Carson City, NV – May 10, 2021
Today, Nevada Governor Steve Sisolak and State Treasurer Zach Conine presented Senate Bill 430 during a Senate Committee on Growth and Infrastructure meeting.
Senate Bill 430 makes structural changes to the State Infrastructure Bank (SIB), which was established by the Legislature in 2017 but never funded. These statutory changes, coupled with the proposed $75 million appropriation included in the Governor’s recommended budget, will allow the SIB Board to begin reviewing important infrastructure projects as soon as July 1, 2021.
The Governor and Treasurer laid out how this piece of legislation will help create thousands of good-paying jobs and get projects off the ground as quickly as possible in an Op-Ed in The Nevada Independent. The Op-Ed can be read here.
“Nevada was the hardest hit state in the country from the economic impacts of the COVID-19 pandemic. We look forward to working with the Legislature on this bold infrastructure proposal that will improve the quality of life for thousands of Nevada families,” they wrote in the Op-Ed. “It’s time to get to work.”
A link to the committee meeting can be found here. Governor Sisolak’s introductory remarks, as prepared for delivery, can be found here:
Good afternoon, Chair Harris and members of the Senate Committee on Growth and Infrastructure. For the record, I am Governor Steve Sisolak, and I am incredibly proud to be here today to present Senate Bill 430.
Broadly speaking, Senate Bill 430 is being proposed to launch and expand Nevada’s State Infrastructure Bank so we can fast-track much needed infrastructure projects across the State and create thousands of good-paying jobs.
As I highlighted in my State of the State Address earlier this year, investing in infrastructure helps to create real jobs for real Nevadans. This proposed legislation – along with a $75 million appropriation in my recommended budget – will help Nevada create a robust pipeline of critical infrastructure projects allowing us to put hundreds of millions of dollars into our economy and help get people back to work.
Capital projects not only create high-paying construction and development jobs now, but those infrastructure improvements serve as the building blocks for our State’s economic expansion for decades to come.
The concept of State Infrastructure Bank was approved by the Legislature in 2017, but the bank has not been funded or initiated – it has yet to move any projects or create a single job. This bill will be the first step toward changing that by ensuring that our Infrastructure Bank has the necessary to tools that can help the State, local governments, and tribal nations get projects off the ground immediately.
Launching the State’s Infrastructure Bank will play a major role in helping to immediately create pathways for good-paying jobs in Nevada, while helping to build projects for communities who need it.
We know that our State needs better roads, better schools, more affordable housing, and more sustainable forms of energy. Senate Bill 430 will help in making all of these projects a reality while improving quality of life for all Nevadans.
At the same time, these changes will allow the State to best maximize federal dollars dedicated to infrastructure projects within President Biden’s American Rescue Plan and the proposed American Jobs Plan.
This bill will enable us to fast-track billions of dollars of infrastructure projects that haven’t been started. The faster we move these projects from the list of things that we need to do to the list of the things that we are doing, the more Nevadans we will put to work.
This bill has been made possible thanks to the continued support provided by trusted State and community leaders that know that this is an effective and productive way to move our State forward together.
These leaders include:
- Treasurer Zach Conine;
- Rob Benner, Secretary-Treasurer of the Building and Construction Trades Council of Northern Nevada, along with many other leaders from Nevada’s labor community;
- Mary Beth Sewald, President & CEO of the Vegas Chamber;
- Elizabeth Fielder, President of NAIOP Northern Nevada; and
- David Strickland, President of NAIOP Southern Nevada
Overall, the proposed legislative changes coupled with the funding for the State Infrastructure Bank could allow Nevada to launch up to $200 million in new infrastructure investments by the end of 2021 and $1 billion in new infrastructure investments over the next five years.
This proposal is anticipated to create 16,000 construction jobs by the end of 2021 and by 2031, the passage of this bill could create up to 30,000 good-paying jobs for Nevadans.
I would like to conclude by highlighting that we are all aware the State of Nevada has undergone trying times through this pandemic. SB 430 is the first step toward delivering a promise to the people of Nevada to build back a better Nevada.
I look forward to working with the legislature on this investment in our State’s economic recovery and future prosperity – I thank the committee for its consideration of this proposal.