Creation for purposes of certain housing projects, transit-oriented development and transportation projects; location; ordinance

1. A tax increment area comprising a specially benefited zone designated pursuant to NRS 278C.150 that is ordered for an undertaking described in subsection 5 of NRS 278C.140, must be located: (a) In an area designated for transit-oriented development or other land use specified in the land use element of the master plan adopted by the governing body pursuant to NRS 278.150; and (b) Not more than one-half mile from a planned or constructed station, terminal or parking facility for a fixed guideway or high-capacity transit project. 2. In addition to the requirements of subsection 1, if a governing body of a municipality orders an undertaking described in subsection 5 of NRS 278C.140, the governing body must ensure that the area chosen for the tax increment area comprising the specially benefited zone: (a) Addresses all relevant elements of the master plan adopted by the governing body pursuant to NRS 278.150; (b) Encourages transit-oriented development, redevelopment and infill development and multi-family or attainable housing projects; (c) Encourages collaboration between the municipality, other municipalities and public agencies of this State; (d) Promotes the growth and use of public transportation; and (e) Increases access to employment or educational opportunities, or both. 3. If the governing body adopts an ordinance pursuant to NRS 278C.220 to create the tax increment area and tax increment account pertaining thereto for an undertaking described in subsection 5 of NRS 278C.140: (a) The ordinance may, if necessary, prescribe additional or conforming policies, regulations, restrictions or requirements relating to the tax increment area and undertaking, including, without limitation, any zoning regulations adopted pursuant to NRS 278.250; and (b) The governing body shall file with the ordinance an exhibit that addresses the determination of the governing body that the location of the tax increment area meets the requirements of subsections 1 and 2.