Clark County Department of Aviation has an upcoming vacant land auction comprised of ±93.51 acres divided into 12 sale units that will each be sold to the highest bidder during a public 48-hour online auction conducted by Commercial Real Estate Exchange, Inc. (CREXi).

The auction will start on Monday, October 21, 2024 at 9 a.m. PDT and will end on Wednesday, October 23, 2024 at approximately 9 a.m. PDT, depending on the bidding activity.

Anyone interested in placing a bid must register and submit a participation deposit by wire transfer. The amount of the bidder deposit ranges from $10,000.00 – $25,000.00 based on the particular sale unit. The registration period begins on Tuesday,  September 10, 2024 and ends on Tuesday, October 22, 2024. The minimum bid price for each sale unit has been established by appraisal in accordance with NRS requirements.

Information pertaining to the auction is posted online at www.harryreidairport.com/auction and contains the following:

• Minimum bid price
• Bidder registration instructions
• Resolution of Intent to Sell Property at Public Auction form (Resolution) specifying the terms of the sale (is expected to be posted by Friday, September 20, 2024)
• CREXi website link to access due diligence material and register to bid (is expected to be posted by Tuesday, September 10, 2024)

–   Due diligence material will include:

• Purchase and Sale Agreement (contains escrow instructions)
• Environmental Site Assessment Report (Phase I)
• Appraisal Reports
• Title Commitment

Please note the following key changes to the auction process from historic auctions:

• Minimum bid price is established by the average of two appraisals instead of the highest of two appraisals in accordance with revisions to NRS 244.281 that became effective on October 1, 2019.
• This will be an online only auction.
• A non-refundable earnest money deposit of 20% of the successful bid is required to open escrow.
• Successful bidders have 180 days to close escrow.
• During the escrow period, successful bidders may submit development applications to apply for entitlements on the property.

For additional information, click HERE for the flyer or please visit our website at www.harryreidairport.com/auction

Clark County Department of Aviation

realestate@lasairport.com

(702) 261-4129

Businesses and HOAs helping Southern Nevada conserve water

With the clock ticking down to remove useless grass, businesses and HOA communities across the valley are taking advantage of the Southern Nevada Water Authority’s (SWNA) cash incentives by upgrading their non-functional grass with water smart landscaping.

And for good reason.

Starting Jan. 1, 2025, the rebate for such projects will be reduced to $2 per square foot for the first 10,000 square feet of non-functional grass converted to drip-irrigated trees and plants, and $1 per square foot thereafter.

The Aliante Master Association, which oversees the master planned community of Aliante is getting ahead of the game and removed more than 71,000 square feet of grass in April through the SNWA’s Water Smart Landscapes program. That’s enough grass converted to save more than 5 million gallons of water annually.

Businesses, HOAs and multifamily properties can still take advantage of the current rebate of $3 per square foot for the first 10,000 square feet of grass converted and $1.50 per square foot thereafter for projects completed by the end of 2024.

The changes to the cash rebate program come as a state-mandated deadline to remove non-functional grass in the driest city in the nation draws nearer. The Nevada Legislature in 2021 passed a law that prohibits the use of Colorado River water to irrigate non-functional, decorative  grass — found along roadways and medians, in front of and around businesses and some of the grass managed by homeowner associations starting Jan. 1, 2027.

For Southern Nevada, grass irrigation remains the largest consumptive use of water from the Colorado River, which provides 90 percent of our limited water supplies. Despite last year’s great winter, the river remains in a federally declared shortage condition that reduces Nevada’s allocation for the third consecutive year.

Some businesses, HOAs and other non-single-family properties across the valley have already taken a major step towards compliance with the law, but there is still a considerable about of useless grass that needs to be removed before the deadline

Once fully implemented, the conservation law will help Southern Nevada save 9.5 billion gallons of water annually. Additional information about both Nevada law and the SNWA’s Water Smart Landscapes rebate program is available at snwa.com.

The SNWA’s Water Smart Landscapes Rebate will be reduced to $2 per square foot for first 10,000 square feet of converted turf starting Jan. 1, 2025. Businesses, HOAs and multifamily properties can still take advantage of the full $3 per square foot cash incentive for projects completed by the Dec. 31, 2024.

NAIOP Southern Nevada held a Members Only Education Event in March, 2024 with panelists Stephen Davis, Associate at Holland & Hart; and Lars Evensen, Partner at Holland & Hart. The program was titled “Construction Contracts 101: Key Contract Provisions Owners and Developers Need to Understand”.

Construction Contracts have many provisions that impact Commercial Real Estate professionals, and our panelists focused on the items most likely to impact Owners and Developers. The first section they addressed dealt with the differences in contracting structure such as Design Build and Construction Manager at Risk as well as how Indemnity and Insurance work together. They talked through the Nevada Statutes on Private Prompt Payment is required to be implemented as well as the way project changes could lead to Suspension or Force Majeure and how that differs from the other Nevada enforceable requirements including damages or no damages for delay, waiver of consequential damages, liquidated damages, limitation of liability and withholding and retention.

Holland & Hart then addressed the process dispute resolution, notices, termination, changes and scope of work issues, order of precedence, and substation completion. It was a detailed dive into the legal world of contracts, and all in attendance came away with a renewed knowledge of the importance of not just using reputable contracts, but understanding how the language within a contract can impact all the parties involved in the development of commercial real estate.

Construction Contracts may not be the focus of your work in CRE, but all in attendance benefited from the focused and specific look at the changes and requirements most likely to impact how business gets done in Southern Nevada.  Our panelists provider industry informed updates on how the commercial real estate industry is impacted by both state and federal contractual requirements and statutes. Members can come to our next Education program on May 31, 2024. Look for more information soon!

Education Committee Chair
Jennifer Turchin
CODA Group
O 702.795.2285 | jennifer@codagroupinc.com

We have a professional live stream Zoom option at all of our Breakfast Programs and email out the video the week following the program.

Click here for past breakfast videos

Click here for upcoming events

NAIOP Southern Nevada held a Members Only Education Event in March with panelists Stephen Davis, Associate at Holland & Hart; and Lars Evensen, Partner at Holland & Hart.

Construction contracts have many provisions that impact Commercial Real Estate professionals, and our panelists focused on the items most likely to impact Owners and Developers. The first section they addressed dealt with the differences in contracting structure such as Design Build and Construction Manager at Risk as well as how Indemnity and Insurance work together. They talked through the Nevada Statutes on Private Prompt Payment is required to be implemented as well as the way project changes could lead to Suspension or Force Majeure and how that differs from the other Nevada enforceable requirements including damages or no damages for delay, waiver of consequential damages, liquidated damages, limitation of liability and withholding and retention.

Holland & Hart then addressed the process dispute resolution, notices, termination, changes and scope of work issues, order of precedence, and substation completion. It was a detailed dive into the legal world of contracts, and all in attendance came away with a renewed knowledge of the importance of not just using reputable contracts, but understanding how the language within a contract can impact all the parties involved in the development of commercial real estate.

Construction Contracts may not be the focus of your work in CRE, but all in attendance benefited from the focused and specific look at the changes and requirements most likely to impact how business gets done in Southern Nevada.  Our panelists provider industry informed updates on how the commercial real estate industry is impacted by both state and federal contractual requirements and statutes.

Members can come to our next exclusive Members Only Education program on Friday, August 26, 2024. Look for more information soon!

If you’re a NAIOP member and interested in joining the Education Committee to help us plan our quarterly workshops, please contact me.