I have long experience with City redevelopment dreams. In 1993, I moved my fledgling first company, Wilson, Beers & Company, to the Las Vegas Technology Park, an exciting new city redevelopment project. We were first generation PC network and accounting software wizards for medium and small businesses.
Today, the Las Vegas Technology Park still has vacant parcels, twenty years later, while all around it, the private sector sections are completely developed. The City’s master plan has yet to be realized. Today, most of the businesses there are not tech.
Today, Symphony Park sits mostly vacant, about half government tenants who pay no taxes and the other half enjoying near-complete property tax rebates. So the City sees dwindling revenue and plenty of expenses.
Much has changed – the economy continued to decline rather than immediately rebound… and the composition of the City Council has almost completely changed.
Thus, I believe we should end our existing agreement sooner rather than later. We need fresh ideas for this land now. Because time is money. This extension costs the developer nothing, but it will cost City taxpayers about two million dollars in extra interest payments on the money we borrowed to equip all those vacant Symphony Park lots with sewer, power, streets and water. We were going to pay the bonds back from land sale proceeds. Last year, Lloyds recalled those
bonds, and we were forced to hurriedly refinance at a higher interest rate. So time is money.
Every month we extend this EDA will cost us about a half million dollars in interest payments.