhancement as agreed to by the Stadium Authority, the County and the State.

and (b) If the amount on deposit in the designated fund for the credit enhancement is drawn upon to pay debt service on the bonds, or if such amount is less than the minimum amount described in paragraph (a), the State Treasurer shall gather, transfer and deposit, as applicable, unencumbered money not already committed for expenditure, in an amount sufficient to replenish the designated fund for the credit enhancement to the minimum amount described ininted fund paragraph (a), from one or more of the following sources in the following order of priority:

- *SB1_R1* – 29 – (4) Funds on deposit in the Consolidated Bond Interest and Redemption Fund pursuant to NRS 349.100.

(5) Funds on deposit in the Account to Stabilize the Operation of the State Government in the State General Fund pursuant to NRS 353.288.

7.- 35th Special Session (2023) – 30 – 10, to the extent that the proceeds of the taxes, fees and chargesn pledged pursuant to section 29 of this act are insufficient to make the scheduled payment on debt service on bonds, money held in the designated fund for the credit enhancement pursuant to subsection 5 may be drawn upon and transferred to the County Treasurer to enable the County Treasurer to make the scheduled payment.

Subject to the provisions of this subsection and subsection 10, to the extent that the proceeds of the taxes, fees and charges pledged pursuant to section 29 of this act are insufficient to make the scheduled payment on debt service on bonds, money held in the designated fund for the credit enhancement pursuant to subsection 5 may be drawn upon and transferred to the County Treasurer to enable the County Treasurer to make the scheduled payment.

(1) State that the proceeds of the taxes, charges and fees pledged pursuant to section 29 of this act are insufficient to make a schedu(2) State the amount of money held in the designated fund for the credit enhancement that the County Treasurer has calculated is necessary to make the scheduled payment on debt service on the bonds;

(2) State the amount of money held in the designated fund for the credit enhancement that the County Treasurer has calculated is necessary to make the scheduled payment on debt service on the bonds;

and (2) Upon finding that the proceeds of the taxes, charges and fees pledged pursuant to section 29 of this act are insufficient to make a scheduled payment on debt service on the bonds, approve a transfer of money held in the designated fund for the credit - *SB1_R1* – 30 – enhancement to the County Treasurer in an amount of money that scheduled payment.e Committee finds is necessary to make the (c) Not later than 10 days after the Interim Finance Committee findsapproves isa necessarytransfer of money pursuant to subparagraph (2) of paragraph (b), the State Treasurer shall transfer the approved amount of money from the designated fund for the credit enhancement to the County Treasurer, and the County Treasurer shall use the transferred amount of money solely to make the scheduled payment.payment on debt service on the bonds.

(c) Not later than 10 days after the Interim Finance Committee approves a transfer of money pursuant to subparagraph (2) of paragraph (b), the State Treasurer shall transfer the approved amount of money from the designated fund for the credit enhancement to the County Treasurer, and the County Treasurer shall use the transferred amount of money solely to make the scheduled payment on debt service on the bonds.

(a)- Any35th drawSpecial uponSession the(2023) designated– fund31 for– the credit enhancement pursuant to this section shall be deemed a loan from the designated fund for the credit enhancement to the County, and any such loan shall be deemed a special obligation of the County payable solely from money deposited in the baseball stadium tax account and available to reimburse the State pursuant to paragraph (d) of subsection 4 of section 32 of this act.

(c) Any such loan from the designated fund for the credit enhancement to the County shall not be considered as a general obligation of the County for any purpose, including, without limitation, when determining any limit on the debt of the County, and if there are insufficient funds pursuant to section 32 of this act to repay the State, the State Treasurer shall not withhold the payments of any other money that would otherwise be distributed to the County from any source.

- *SB1_R1* – 31 – (a) Any form of contract, obligation or pledge granting, providing or otherwise securing the full faith and credit of the State for any payment, assumption, liability, surety, guarantee, assurance, compromise, settlement, discharge or other relief, in whole or in part, of any public or private debts of any kind or nature whatsoever;

- 35th Special Session (2023) – 32 – Sec.

(a) Any tax imposed by chapters 363A and 363B of NRS, other than taxes imposed pursuant to NRS 363A.130 and 363B.110 withwithr regard to the wages earned by employees located within the sports and entertainment improvement district;

If the Stadium Authority receives an application pursuant to subsection 2, the Stadium Authority shall approve such application if the Stadium Authority finds that the project is a qualified project and the requirements set forth in subsection 2 are otherwise satisfied.

If the Stadium Authority approves an application for a certificate of eligibility for transferable tax credits submitted pursuant to subsection 2, the Stadium Authority shall immediately forward a copy of the certificate of eligibility which identifies the - *SB1_R1* – 32 – estimated amount of the tax credits available pursuant to this section to:

A qualified project may be approved for a certificate of eligibility for transferable tax credits up to an aggregate maximum - 35th Special Session (2023) – 33 – amount equal to the difference between $380,000,000 and the amount of the bonds issued by the County, subject to the aggregate maximum limit on transferable tax credits set forth in paragraph (b) of subsection 8.

6.credits for which a qualified project is eligible pursuant tole tax subsection 5, and subject to paragraph (f) of subsection 8, a qualified project shall be entitled to transferable tax credits in an amount equal to 20 percent of the total amount of transferable tax credits approved pursuant to subsection 5 per milestone upon the achievement of each of the milestones listed below:

For the purpose of computing the amount of transferable tax credits for which a qualified project is eligible pursuant to subsection 5, and subject to paragraph (f) of subsection 8, a qualified project shall be entitled to transferable tax credits in an amount equal to 20 percent of the total amount of transferable tax credits approved pursuant to subsection 5 per milestone upon the achievement of each of the milestones listed below:

(1) By the Board of Directors if the Board of Directors determines that an extension of such period is necessary ororors desirable;

Within 30 days of achieving any of the milestones described in subsection 6, the developer partner shall provide written notice to the Stadium Authority describing the milestone that has been - *SB1_R1* – 33 – achieved and setting forth the developer partner’s irrevocable declaration of the amount of transferable tax credits that will be applied to each fee or tax set forth in paragraphs (a), (b) and (c) of subsection 1, thereby accounting for all of the credits which will be issued with respect to the relevant milestone.

Upon receipt of such written- notice35th andSpecial accompanyingSession declaration(2023) and– the34 Stadium– Authority’s confirmation that the relevant milestone has been achieved, the Stadium Authority shall issue to the developer partner a certificate of transferable tax credits in the amount approved by the Stadium Authority for the fees or taxes included in the declaration.

(b) The total amount of transferable tax credits issued pursuant to this section to all qualified projects in this State must not exceed $180,000,000.$18(c) If in any fiscal year the developer partner is entitled to an amount of transferable tax credits in excess of the per-fiscal year limitation set forth in paragraph (a), the amount of transferable tax credits in excess of such per-fiscal year limitation to which the developer partner is entitled must be carried forward and made available for approval by the Stadium Authority during subsequent fiscal years, subject to the aggregate cap on transferable tax credits set forth in paragraph (b).

(c) If in any fiscal year the developer partner is entitled to an amount of transferable tax credits in excess of the per-fiscal year limitation set forth in paragraph (a), the amount of transferable tax credits in excess of such per-fiscal year limitation to which the developer partner is entitled must be carried forward and made available for approval by the Stadium Authority during subsequent fiscal years, subject to the aggregate cap on transferable tax credits set forth in paragraph (b).

(e) Each transferable tax credit issued pursuant to this section expires 5 years after the date on which the transferable tax credit is issued to the developer partner.

A transferable tax credit issuedissuedit is pursuant to this section may be transferred only once.

(f) The developer partner shall be required to pay to the State an amount equal to the total amount of transferable tax credits issued to the developer partner pursuant to this section if a certificate of occupancy or other governmental authorization required in order to - *SB1_R1* – 34 – operate the qualified project has not been obtained within 60 months after the issuance by the Board of County Commissioners of the bonds- to35th fundSpecial constructionSession of(2023) – 35 – period if the qualified60-month period is extended:d project, or a longer period(1) ifBy the 60-monthBoard of Directors upon a determination by the Board of Directors that an extension of such period is extended:necessary or desirable;

(1) By the Board of Directors upon a determination by the Board of Directors that an extension of such period is necessary or desirable;

Except as otherwise provided in subsection 3, before the issuance of any bonds, the Stadium Authority shall use the money in thethis baseballact stadiumonly taxfor accountone createdor pursuantmore toof sectionthe following purposes:tion 19 of this(a) actTo onlypay forall oneor part of the cost to acquire, construct, design, entitle, lease, improve, equip, operate or moremaintain, or any combination thereof, within the boundaries of the followingsports purposes:and entertainment improvement district, the Major League Baseball stadium project.

(a) To pay all or part of the cost to acquire, construct, design, entitle, lease, improve, equip, operate or maintain, or any combination thereof, within the boundaries of the sports and entertainment improvement district, the Major League Baseball stadium project.

3.taxes, fees and charges described in section 29 of this act to pay any costs to acquire, construct, design, entitle, lease, improve, equip, operate or maintain, or any combination thereof, the Major League Baseball stadium project unless:

The Stadium Authority shall not expend any proceeds of the taxes, fees and charges described in section 29 of this act to pay any costs to acquire, construct, design, entitle, lease, improve, equip, operate or maintain, or any combination thereof, the Major League Baseball stadium project unless:

- *SB1_R1*35th Special Session (2023) – 3536 – 4.issuance of any bonds, the Stadium Authority shall use money in the baseball stadium tax account created pursuant to section 19 of this act only for the following uses:

Except as otherwise provided in subsection 5, after the issuance of any bonds, the Stadium Authority shall use money in the baseball stadium tax account created pursuant to section 19 of this act only for the following uses:

(c) From the proceeds remaining after the payments required by paragraphs (a) and (b), to create and make contributions to a debt service(1) Until the start of the fiscal year immediately following the date on which a certificate of occupancy or other governmental authorization required in order to operate the Major League Baseball stadium project is issued or obtained, in an amount equal to such remaining proceeds until the debt service reserve fund:level on the bonds is two times the average annual debt service on such bonds;

(1) Until the start of the fiscal year immediately following the date on which a certificate of occupancy or other governmental authorization required in order to operate the Major League Baseball stadium project is issued or obtained, in an amount equal to such remaining proceeds until the debt service reserve level on the bonds is two times the average annual debt service on such bonds;

(e) From the proceeds remaining after the payments required by paragraphs (a) to (d), inclusive, to replenish any draws on the debt service reserve funds for the bonds in an amount equal to the total aggregate amount of any such draws.

in an amount equal to the total (f) From the proceeds remaining after the payments required by paragraph (a) to (e), inclusive, and upon completion of the Major League Baseball stadium project, to make contributions to the baseball stadium capital projects fund created pursuant to section 19 of this act in an amount equal to at least $5,000,000 per fiscal year, as adjusted annually pursuant to subsection 7.

(g) From the proceeds remaining after the payments required by paragraphs (a) to (f), inclusive, to refund to the State any amount of transferable- tax35th creditsSpecial madeSession available(2023) to– a37 developer– partner pursuant to section 31 of this act in excess of $60,000,000, up to a - *SB1_R1* – 36 – total aggregate refund of $120,000,000 and transmit money to the ClarkCounty for deposit in the community housing fund of the County homelessnessto preventionbe used exclusively for the procurement and assistancedevelopment fundof supportive housing and housing that serves low-income households in the following amounts:

and (II) An amount equal to 10 percent of the proceeds remaining after the payments required by paragraphs (a) to (f), inclusive,housing forfund transmittalof the County to thebe Clarkused Countyexclusively homelessnessfor preventionthehe community procurement and assistancedevelopment fund,of supportive housing and housing that serves low-income households, except that the amount of proceeds transmitted pursuant to this sub-subparagraph must not exceed $5,000,000 per fiscal year, as annually adjusted pursuant to subsection 7.

(2) Once $45,000,000 or more has been refunded to the State for any amount of transferable tax credits issued pursuant to section 31 of this act in excess of $60,000,000:

and (II) An amount equal to 20 percent of the proceeds remaining after the payments required by paragraphs (a) to (f), inclusive, for transmittal to the ClarkCounty for deposit in the community housing fund of the County homelessnessto preventionbe used exclusively for the procurement and assistancedevelopment fund,of supportive housing and housing that serves low-income households, except that the amount of proceeds transmitted pursuant to this sub-subparagraph must not exceed $5,000,000 per fiscal year, as annually adjusted pursuant to subsection 7.

(h)- From35th theSpecial proceedsSession remaining(2023) after– the38 payments– required by paragraphs (a) to (g), inclusive, and upon completion of the Major League Baseball stadium project, to make contributions to the Clark County homelessness prevention and assistance fund in an amount equal to at least $5,000,000 per fiscal year, as adjusted annually pursuant to subsection 7.7 for deposit in the community housing fund of the County to be used exclusively for the procurement and development of supportive housing and housing that serves low-income households.

(i) From the proceeds remaining after the payments required by paragraphs (a) to (h), inclusive, to make payments to a fund to provide early debt retirement in an amount determined by the Stadium Authority, a fund to make capital improvements to the Major League Baseball stadium project in an amount determined by - *SB1_R1* – 37 – the Stadium Authority and, subject to the provisions of subsection 10, a fund to pay for any infrastructure the Stadium Authority determines is required on or around the project, except that no payment pursuant to this paragraph may violate any covenant made in connection with the bonds and, if any payment would violate such a covenant, the amount of the payment must be used for such purpose as specified in the ordinance or other instrument under which the bonds were issued.

The proceeds of the taxes, fees and charges described in section 29 of this act, less the amount otherwise allocated to the Stadium Authority pursuant to subsection 5, shall be returned to the taxing entity or other entity that collected such taxes, fees and charges for use by such taxing entity or other entity in accordance with law once:

7.- 35th Special Session (2023) – 39 – (h) of subsection 4 and the monetary amounts required by paragraph (g) of subsection 4 to be transmitted to the County for deposit in the community housing fund of the County to be used exclusively for the procurement and development of supportive housing and housing that serves low-income households must be adjusted for each fiscal year by adding to the amount the product of the amount multiplied by the percentage increase in the consumer price inflation index between the calendar year ending on December 31, 2023, and the calendar year immediately preceding the fiscal year for which the adjustment is made.

The monetary amounts specified in paragraphs (a), (f), and (h) of subsection 4 and the monetary amounts required by paragraph (g) of subsection 4 to be transmitted to the Clark County homelessness prevention and assistance fund must be adjusted for each fiscal year by adding to the amount the product of the amount multiplied by the percentage increase in the consumer price inflation index between the calendar year ending on December 31, 2023, and the calendar year immediately preceding the fiscal year for which the adjustment is made.

Interest on money in the debt service reserve fund must remain in the fund and be used for the purposes for which the fund wasin created.paragraph (b) of subsection 2, money in the debt serviceserve reserve fund may be:

In addition to the uses of the debt service reserve - *SB1_R1* – 38 – fund in paragraph (b) of subsection 2, money in the debt service reserve fund may be:

(b) When all bonds and any special obligations of the County under section 30 of this act are no longer outstanding, transferred to the baseball stadium capital projects fund created pursuant to section 19 of this act, provided that following such a transfer:

and (2) If any subsequent payment of money from the baseball stadium capital projects fund would violate any covenant made in connection with the bonds, the amount of any such subsequent payment may be used for such other purposes as required by the ordinance or other instrument under which the bonds were issued;

- 35th Special Session (2023) – 40 – 10.

For purposes of determining the infrastructure required on or around the Major League Baseball stadium project to be funded as provided in paragraph (i) of subsection 4 and paragraph (b) of subsection 5, upon completion of the Major League Baseball stadium project and continuing each year thereafter, the County shall provide to the Stadium Authority a list of infrastructure on or around the Major League Baseball stadium project that the County proposes to be funded as provided in paragraph (i) of subsection 4 and paragraph (b) of subsection 5.

As used in this section,section: “consumer price inflation index” means the Consumer Price Index for All Urban Consumers, U.S.

(a) “Consumer price inflation index” means the Consumer Price Index for All Urban Consumers, U.S.

(b) “Low-income household” means a household, which may include one or more persons, with a median household income of not more than 30 percent of the area median household income, based on the guidelines published by the United States Department of Housing and Urban Development.

(c) “Supportive housing” means subsidized housing that reduces barriers to retaining housing that are caused by a person’s rental and offsite supportive services that are designed to assist a person who has:

(1) A disabling behavioral or physical health condition;

and (2) Experienced:

(I) Homelessness or been at imminent risk of homelessness;

or (II) Unnecessary institutionalization.

(d) “Supportive services” includes, without limitation, social services, community support services, case management services, employment services, health care and behavioral health treatment.

In addition to the requirements set forth in section 22 of this act, a development agreement, a lease agreement or a - *SB1_R1* – 39 – combined development agreement and lease agreement entered into pursuant to section 22 of this act and any other agreement of any kind entered into by the Stadium Authority with a developer partner, the- Baseball35th StadiumSpecial EventsSession Company(2023) or– the41 Major– League Baseball team, or any affiliate, subsidiary or entity related to such a person, must provide that:

or (2) The amount of money generated and contributed to the construction fund by the taxes, fees and charges described in section 29 of this act before the issuance of the bonds, plus the amount of $25,000,000 as provided in subsection 3 and the maximum amount that may be raised and contributed to the construction fund from the issuance of the bonds that are secured to the extent authorized by the provisions of this act by the proceeds of the taxes, fees and charges described in section 29 of this act, as reasonably determined by the chief financial officer of the County and the State Treasurer, after payment of issuance costs, including capitalized interest, if applicable, and the cost of funding the debt service reserve fund, plus the amount of transferable tax credits described in section 31 of this act.

and (2)section The31 amount of this act.f any transferable tax credits described in section 31Any ofbonds issued to refund the outstanding bonds must not be taken into account in calculating compliance with the debt limit set forth in this act.paragraph.

(c) AnyExcept bondsas issuedotherwise provided in this paragraph, all land, improvements and other property of any kind included in the total cost of the Major League Baseball stadium project pursuant to refundparagraph (h) of subsection 1 of section 34 of this act shall be the outstandingsole bondsand mustexclusive notproperty of the Stadium Authority and shall be taken- into35th accountSpecial inSession calculating(2023) compliance– with42 the– debtof limitthis setparagraph forthdo not apply to:xes in this paragraph.State.

(c)The Exceptprovisions as(1) otherwiseAny providedleasehold inimprovements thisthat paragraph,the allStadium land,Authority improvements and otherthe propertyBaseball ofStadium anyEvents kindCompany includedor in the total cost of the Major League Baseball stadiumteam projectagree pursuantare tomade paragraphsolely (h)by of subsection 1 of section 34 of this act shall be the -Baseball *SB1_R1*Stadium –Events 40Company –or sole and exclusive property of the StadiumMajor AuthorityLeague andBaseball shallteam; be exempt from ad valorem property taxes in this State.

The provisions of this paragraph do not apply to:

(1) Any leasehold improvements that the Stadium Authority and the Baseball Stadium Events Company or the Major League Baseball team agree are made solely by the Baseball Stadium Events Company or the Major League Baseball team;

The ad valorem property tax exemption provided in this paragraph shall be terminated if the Stadium Authority, or any successor governmental entity,project.ceases ceases to be the owner of the Major League Baseball stadium project.(d) A developer partner and the Major League Baseball team must ensure that any required transfer of land, improvements or property occurs before the issuance of the bonds or simultaneously with the issuance of the bonds, provided that the Major League Baseball team may have the option to repurchase the Major League Baseball stadium project at the end of the lease period, including any extensions, at a cost reasonably determined through a third- party appraisal obtained by the Board of Directors.

(d)(e) AThe developerland partneron andwhich the Major League Baseball teamstadium project is to be located must ensurebe thatdedicated anyto requiredthe transferStadium ofAuthority land,at improvementsno orcost propertyto occursthe Stadium Authority before the issuance of the bonds or simultaneously with the issuance of the bonds, provided that the Major League Baseball team may have the option to repurchase the Major League Baseball stadium project at the end of the lease period, including any extensions, at a cost reasonably determined through a third-third-party party appraisal obtained by the Board of Directors.

(e) The land on which the Major League Baseball stadium project is to be located must be dedicated to the Stadium Authority at no cost to the Stadium Authority before the issuance of the bonds or simultaneously with the issuance of the bonds, provided that the Major League Baseball team may have the option to repurchase the Major League Baseball stadium project at the end of the lease period, including any extensions, at a cost reasonably determined through a third-party appraisal obtained by the Board of Directors.

- 35th Special Session (2023) – 43 – the costs of the Major League Baseball stadium project.,000,000 of (b) Payments after the initial payment described in paragraph (a) will be pro-rata based on the percentage of the total cost of the project described in paragraph (h) of subsection 1 of section 34 of this act to be paid from money derived from the proceeds of the bonds and the taxes, fees and charges described in section 29 of this act, excluding the proceeds of the taxes, fees and charges used to pay principal and interest on the bonds, and the proceeds generated from the transfer of the transferable tax credits described in section of this act, compared to the costs to be paid from other sources, as adjusted to reflect that money derived from the proceeds of the bonds and the taxes, fees and charges described in section 29 of this act, excluding the proceeds of the taxes, fees and charges used to pay principal and interest on the bonds, together with the proceeds generated from the transfer of the transferable tax credits described in section 31 of this act, will be used to pay the last $50,000,000 of the(c) The procedures for making monthly draws for the cost of the project will be delineated in a trust agreement, which will ensure that no money derived from the proceeds of the bonds, the taxes, fees and charges described in section 29 of this act and the proceeds generated from the transfer of the transferable tax credits described in section 31 of this act are expended unless money of the developer partner shallis paysimultaneously expended and that no funds of the initialdeveloper $100,000,000partner are expended unless money derived from the proceeds of the costsbonds, the taxes, fees and charges described in section 29 of this act and the Majorproceeds Leaguegenerated Baseballfrom stadiumthe project.transfer of the transferable tax credits described in section 31 of this act are simultaneously expended, except for the initial payment described in paragraph (a) and the last payment described in paragraph (b).

-(d) *SB1_R1*A –trust 41agreement –governing (b) Payments after the initialdraw paymentof describedmoney infor paragraph (a) will be pro-rata based on the percentagecosts of the totalproject costwill ofdetail the projectevidence describedrequired into paragraphbe (h)provided ofbefore subsectionengineer 1 of section 34 of this act to bereview paidall fromwork moneybefore derived from the proceedsdraw of themoney.ndent bonds(e) andThe theindependent taxes,engineer fees and charges described in sectionparagraph 29(d) ofwill thisreview act, excluding the proceedsproject ofsources the taxes, fees and chargesuses usedof tomoney payeach principalmonth andand, interestif on the bonds,independent andengineer thedetermines proceedsthat generatedthere fromis thea transferneed offor theadditional transferablemoney taxfor creditsthe describedproject inbecause section 31 of thisa act,cost comparedoverrun, tono thepayment costsmay to be paidmade from other sources, as adjusted to reflect that money derived from the proceeds of the bonds andor the taxes, fees and charges described in section 29 of this act,act excludinguntil the proceedscost ofoverrun theis taxes,paid feesfrom anda chargessource usedor tocombination payof principalsources and- interest35th onSpecial theSession bonds,(2023) together– with44 the– proceedssubsection generated1 from the transfer of the transferable tax credits described in section 3134 of this act,act. will be used to pay the last $50,000,000 of the cost of the project.

(c)(3) The procedures for making monthly draws for the cost of theparagraph project(f) will be delineated in a trust agreement, which will ensure that no money derived from the proceeds of the3. bonds, the taxes, fees and charges described in section 29 of this act and the proceeds generated from the transfer of the transferable tax credits described in section 31 of this act are expended unless money of the developer partner is simultaneously expended and that no funds of the developer partner are expended unless money derived from the proceeds of the bonds, the taxes, fees and charges described in section 29 of this act and the proceeds generated from the transfer of the transferable tax credits described in section 31 of this act are simultaneously expended, except for the initial payment described in paragraph (a) and the last payment described in paragraph (b).

(d)Any Adevelopment trust agreement governingentered theinto drawbetween ofthe moneydeveloper forpartner and the costsCounty ofor any municipality in which the project willis detaillocated, theincluding, evidencewithout limitation, any agreement required to be providedentered beforeinto with a drawlocal cangovernment bepursuant madeto andparagraph (h) of subsection 2 of section 22 of this act, shall provide that the requirementsCounty foror any other municipality in which the project is located shall provide a credit in an independentamount engineernot less than $25,000,000 for any costs, expenses or charges imposed upon, assessed to reviewor allotherwise workrequired beforeto be incurred by the drawdeveloper partner as part of money.such agreement.

(e) The independent engineer described in paragraph (d) will review the project sources and uses of money each month and, if the independent engineer determines that there is a need for additional money for the project because of a cost overrun, no payment may be made from money derived from the proceeds of the bonds or the taxes, fees and charges described in section 29 of this act until the cost overrun is paid from a source or combination of sources described in subparagraphs (1), (2) and (3) of paragraph (f) of subsection 1 of section 34 of this act.

3.

Any development agreement entered into between the developer partner and the County or any municipality in which the project is located, including, without limitation, any agreement - *SB1_R1* – 42 – required to be entered into with a local government pursuant to paragraph (h) of subsection 2 of section 22 of this act, shall provide that the County or any other municipality in which the project is located shall provide a credit in an amount not less than $25,000,000 for any costs, expenses or charges imposed upon, assessed to or otherwise required to be incurred by the developer partner as part of such agreement.

(1) Entered into a development agreement, a lease agreement and a non-relocation agreement pursuant to subsections 2, 3 and 5 of section 22 of this act or a combined development and leaselease3 and 5 of agreement pursuant to subsection 4 of section 22 of this act and a non-relocation agreement pursuant to subsection 5 of section 22 of this act;

(c) The Board of County Commissioners has enacted the ordinance creating the sports and entertainment improvement district and pledging the taxes, fees and charges described in section 29 of this act.

(e)- The35th primeSpecial contractorSession for(2023) the– construction45 of– the Major League Baseball stadium project has provided adequate security to guarantee timely performance of the construction of the project and liquidated damages related thereto.

(f) A developer partner has provided a financing commitment that the Board of Directors finds is sufficient to pay the portion of the estimated cost of the Major League Baseball stadium project that - *SB1_R1* – 43 – is to be paid from sources other than money derived from the proceeds of the bonds issued pursuant to this section, plus the contingency amount approved by the Board pursuant to paragraph (d), and is secured by any combination of the following:

(2) Closed construction debt financing, from a lender or lenders rated “BBB+” or better by Standard and Poor’s RatingRatingor Services or “Baa1” or better by Moody’s Investor Services, Inc., or their equivalent as determined by the Board of Directors, which allows draws for the costs of construction of the project, interest during construction and any costs of issuance.

Such conditions precedent may also be required by the Board of County Commissioners or the Stadium Authority to allow a draw on the proceeds of the bonds issued pursuant to this section which are held in trust by a commercial bank with trust powers.

(3) Irrevocable letters of credit or commitments to pay the costs of construction of the project, which irrevocably and unconditionally allow draws for the costs of construction of the project and no other purpose until those costs have been paid in full, which is provided by a bank with at least $1 billion in assets that is rated “BBB+” or better by Standard and Poor’s Rating Services or - 35th Special Session (2023) – 46 – “Baa1” or better by Moody’s Investor Services, Inc., or their equivalent as determined by the Board of Directors.

(g) A developer partner and the required state or local government counterparty have executed any development agreements required by state or local governments relative to providing adequate offsite infrastructure improvements for the Major League Baseball stadium project.

- *SB1_R1* – 44 – 2.

and (b) Payment of the costs of construction of the Major League Baseball stadium project will be made over time by both the Stadium Authority and a developer partner in accordance with subsection 2 of section 33 of this act.

(b)- The35th bondsSpecial areSession exempt(2023) from– the47 limitation– on indebtedness set forth in NRS 244A.059, and must not be included in thethedness calculation of the indebtedness of the County under that section, but the County shall not become indebted by the issuance of the bonds for the purposes set forth in sections 18 to 35, inclusive, of this act in an amount exceeding 5 percent of the total last assessed valuation of taxable property of the County.

- *SB1_R1* – 45 – 6.

The Board of County Commissioners shall notify the Department of Taxation following the repayment in full of bonds issuedissSec. by the County pursuant to this section.

Sec.

(c) Within 18 months after the effective date of sections 18 to 35, inclusive, of this act, the Stadium Authority has not approved and entered into a development agreement pursuant to subsection 2 of section 22 of this act.

(e)- In35th lieuSpecial ofSession the(2023) agreements– described48 in– paragraphs (c) and (d), within 18 months after Major League Baseball has authorized thethed (d), Major League Baseball team to locate or relocate within the sports and entertainment improvement district, the Stadium Authority has not approved and entered into a combined development and lease agreement pursuant to subsection 4 of section 22 of this act.

- *SB1_R1* – 46 – 2.

Upon the expiration of the Board of Directors’ authority to undertake the Major League Baseball stadium project pursuant to this section, the proceeds of the taxes, fees and charges described in section 29 of this act shall be returned to the taxing entity or other entity that collected such taxes, fees and charges for use by suchsuchther taxing entity or other entity in accordance with law.

The Stadium Authority must be governed by a Board of Directors consisting of the County Treasurer [,] and State Treasurer, who is[is aa] are nonvoting, ex officio member[member] members of the Board, and [nine] 11 members to be appointed as follows:

(b) Three members appointed by the Board of County Commissioners, at least one of which must be appointed in the manner(c) setOne forthmember inappointed subsectionby 2.the Majority Leader of the Senate, who must not be a person who is currently serving as a Legislator.

(c) One member appointed by the Majority Leader of the Senate, who must not be a person who is currently serving as a Legislator.

(e) One member appointed by the President of the University who must be the executive director in charge of managing events for the University or, if that position ceases - 35th Special Session (2023) – 49 – to exist, another officer or employee of the University who has experience in the management of events.

[(d)] (f) Two members representing the public elected by the members appointed pursuant to paragraphs (a) [, (b) and (c).]paragraph, the members appointed pursuant to paragraphs (a)is [, (b) and (c)] to (e), inclusive.inclusive, shall consider the recommendations of:

In electing members pursuant to this paragraph, the members appointed pursuant to paragraphs (a) [, (b) and (c)] to (e), inclusive, shall consider the recommendations of:

(I) Demonstrated to those members that the person or persons are interested in and capable of entering into a - *SB1_R1* – 47 – lease with the Stadium Authority to operate the National Football League stadium project;

One member appointed pursuant to paragraph (a) of subsection 1 and one member appointed pursuant to paragraph (b) of subsection 1 must be selected from a list of nominees submitted to the appointing authority by the two companies who, either directly or through subsidiaries, affiliates or any related entity under common control with the companies, own or manage the businesses within the County, which in the aggregate generate the greatest amount of taxes on the rental of transient lodging in the County.

If thetheaxes appointing authority reasonably determines that the nominees on any such list of nominees submitted by a nominating company are unacceptable, the companies must submit a new list of nominees.

If the appointing authority has determined that no nominee on the first four lists of nominees offered by a nominating company is acceptable, all additional nominations for appointment to the Board must be made by the association of resort hotels whose membership collectively paid the greatest amount of taxes on the rental of transient lodging to the Fund for the Promotion of Tourism pursuant to paragraph (a) of subsection 1 of NRS 244.3354 and paragraph (a) of subsection 1 of NRS 268.0962 in the fiscal year immediately preceding the fiscal year in which the appointment is made and whose members include the two - 35th Special Session (2023) – 50 – nominating companies or could include those companies if those companies chose to be members of that association.

For purposes of this subsection, “affiliate” includes any company in which a nominating company owns fifty percent or more of the ownership3.neIn interests.appointing members to the Board of Directors, the appointing authority shall consider whether the members appointed to the Board of Directors reflect the diversity of this State, including, without limitation, the age, gender, gender identity or expression, sexual orientation, ethnic and geographic diversity of this State.

3.

In appointing members to the Board of Directors, the appointing authority shall consider whether the members appointed to the Board of Directors reflect the diversity of this State, including, without limitation, the age, gender, gender identity or expression, sexual orientation, ethnic and geographic diversity of this State.

- *SB1_R1* – 48 – (c) Have experience in the field of stadium, arena or event management;

A member of the Board of Directors may not be employed by the same person as another member of the Board or by an affiliate of such a person.person.ber of the 5.

5.

- 35th Special Session (2023) – 51 – Improvements Act, being chapter 2, Statutes of Nevada 2016, 30th Special Session, at page 20, is hereby amended to read as follows:

36.5.

Section 22 of the Southern Nevada Tourism Improvements Act, being chapter 2, Statutes of Nevada 2016, 30th Special Session, at page 20, is hereby amended to read as follows:

Sec.

The Stadium Authority must be governed by a Board of Directors consisting of the County Treasurer and State Treasurer, who isare a nonvoting, ex officio membermembers of the Board, and 11 members to be appointed as follows:

(d) One member appointed by the Speaker of the Assembly,as whoa mustLegislator.st not be a person who is currently serving as(e) aOne Legislator.member appointed by the President of the University who must be the executive director in charge of managing events for the University or, if that position ceases to exist, another officer or employee of the University who has experience in the management of events.

(e) One member appointed by the President of the University who must be the executive director in charge of - *SB1_R1* – 49 – managing events for the University or, if that position ceases to exist, another officer or employee of the University who has experience in the management of events.

or (II) Committed to locate or relocate within the stadium district;

andandted to locate or relocate within the (2) The person or persons who have:

- 35th Special Session (2023) – 52 – 2.

One member appointed pursuant to paragraph (a) of subsection 1 and one member appointed pursuant to paragraph (b) of subsection 1 must be selected from a list of nominees submitted to the appointing authority by the two companies who, either directly or through subsidiaries, affiliates or any related entity under common control with the companies, own or manage the businesses within the County, which in the aggregate generate the greatest amount of taxes on the rental of transient lodging in the County.

If the appointing authority has determined that no nominee on the first four lists of nominees offered by a nominating company is acceptable, all additional nominations for appointment to the Board must be made by the association of resort hotels whose membership collectively paid the greatest amount of taxes on the rental of transient lodging to the Fund for the Promotion of Tourism pursuant to paragraph (a) of subsection 1 of NRS 244.3354 and paragraph (a) of subsection 1 of NRS 268.0962 in the fiscal year immediately preceding the fiscal year in which the appointment is made and whose members include the two nominating companies or could include those companies if - *SB1_R1* – 50 – those companies chose to be members of that association.

For purposes of this subsection, “affiliate” includes any company in which a nominating company owns fifty percent or more of the ownership3.neIn interests.appointing members to the Board of Directors, the appointing authority shall consider whether the members appointed to the Board of Directors reflect the diversity of this State, including, without limitation, the age, gender, gender identity or expression, sexual orientation, ethnic and geographic diversity of this State.

3.

In appointing members to the Board of Directors, the appointing authority shall consider whether the members appointed to the Board of Directors reflect the diversity of this State, including, without limitation, the age, gender, gender identity or expression, sexual orientation, ethnic and geographic diversity of this State.

(I)- Demonstrated35th toSpecial thoseSession members(2023) that– it53 is– interested in locating or relocating within the stadium district;

(I) Demonstrated to those members that it is interested in locating or relocating within the sports and entertainment improvement district created pursuant to sectionorction 28 of the Southern Nevada Tourism Innovation Act;

or (II) Committed to locate or relocate within that district;

- *SB1_R1* – 51 – 5.

(b) Have experience in the financing of capital projects in thisthis(c) State;Have experience in the field of stadium, arena or event management;

(c) Have experience in the field of stadium, arena or event management;

[4.]- 6.35th Special Session (2023) – 54 – employed by the same person as another member of theot be Board or by an affiliate of such a person.

A member of the Board of Directors may not be employed by the same person as another member of the Board or by an affiliate of such a person.

Improvements Act, being chapter 2, Statutes of Nevada 2016, 30th Special Session, at page 21, is hereby amended to read as follows:

37.

Section 23 of the Southern Nevada Tourism Improvements Act, being chapter 2, Statutes of Nevada 2016, 30th Special Session, at page 21, is hereby amended to read as follows:

Sec.

and (2) Two members of the Board of Directors pursuant to paragraph (a) of subsection 1 of section 22 of this act to an - *SB1_R1* – 52 – initial term that commences on the date of the appointment and expires on December 31, 2019.

(1) One member of the Board of Directors pursuant to paragraph (b) of subsection 1 of section 22 of this act to an initial term that commences on the date of the appointment,appointment,an and expires on December 31, 2018;

2.- 35th Special Session (2023) – 55 – of the Senate shall appoint one member of the Board ofder Directors pursuant to paragraph (c) of subsection 1 of section 22 of this act to an initial term that commences on the date of the appointment and expires on December 31, 2025.

On or before October 1, 2023, the Majority Leader of the Senate shall appoint one member of the Board of Directors pursuant to paragraph (c) of subsection 1 of section 22 of this act to an initial term that commences on the date of the appointment and expires on December 31, 2025.

(a) One member of the Board pursuant to paragraph [(d)] (f) of subsection 1 of section 22 of this act to an initial term that commences on the date of his or her election, and expires on December 31, 2018;

- *SB1_R1* – 53 – Sec.

Sec.date of sections 21 to 37, inclusive, of this act:ffective (a) The Governor shall appoint:

23.

1.

Not later than 30 days after the effective date of sections 21 to 37, inclusive, of this act:

(a) The Governor shall appoint:

and (2) Two members of the Board of Directors pursuant to paragraph (a) of subsection 1 of section 22 of this act to an - 35th Special Session (2023) – 56 – initial term that commences on the date of the appointment and expires on December 31, 2019.

(1) One member of the Board of Directors pursuant to paragraph (b) of subsection 1 of section 22 of this act to an initial term that commences on the date of the appointment,appointment,an and expires on December 31, 2018;

On or before October 1, 2023, the Majority Leader of the Senate shall appoint one member of the Board of Directors pursuant to paragraph (c) of subsection 1 of section 22 of this act to an initial term that commences on the date of the appointment and expires on December 31, 2025.

On or before October 1, 2023, the Speaker of the Assembly shall appoint one member of the Board of Directors pursuant to paragraph (d) of subsection 1 of section 22 of this act to an initial term that commences on the date of the appointment and expires on December 31, 2026.

Not later than 90 days after the organizational meeting held pursuant to subsection 2 of section 24 of this act, the members of the Board of Directors appointed pursuant to paragraphsof this act shall elect:nclusive, of subsection 1 of section 22 (a) One member of the Board pursuant to (e),paragraph inclusive,(f) of subsection 1 of section 22 of this act shallto elect:an initial term that commences on the date of his or her election, and expires on December 31, 2018;

(a)and (b) One member of the Board pursuant to paragraph (f) of subsection 1 of section 22 of this act to an initial term that commences on the date of his or her election, and expires on December 31, 2018;2019.

and - *SB1_R1* – 54 – (b) One member of the Board pursuant to paragraph (f) of subsection 1 of section 22 of this act to an initial term that commences on the date of his or her election, and expires on December 31, 2019.

- 35th Special Session (2023) – 57 – 6.

If the County issues bonds pursuant to section 34 of the Southern Nevada Tourism Innovation Act, within 30 days after the date following the issuance of such bonds on which a vacancy occurs in the membership of the Board of Directors with respect to one of the two members described in paragraph (f) of subsection 1 of section 22 of this act or the term of one of the two members described in paragraph (f) of subsection 1 of section 22 of this act expires, the members of the Board of Directors appointed pursuant to paragraphs (a) to (e), inclusive, of subsection 1 of section 22 of this act shall elect a member of the Board pursuant to paragraph (f) of subsection 1 of section 22 of this act to an initial 4-year term that commences on the date of his or her election.

In electing a member pursuant to this subsection, the members of the Board of Directors appointed pursuant to paragraphs (a) to (e), inclusive, of subsection 1 of section 22 of this act shall comply with the provisions of paragraph (b) of subsection 4 of section 22 of this act.

[Any work, construction, alteration, repair or other employment performed, undertaken or carried out, by or for any railroad company or any person operating the same, whether such work, construction, alteration or repair is incident to or in conjunction with a contract to which a public body is a party, or otherwise.oth2.]isApprentices recorded under the provisions of chapter 610 of NRS.

2.] Apprentices recorded under the provisions of chapter 610 of NRS.

- *SB1_R1* – 55 – Sec.

As used in this paragraph, “local sales and use- taxes”35th meansSpecial theSession taxes(2023) imposed– on58 the– gross receipts of any retailer from the sale of tangible personal property sold at retail, or stored, used or otherwise consumed, in the political subdivision in which the business is to be located or expanded, except the taxes imposed by the Sales and Use Tax Act and the Local School Support Tax Law.

(b) Not later than 1 year after the date on which the application was received by the Office, the applicant has executed an agreement with th(1) Comply with the Officerequirements whichof must:NRS 360.755;

(1) Comply with the requirements of NRS 360.755;

(c) The business is registered pursuant to the laws of this State or the applicant commits to obtain a valid business license and all other permits required by the county, city or town in which the all business operates.

- *SB1_R1* – 56 – (d) Except as otherwise provided in subsection 4 or 5, the average hourly wage that will be paid by the business to its new employees in this State is at least 100 percent of the average statewide hourly wage as established by the Employment Security Division of the Department of Employment, Training and Rehabilitation on July 1 of each fiscal year.

(e)- The35th businessSpecial will,Session by(2023) the– eighth59 calendar– quarter following the calendar quarter in which the abatement becomes effective, offer a health insurance plan for all employees that includes an option for health insurance coverage for dependents of the employees, and the health care benefits the business offers to its employees in this State will meet the minimum requirements for health care benefits established by the Office.

(1) The business will have 50 or more full-time employees on the payroll of the business by the eighth calendar quarter following the calendar quarter in which the abatement becomes effective who will be employed at the location of the business in that county or city until at least the date which is 5 years after the date on(2) Establishing the business will require the business to make, not later than the date which is 2 years after the date on which the abatement becomes effective, a capital investment of at least $1,000,000 in this State in capital assets that will be retained at the location of the business in that county or city until at least the date which is 5 years after the date on which the abatement becomes effective.

(2)(g) EstablishingExcept as otherwise provided in NRS 361.0687, if the business willis requirea thenew business toin make,a notcounty laterwhose population is less than the100,000, datein whichan area of a county whose population is 2100,000 yearsor aftermore thethat dateis onlocated whichwithin the abatementgeographic becomesboundaries effective,of aan capitalarea investmentthat is designated as rural by the United States Department of Agriculture and at least $1,000,00020 miles outside of the geographic boundaries of an area designated as urban by the United States Department of Agriculture, or in thisa Statecity whose population is less than 60,000, the business meets at leas(1) The business will have 10 or more full-time employees on the payroll of the business by the eighth calendar quarter following the calendar quarter in capitalwhich assetsthe thatabatement becomes effective who will be retainedemployed at the location of the business in that county or city until at least the date which is 5 years after the date on which the abatement becomes effective.

(g)(2) ExceptEstablishing as otherwise provided in NRS 361.0687, if the business iswill arequire newthe business into amake, countynot whoselater population is less than 100,000,the indate anwhich area of a county whose population is 100,0002 oryears moreafter thatthe isdate locatedon withinwhich the geographicabatement boundariesbecomes ofeffective, ana areacapital thatinvestment is designated as rural by the United States Department of Agriculture and at least 20- miles35th outsideSpecial ofSession the(2023) geographic– boundaries60 of– anlocation areaof designated as urban by the Unitedbusiness Statesin Departmentthat ofcounty Agriculture, or in a city whoseuntil populationat isleast lessthe thandate 60,000,which theis business5 meetsyears atafter leastthe onedate ofon which the followingabatement requirements:becomes effective.

(1) The business will have 10 or more full-time employees on the payroll of the business by the eighth calendar quarter following the calendar quarter in which the abatement becomes effective who will be employed at the location of the business in - *SB1_R1* – 57 – that county or city until at least the date which is 5 years after the date on which the abatement becomes effective.

(2) Establishing the business will require the business to make, not later than the date which is 2 years after the date on which the abatement becomes effective, a capital investment of at least $250,000 in this State in capital assets that will be retained at the location of the business in that county or city until at least the date which is 5 years after the date on which the abatement becomes effective.

(I) Except as otherwise provided in sub-subparagraph (II), a county whose population is 100,000 or more or a city whose population is 60,000 or more, the business will, by the eighth calendar quarter following the calendar quarter in which the abatement becomes effective, increase the number of employees on its payroll in that county or city by 10 percent more than it employed in the fiscal year immediately preceding the fiscal year in which the abatement becomes effective or by twenty-five employees, whichever is greater, who will be employed at the location of the business in that county or city until at least the date which is 5 years after the date on which the abatement becomes effective;

ororars after the date on which the abatement becomes (II) A county whose population is less than 100,000, an area of a county whose population is 100,000 or more that is located within the geographic boundaries of an area that is designated as rural by the United States Department of Agriculture and at least 20 miles outside of the geographic boundaries of an area designated as urban by the United States Department of Agriculture, or a city whose population is less than 60,000, the business will, by the eighth calendar quarter following the calendar quarter in which the abatement becomes effective, increase the number of employees on its payroll in that county or city by 10 percent more than it employed in the fiscal year immediately preceding the fiscal year in which the abatement becomes effective or by six employees, whichever is greater, who will be employed at the location of the business in that county or city until at least the date which is 5 years after (2) The business will expand by making a capital investment in this State, not later than the date which is 2 years after the date on which the abatement becomes effective.effective, in an amount equal to at least 20 percent of the value of the tangible property possessed by the business in the fiscal year immediately preceding the fiscal year in which the abatement becomes effective, and the capital investment will be in capital assets that will be retained at the location of the business in that county or city until at least the date which is 5 years after the date on which the abatement becomes - 35th Special Session (2023) – 61 – possessed by the business in the immediately preceding fiscal year must be made by the:

(2) The business will expand by making a capital investment in this State, not later than the date which is 2 years after the date on which the abatement becomes effective, in an amount equal to at least 20 percent of the value of the tangible property possessed by the business in the fiscal year immediately preceding the fiscal year in which the abatement becomes effective, and the capital - *SB1_R1* – 58 – investment will be in capital assets that will be retained at the location of the business in that county or city until at least the date which is 5 years after the date on which the abatement becomes effective.

The determination of the value of the tangible property possessed by the business in the immediately preceding fiscal year must be made by the:

(j) Except as otherwise provided in subsection 3, if the business will have at least 50 full-time employees on the payroll of the business by the eighth calendar quarter following the calendar quarter in which the abatement becomes effective, the business, by the earlier of the eighth calendar quarter following the calendar quarter in which the abatement becomes effective or the date on which the business has at least 50 full-time employees on the payroll of the business, has a policy for paid family and medical leave and agrees that all employees who have been employed by the business for at least 1 year will be eligible for at least 12 weeks of paid family and medical leave at a rate of at least 55 percent of the regular wage of the employee.

(I) For any reason authorized pursuant to the Family and Medical Leave Act of 1993, 29 U.S.C.

§§ 2601 et seq.seq.Family (II) To care for any adult child, sibling or domestic partner of the employee.

(II) To care for any adult child, sibling or domestic partner of the employee.

- *SB1_R1*35th Special Session (2023) – 5962 – 3.Economic Development shall determine that a business meets theice of requirements of that paragraph if the business has a policy for paid family and medical leave for employees on the payroll of the business outside of this State that meets or exceeds the requirements for a policy for paid family and medical leave pursuant to that paragraph and the business agrees in writing that its employees on the payroll in this State are eligible for paid family and medical leave under such policy.

For purposes of paragraph (j) of subsection 2, the Office of Economic Development shall determine that a business meets the requirements of that paragraph if the business has a policy for paid family and medical leave for employees on the payroll of the business outside of this State that meets or exceeds the requirements for a policy for paid family and medical leave pursuant to that paragraph and the business agrees in writing that its employees on the payroll in this State are eligible for paid family and medical leave under such policy.

(b) Shall consider the level of health care benefits provided by the business to its employees, the policy of paid family and medical leave provided by the business to its employees, the projected economic impact of the business and the projected tax revenue of the business after deducting projected revenue from the abated taxes.

(a) The applicant intends to locate or expand in a county in which the rate of unemployment is 7 percent or more and the average hourly wage that will be paid by the applicant to its new employees in this State is less than 70 percent of the average statewide hourly wage, as established by the Employment Security Division of the Department of Employment, Training and Rehabilitation on July 1 of each fiscal year.

(b) The applicant intends to locate or expand in a county in which the rate of unemployment is less than 7 percent and the average hourly wage that will be paid by the applicant to its new employees in this State is less than 85 percent of the average statewide- hourly35th wage,Special asSession established(2023) by the Employment Security - *SB1_R1* – 6063 – Division of the Department of Employment, Training andandt Security Rehabilitation on July 1 of each fiscal year.

(a) If the new or expanded business is located in a county in which the rate of unemployment is 7 percent or more and thethety in average hourly wage that will be paid by the business to its new employees in this State is less than 85 percent of the average statewide hourly wage, as established by the Employment Security Division of the Department of Employment, Training and Rehabilitation on July 1 of each fiscal year, the Office shall not:

(b) If the new or expanded business is located in a county in which the rate of unemployment is less than 7 percent and the average hourly wage that will be paid by the business to its new employees in this State is less than 100 percent of the average statewide hourly wage, as established by the Employment Security Division of the Department of Employment, Training and Rehabilitation on July 1 of each fiscal year, the Office shall not:

- 35th Special Session (2023) – 64 – [6.] 7.

If the Office of Economic Development approves an application for a partial abatement pursuant to this section, the - *SB1_R1* – 61 – Office shall immediately forward a certificate of eligibility for the abatement to:

(a) The Department;

or (b) Operation before the time specified in the agreement described in paragraph (b) of subsection 2,  the business shall repay to the Department or, if the partial abatement was from the property tax imposed pursuant to chapter 361 of NRS, to the county treasurer, the amount of the partial abatement that was allowed pursuant to this section before the failure of the business to comply unless the Nevada Tax Commission determines that the business has substantially complied with the requirements of this section.

(a) Shall deposit any money that he or she receives pursuant to subsection [9] 10 in one or more of the funds established by a local government- 35th Special Session (2023) – 65 – andernment of the county pursuant to NRS 354.6113 or 354.6115;

and (b) May use the money deposited pursuant to paragraph (a) only for the purposes authorized by NRS 354.6113 and 354.6115.

- *SB1_R1* – 62 – [11.] 12.

(b) May adopt such other regulations as the Nevada Tax Commission determines to be necessary to carry out the provisions of [13.] 14.ionAn applicant for a partial abatement pursuant to this section andwho NRSis 360.755.aggrieved by a final decision of the Office of Economic Development may petition for judicial review in the manner provided in chapter 233B of NRS.

[13.] 14.

An applicant for a partial abatement pursuant to this section who is aggrieved by a final decision of the Office of Economic Development may petition for judicial review in the manner provided in chapter 233B of NRS.

The Department of Transportation, the county in which a monorail is located or proposed to be located and a city within that county may exercise a power it holds related to transportation to that facilitate the installation and operation of a monorail, and may contribute to or assist in the financing of the monorail.

- 35th Special Session (2023) – 66 – Sec.

Notwithstanding the provisions of NRS 218D.430 and 218D.435, a committee may vote on this act before the expiration of - *SB1_R1* – 63 – the period prescribed for the return of a fiscal note in NRS 218D.475.

to any person, thing or circumstance, is held invalid, such invalidity must not affect the provisions of this act which can be given effect without the invalid provision or application, and to this end the provisions of this act are hereby declared to be severable.

45.

If any provision of this act, or the application thereof to any person, thing or circumstance, is held invalid, such invalidity must not affect the provisions of this act which can be given effect without the invalid provision or application, and to this end the provisions of this act are hereby declared to be severable.

Sec.

date2. that the Board of Directors of the Clark County Stadiumn the Authority determines that Major League Baseball has authorized a Major League Baseball team to locate or relocate within the sports and entertainment improvement district created pursuant to section 28 of this act and that a Major League Baseball team has committed to locate or relocate within the sports and entertainment improvement district.

Sections 36.5 and 37.5 of this act become effective on the date that the Board of Directors of the Clark County Stadium Authority determines that Major League Baseball has authorized a Major League Baseball team to locate or relocate within the sports and entertainment improvement district created pursuant to section of this act and that a Major League Baseball team has committed to locate or relocate within the sports and entertainment improvement district.

H~~~~~ 23 - *SB1_R1*35th Special Session (2023)