NRS338.177. Lease of property acquired by local government for public work pending completion of public work.

      1.  Real property acquired by a governing body for a public work may be leased, pending the completion of the public work but for not more than 5 years, upon such terms and conditions as the governing body prescribes.

      2.  The governing body shall:

      (a) Adopt the procedures for entering into such a lease at a public hearing held thereon; and

      (b) Offer to lease the property to the person from whom it was acquired before offering to lease the property to any other person.

      3.  Except as otherwise provided in this subsection, revenue from the lease must be used to maintain the property in order to mitigate any adverse effect upon the adjacent area. Any revenue from the lease that is not needed to maintain the property must be used to offset the cost of the public work for which the property was acquired.

      (Added to NRS by 1995, 156; A 2003, 2444)