New Tourism Improvement District Provides A Boost For Downtown

New Tourism Improvement District Provides A Boost For Downtown
The Las Vegas City Council created a very important tourism improvement district (TID) that will not only help the city generate new revenue but help create a more vibrant downtown area. The tourism improvement district is in the area bounded by Stewart Avenue, Casino Center Boulevard, U.S. Highway 95 and Fourth Street. State law authorizes municipalities to create tourism improvement districts within their respective jurisdictions in order to encourage economic development and development related to tourism.

The creation of the TID supports a public-private partnership to attract $247 million in new development. Development on this site, including retail, restaurants and office space, would generate new taxes from property currently off the tax roll, with a net benefit of $5.4 million. It also creates a revenue stream of $3.1 million per year to help fund public improvements including public parking and streetscape improvements. Another benefit is that it supports the city’s investment in the Las Vegas Museum of Organized Crime and Law Enforcement, located at Stewart Avenue and Fourth Street.

Source: http://www.lasvegasnevada.gov/index.htm