Applicability of provisions governing payment of prevailing wage for public works projects

1. The provisions of NRS 338.013 to 338.090, inclusive, apply to any contract for new construction, repair or reconstruction which is awarded on or after October 1, 1991, by an agency for work to be done in a project. 2. If an agency: (a) Provides property for development at less than the fair market value of the property; (b) Provides a loan to a small business pursuant to NRS 279.700 to 279.730, inclusive; or (c) Provides financial incentives to a developer with a value of more than $100,000, Ê regardless of whether the project is publicly or privately owned, the agency must provide in the loan agreement with the small business or the agreement with the developer, as applicable, that the development project is subject to the provisions of NRS 338.013 to 338.090, inclusive, to the same extent as if the agency had awarded the contract for the project. The agency, the small business or the developer, as applicable, any contractor who is awarded the contract or enters into the agreement to perform the project, and any subcontractor who performs any portion of the project shall comply with the provisions of NRS 338.013 to 338.090, inclusive, in the same manner as if the agency had undertaken the project or had awarded the contract. This subsection applies only to the project covered by the loan agreement between the agency and the small business or the agreement between the agency and the developer, as applicable. This subsection does not apply to future development of the property unless an additional loan, or additional financial incentives with a value of more than $100,000, are provided to the small business or developer, as applicable.