1. The Administrator of the Division of State Lands of the State Department of Conservation and Natural Resources, as ex officio State Land Registrar, may lease state land pursuant to NRS 322.060 for less than the fair market value of the state land for the first year of the lease, including, without limitation, without the payment of rent for the first year of the lease, to a person who intends to locate or expand a business in this State if, except as otherwise provided in subsection 5, the business meets the requirements of subsection 4. 2. Before state land may be leased pursuant to this section, the following persons must approve the lease and establish the recommended amount of rent to be received for the state land: (a) The Administrator of the Division of State Lands, as ex officio State Land Registrar; (b) The Administrator of the State Public Works Division of the Department of Administration; and (c) The Executive Director of the Office of Economic Development. 3. Any lease entered into pursuant to this section must be for a term of at least 10 years. 4. Except as otherwise provided in subsection 5, the lease or agreement may not include a discount to the business for the first year unless: (a) The business is consistent with: (1) The State Plan for Economic Development developed by the Executive Director of the Office of Economic Development pursuant to subsection 2 of NRS 231.053 ; and (2) Any guidelines adopted by the Executive Director of the Office to implement the State Plan for Economic Development. (b) The business is registered pursuant to the laws of this State or the person who intends to locate or expand the business in this State commits to obtain a valid business license and all other permits required by the county, city or town in which the business operates. (c) If the business is a new business in a county whose population is 100,000 or more or a city whose population is 60,000 or more, the business meets at least two of the following requirements: (1) The business will have 75 or more full-time employees on the payroll of the business by the fourth quarter that it is in operation. (2) Establishing the business will require the business to make a capital investment of at least $1,000,000 in this State. (3) The average hourly wage that will be paid by the new business to its new employees in this State is at least 100 percent of the average statewide hourly wage as established by the Employment Security Division of the Department of Employment, Training and Rehabilitation on July 1 of each fiscal year and: (I) The business will provide a health insurance plan for all employees that includes an option for health insurance coverage for dependents of the employees; and (II) The benefits the business provides to its employees in this State will meet the minimum requirements for benefits established by the Office. (d) If the business is a new business in a county whose population is less than 100,000 or a city whose population is less than 60,000, the business meets at least two of the following requirements: (1) The business will have 15 or more full-time employees on the payroll of the business by the fourth quarter that it is in operation. (2) Establishing the business will require the business to make a capital investment of at least $250,000 in this State. (3) The average hourly wage that will be paid by the new business to its new employees in this State is at least 100 percent of the average statewide hourly wage or the average countywide hourly wage, whichever is less, as established by the Employment Security Division of the Department of Employment, Training and Rehabilitation on July 1 of each fiscal year and: (I) The business will provide a health insurance plan for all employees that includes an option for health insurance coverage for dependents of the employees; and (II) The benefits the business provides to its employees in this State will meet the minimum requirements for benefits established by the Office. (e) If the business is an existing business, the business meets at least two of the following requirements: (1) The business will increase the number of employees on its payroll by 10 percent more than it employed in the immediately preceding fiscal year or by six employees, whichever is greater. (2) The business will expand by making a capital investment in this State in an amount equal to at least 20 percent of the value of the tangible property possessed by the business in the immediately preceding fiscal year. The determination of the value of the tangible property possessed by the business in the immediately preceding fiscal year must be made by the: (I) County assessor of the county in which the business will expand, if the business is locally assessed; or (II) The Department of Taxation, if the business is centrally assessed. (3) The average hourly wage that will be paid by the existing business to its new employees in this State is at least the amount of the average hourly wage required to be paid by businesses pursuant to subparagraph (2) of either paragraph (a) or (b) of subsection 2 of NRS 361.0687 , whichever is applicable, and: (I) The business will provide a health insurance plan for all new employees that includes an option for health insurance coverage for dependents of the employees; and (II) The benefits the business provides to its new employees in this State will meet the minimum requirements for benefits established by the Office. (f) In lieu of meeting the requirements of paragraph (c), (d) or (e), if the business furthers the development and refinement of intellectual property, a patent or a copyright into a commercial product, the business meets at least two of the following requirements: (1) The business will have 10 or more full-time employees on the payroll of the business by the fourth quarter that it is in operation. (2) Establishing the business will require the business to make a capital investment of at least $500,000 in this State. (3) The average hourly wage that will be paid by the new business to its employees in this State is at least the amount of the average hourly wage required to be paid by businesses pursuant to subparagraph (2) of either paragraph (a) or (b) of subsection 2 of NRS 361.0687 , whichever is applicable, and: (I) The business will provide a health insurance plan for all employees that includes an option for health insurance coverage for dependents of the employees; and (II) The benefits the business provides to its employees in this State will meet with minimum requirements established by the Office. 5. The Executive Director of the Office of Economic Development may waive the requirements of subsection 4 for good cause shown if the lease is for state land of less than 25,000 square feet.
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