274.300 - Effect upon benefits if zone terminated or modified or benefits reduced or eliminated. - Nevada Statutes

274.300  Effect upon benefits if zone terminated or modified or benefits reduced or eliminated.  Where a specially benefited zone is terminated under NRS 274.290, or the length of the term or the area of a zone is reduced, or the benefits available in a zone are reduced or eliminated:

      1.  All benefits previously extended within the zone pursuant to this chapter, or pursuant to any other law of this State providing benefits specifically to qualified businesses within specially benefited zones, remain in effect for the original stated term of the zone with respect to those qualified businesses operating within the zone on the effective date of the termination or amendment, except as provided in subsection 2.

      2.  A qualified business which is proposed or which has proposed an expansion is entitled to the benefits previously applicable within the zone for the original stated term of the zone, if the business establishes that:

      (a) The proposed business or expansion has been committed to be located within the zone;

      (b) Substantial and binding financial obligations have been made towards the development of the business or the expansion; and

      (c) Those commitments have been made in reasonable reliance on the benefits and programs which were to have been applicable to the business by reason of the zone, including in the case of a reduction in the term of a zone, the original length of the term.

      (Added to NRS by 1983, 1976)