Nevada Revised Statutes 268.064 – Lease of building space or other real property that is less than 25,000 square feet
1. The governing body of a city may offer any city-owned building or any portion thereof or any other real property for lease without complying with the provisions of NRS 268.059, 268.061 and 268.062 if:
Terms Used In Nevada Revised Statutes 268.064
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) The area of the building space or other real property is less than 25,000 square feet; and
(b) The governing body adopts a resolution stating that it is in the best interest of the city to lease the property:
(1) Without offering the property to the public; and
(2) For less than the fair market value of the building space or other real property, if applicable.
2. The governing body shall:
(a) Cause to be published at least once, in a newspaper qualified under chapter 238 of NRS that is published in the county in which the city-owned building or portion thereof or the other real property is located, a notice setting forth a description of the city-owned building or portion thereof or the other real property proposed to be leased in such a manner as to identify it; and
(b) Hold a public hearing on the matter not less than 10 or more than 20 days after the date of publication of the notice.
3. A lease of a city-owned building or any portion thereof or any other real property pursuant to this section may be made on such terms and conditions as the governing body of the city deems proper. The duration of such a lease must not exceed 3 years and may include an extension for not more than an additional 2 years.