Tax Increment Subordinate Notes (continued)

 WMCV Phase II, LLC Note – Taxable tax increment subordinate Lien Note entered into June 30, 2006, in the amount of $8,725,545, payments starting June 30, 2006 upon the payment of property taxes and continuing for nine- teen years until June 30, 2025, interest at 8.04 percent beginning July 1, 2005. The percentage of site tax increment from which the note is paid is 41%. All unpaid principal and interest that remains due on the maturity date will cease to be owed and the Agency will owe no additional money after the maturity date. During the year, the Agency re- ceived site tax increment revenue and paid $216,036 in interest to WMCV Phase II, which was charged to economic

development and assistance. The outstanding balance was $12,058,423 at June 30, 2011, which includes $3,332,878 of accrued interest.

 WMCV Phase III, LLC Note – Taxable tax increment subordinate Lien Note entered into June 18, 2008, in the amount of $14,268,157, payments starting June 30, 2010 upon the payment of property taxes and continuing for sev- enteen years until June 30, 2025, interest at 7.90 percent beginning June 30, 2010. The percentage of site tax incre- ment from which the note is paid is 41%. All unpaid principal and interest that remains due on the maturity date will cease to be owed and the Agency will owe no additional money after the maturity date. During the year, the Agency received site tax increment revenue and paid $690,468 in interest to WMCV Phase III, LLC, which was charged to economic development and assistance. The outstanding balance was $15,290,476 at June 30, 2011, which includes $1,463,583 of accrued interest.

 SP Sahara Development, LLC Note – Taxable tax increment subordinate Lien Note entered into June 30, 2008, in the amount of $20,912,094, payments starting June 30, 2010 and continuing for nineteen years until June 30, 2027, inter- est at 7.09 percent beginning June 30, 2010. The percentage of site tax increment from which the note is paid is 41%. All unpaid principal and interest that remains due on the maturity date will cease to be owed and the Agency will owe no additional money after the maturity date. During the year, the Agency received site tax increment reve- nue and paid $674,900 in interest to SP Sahara Development, LLC, which was charged to economic and develop- ment assistance. The outstanding balance at June 30, 2011 was $24,080,637, which includes $3,468,959 in accrued interest.

 PH ASA, LLC Note – Taxable tax increment subordinate Lien Note entered into April 24, 2006, in the amount of $995,510, payments starting June 30, 2006 and continuing for twenty years until June 30, 2026, interest at 7 percent beginning April 24, 2006. The percentage of site tax increment from which the note is paid is 41%. All unpaid prin- cipal and interest that remains due on the maturity date will cease to be owed and the Agency will owe no additional money after the maturity date. During the year, the Agency received site tax increment revenue and paid $2,191 in interest to PH ASA, LLC, which was charged to economic development and assistance. The outstanding balance at June 30, 2011 was $1,255.594 , which includes $260,084 of accrued interest.

 WMCV Phase 3, LLC Note—Taxable tax increment subordinate Lien Note entered into June 17, 2009, in the amount of $12,321,620, payments starting June 30, 2009 upon the payment of property taxes and continuing for seventeen years until June 30, 2025, interest at 7.57% beginning June 30, 2009. The percentage of site tax increment from which the note is paid is 41%. All unpaid principal and interest that remains due on the maturity date will cease to be owed and the Agency will owe no additional money after the maturity date. During the year, the Agency received site tax increment revenue and paid $897,527in interest to WMCV Phase 3, LLC, which was charged to economic development and assistance. The outstanding balance was $12,525,118 at June 30, 2011, which includes $203,498 of accrued interest.

 WMCII Associates, LLC Note – Taxable tax increment subordinate Lien Note entered into June 17, 2009, in the amount of $2,663,073, payments starting June 30, 2009 upon the payment of property taxes and continuing for sev- enteen years until June 30, 2025, interest at 7.57% beginning June 30, 2009. The percentage of site tax increment from which the note is paid is 41%. All unpaid principal and interest that remains due on the maturity date will cease to be owed and the Agency will owe no additional money after the maturity date. During the year, the Agency re- ceived site tax increment revenue and paid $143,458 in interest to WMCII Associates, LLC, which was charged to economic development and assistance. The outstanding balance was $2,901,062 at June 30, 2011, which includes $237,989 of accrued interest.

CITY OF LAS VEGAS, NEVADA

NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011

97

City Parkway City Parkway Office District

IV A, Inc. V, Inc. Parking, Inc. Total

Assets: Cash $ 247,673 $ 14,038,272 $ 174,814 $ 14,460,759 Interest receivable Note receivable 3,196,200 3,196,200 Prepaid insurance 1,639 129,985 1,517 133,141 Land 7,976,261 22,701,245 3,270,124 33,947,630 Total assets $ 8,225,573 $ 36,869,502 $ 6,642,655 $ 51,737,730

Liabilities and Net Assets

Accounts payable $ 25 $ 107,294 $ 25 $ 107,344

Deposits 100,000 100,000

Due to other funds 757 757

Loans payable 4,195,549 7,690,325 3,299,137 15,185,011

Net assets 4,029,999 28,971,126 3,343,493 36,344,618

Total Liabilities and Net Assets $ 8,225,573 $ 36,869,502 $ 6,642,655 $ 51,737,730

19. Nonprofit corporations

The corporations were established to promote the health and welfare of the City of Las Vegas through the acquisition and disposition of property located within the City of Las Vegas. The following schedule presents the financial information for each of the three nonprofit corporations that comprise the nonprofit corporations on the Statement of Net Assets-Proprietary Funds for the year ended June 30, 2011:

CITY OF LAS VEGAS, NEVADA

NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2011

98

City Parkway City Parkway V, Office District

IV A, Inc. Inc. Parking, Inc. Total Changes in Net Assets

Revenues:

Other reimbursements $ 36,657 $ 1,063,995 $ $ 1,100,652

Total revenues 36,657 1,063,995 1,100,652

Expenses:

Association fees 5,067 5,067

Premiums paid (insurance) 4,116 21,353 10,663 36,132

Professional Services 220,244 1,500,000 1,720,244

Legal services 196,967 86,832 283,799

Services and supplies 160 18,203 484 18,847

Total expenses 4,276 461,834 1,597,979 2,064,089 Operating income (loss) 32,381 602,161 (1,597,979) (963,437) Nonoperating revenues (expenses):

Interest income 346 25,498 3,253 29,097

Net nonoperating revenues 346 25,498 3,253 29,097 Income (loss) before transfers 32,727 627,659 (1,594,726) (934,340)

Transfer In 89,300 754,590 20,000 863,890

Change in net assets 122,027 1,382,249 (1,574,726) (70,450)

Net Assets - July 1, 2010 3,907,972 27,588,877 4,918,219 36,415,068 Net Assets - June 30, 2011 $ 4,029,999 $ 28,971,126 $ 3,343,493 $ 36,344,618 19. Nonprofit corporations (continued)

Required

SupplementarY