Gov. Steve Sisolak vetoes bill to ban STAR bonds

[Remarkableriots]

Who's behind Gov. Steve Sisolak's veto of a bill to ban STAR bonds? Nobody's talking – Reno Prestige Standard

RENOPRESTIGESTANDARD.COM

https://www.rgj.com/story/news/politics/2021/08/11/why-did-sisolak-veto-bill-ban-star-bonds-nobodys-talking/8076271002/

This seems like a horrible decision.

[b_m_b_m_b_m]

The truth about STAR bonds

WWW.RGJ.COM

---

In April 2003, a Sparks city councilman just two years into his first term in office waited in a hallway for his turn to meet with a group of Cabela's executives in Kansas City, Kan.

sounds like star bonds are a terrible idea tbh

 

[Remarkableriots]

28 minutes ago, b_m_b_m_b_m said:

The truth about STAR bonds

WWW.RGJ.COM

---

In April 2003, a Sparks city councilman just two years into his first term in office waited in a hallway for his turn to meet with a group of Cabela's executives in Kansas City, Kan.

sounds like star bonds are a terrible idea tbh

 

I agree which is why I find it baffling that Sisolak would veto the bill that would have banned STAR bonds. 

[Commissar SFLUFAN]

1 hour ago, Remarkableriots said:

I agree which is why I find it baffling that Sisolak would veto the bill that would have banned STAR bonds. 

 

The bill might have "negative" provisions that go beyond the STAR bonds themselves.

[SimpleG]

57 minutes ago, Commissar SFLUFAN said:

 

The bill might have "negative" provisions that go beyond the STAR bonds themselves.

 Seems there was more to this bill

 

 

https://gov.nv.gov/uploadedFiles/govnewnvgov/Content/News/Press/2021_docs/AB368veto.pdf

 

 

 

 

AN ACT relating to improvement districts; revising the projects authorized to be financed
within a tourism improvement district; eliminating the authority to create a tourism
improvement district in certain smaller counties; revising the reporting requirements for
the Department of Taxation related to tourism improvement districts; eliminating the
authority to pledge certain proceeds to finance certain projects for the promotion of
economic development and tourism in a local improvement district; and providing other
matters properly relating thereto.

 

AB 368 would require additional reporting on taxes collected from businesses within tourism
improve districts. Improved reporting is a laudable goal, which I wholly support. However, AB
368 would also prohibit all cities and counties outside of Clark County from creating tourism
improvement districts after July 1, 2021.

 

Tourism improvement districts ("TIDs") are currently used to help these smaller counties and
municipalities finance projects suitable for retail, tourism, or entertainment. These projects include
infrastructure and improvements such as flood control, streets, parking, utilities like electrical and
natural gas, and fire protection. See NRS 271A.050. These projects are designed and intended to
attract more businesses to Nevada and in tum create more jobs for our residents.

 

Nevada was hit especially hard by the COVID-19 pandemic, resulting in business closures and
thousands of people losing their jobs. My office and all members of the Legislature have worked
very hard to build Nevada back up and get people back to work. 

 

However, AB 368 is contrary to the goals ofrestarting our economy, improving our infrastructure,
and creating jobs. When many Nevadans are still struggling, now is not the time to remove any of
the tools that local governments can use to encourage and generate economic development.
For these reasons, I veto this bill and return it without my signature or approval. 

[Remarkableriots]

Nevada has a budget shortfall so all the budgets had to be cut by 12% yet we will be spending money on a new baseball stadium for the Oakland As. If they decide to relocate to Vegas. 

[Remarkableriots]

22 hours ago, Commissar SFLUFAN said:

 

The bill might have "negative" provisions that go beyond the STAR bonds themselves.

Doesn't seem like that's the reason though. These are the highlights from the article.

Quote

Sisolak said AB 368 was "contrary to the goals" of restarting the state's post-covid economy. "When many Nevadas are still struggling, now is not the time to remove any of the tools that local governments can use to encourage and generate economic development," he added in a brief veto message issued last month. The governor did not name the local governments interested in using those tools and did not elaborate on his veto decision in a statement to the Reno Gazette Journal.

 

Sisolak has had similarly little to say on the A's ongoing flirtation with Las Vegas - silence that's only fueled conjecture about possible connections between the survival of STAR bonds and plans for a $1 billion Southern Nevada baseball stadium.

 

Benitez Thompson

 " I was surprised because tourism increment financing is not a tool of true economic development, " the longtime Reno lawmaker told RGJ. "They don't produce high-paying, high-skill jobs, which is the direction we want to move in. " The last thing we want to do, here in Nevada, is more corporate welfare for projects that produce minimum wage jobs."

 

Brian Bonnenfant, a longtime economic development expert based in Reno, was surprised to see the governor salvage a tool that he said allowed developers to take advantage of cash-strapped cities desperate for new growth.

After rereading the article in the RGJ the only conclusion i could come up with is that spineless piece of garbage was convinced by some developer to kill the bill. Everybody else basically said STAR bonds hurt Nevada for years and was a horrible idea and should have been scrapped. I also wonder if it had to do with his pet project not being passed which was the innovation zones.