Historic Westside School First Project Funded by Las Vegas CIC’s NMTC Allocation
Funding Will Help Cover Costs Of Renovating City’s First Grammar School In West Las Vegas
The Historic Westside School was built as the Las Vegas Grammar School Branch #1 in 1923 and is listed on the Historic Register of Historic Places. It is the first grammar school established in West Las Vegas and the first public school attended by Native American students from the neighboring Paiute Indian Colony. It was also the area’s first integrated school in what was then known as the “Westside.”
More than $14 million in NMTCs will be provided for this project from both the city’s CDE and a CDE from the US Bankcorp Community Development Corporation. The city, through its nonprofit affiliate, is contributing $11.2 million in NMTCs and U.S. Bank is providing $3 million in NMTCs through its own allocation of credits.
The school is just one example of the types of local projects the City is seeking to help fund through the NMTCs program. The city is seeking owner-occupied real estate projects, or other real estate developments, with an emphasis on education, health care and retail. A few examples of qualifying projects include: charter school, food bank, manufacturing plant, medical clinic and other community-based projects. A typical project cost would total between $5 million – $25 million.