Mayor: Future looks bright for North Las Vegas |
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Just a few years ago, the city of North Las Vegas had junk bond ratings, but in Thursday's State of the City address, Mayor John Lee told the crowd the city has come roaring back.
Mayor John Lee says his policy of "grownomics" is working; pushing for a construction boom to help recover from the recession.
Based on his speech, the city seems to still be continuing down the road to recovery.
"North Las Vegas is blooming just like it said in the bible, and that's beautiful," he said.
A city that continues to come back from the edge of an enormous fiscal cliff. The long-term debt was at $152 million when Lee took office in 2013 and down to about $23 million last year. Mayor Lee says it's roughly the same this year.
"This year is going to be phenomenal for us, I'm expecting to start erasing that debt almost to zero in no time," He said.
Lee hopes the city's credit and bond ratings will continue to improve. It took several hits when its finances were viewed by credit groups and seen as unsustainable.
"Every time our bond rating goes up, that means the interest we pay on those loans is a lot less, which allows us to not have to spend so much money on that debt, and we can put that back into activity in our city and reduce our debt, so that's what we're doing."
New residential and mixed-use development is set to kick off in 2017. The R.C. Farms redevelopment and villages at Tule Springs are expected to add up to 15,000 new homes.
"With the recent sale of the R.C. pig farm, property values in that area are expected to skyrocket by as much as $240 million."
Lee touted an investment in public safety as well. North Las Vegas has added two dozen firefighters and currently has 18 police officers in the academy.
Those are just a few of the 16,000 jobs city-wide added in 2016.
Capital investment in the city has grown from $50 million in 2013 to $2 billion in 2016. And infrastructure projects to bring water and sewer to Apex Industrial Park are currently underway.
"Although we are starting to see some amazing results, I can tell you, you have seen nothing yet," Mayor Lee said.
Tech companies like Faraday Future and Hyperloop One also received mentions.