1.  To the extent that money is available in the Restore Nevada’s Treasures Revolving Account created by NRS 321.418, the State Land Registrar may purchase a historic building that has been determined by the Office of Historic Preservation of the State Department of Conservation and Natural Resources to be a historic building that is at risk of loss.

Terms Used In Nevada Revised Statutes 321.412

  • Contract: A legal written agreement that becomes binding when signed.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

2.  The State Land Registrar may enter into a public-private partnership with a private partner for the preservation, rehabilitation, restoration, reconstruction or adaptive reuse of a historic building purchased pursuant to subsection 1. The public-private partnership must be structured to facilitate the transfer of ownership of the historic building from the State to the private partner and repayment of the purchase price of the historic building to the State by the private partner from revenues generated by the historic building.

3.  The contract for a public-private partnership must include, without limitation:

(a) The rate of interest on payments;

(b) A schedule for payments; and

(c) A provision to ensure all money expended or advanced by the State in connection with the public-private partnership is recovered in the event of a default by the private partner.

4.  The State Land Registrar shall consult with the Office of Historic Preservation of the State Department of Conservation and Natural Resources regarding:

(a) Identification of historic buildings appropriate for public-private partnerships; and

(b) The design and restoration of a historic building pursuant to a public-private partnership.

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