Carson City, NV. - April 30, 2021
Today, Governor Sisolak’s proposal to kickstart the Nevada State Infrastructure Bank (SIB) was introduced in the Nevada State Senate. As highlighted in the Governor’s State of the State Address, this proposal will help to launch infrastructure projects across Nevada , while creating thousands of good-paying construction jobs.
“Infrastructure projects create real jobs for real people,” said Governor Sisolak. “This proposed legislation, along with the $75 million in my recommended budget, will help Nevada create a robust pipeline of critical infrastructure projects that will put people to work. I look forward to working with the legislature on this investment in our State’s economic recovery and future prosperity."
Senate Bill 430 makes structural changes to the 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 SIB allows State and local infrastructure projects to be vetted and prioritized to maximize economic outputs for Nevada. Kickstarting the SIB in 2021 will create a path for good-paying jobs for Nevada workers immediately and allow the State to maximize federal dollars dedicated to infrastructure projects within the American Rescue Plan and President Joe Biden’s proposed American Jobs Plan.
Senate Bill 430 strengthens the existing State Infrastructure Bank statute by expanding the types of projects that can be funded through the SIB, adds a representative from the Governor’s Office of Energy to the Board of Directors, and ensures that the SIB is priority for the State’s executive branch agencies.
“The economic impacts of the Bank cannot be understated and will be a critical component to our State’s recovery from the pandemic,” said Treasurer Zach Conine. “We are ready to launch this Bank as quickly as possible to ensure Nevada has the flexibility and opportunity to take in much needed federal dollars to support infrastructure projects.”
In response to the introduction of the critical piece of legislation for Nevada’s economic recovery, numerous stakeholder groups have already come out in full support of the measure:
"It's critical that we invest in our infrastructure and make sure we're creating good-paying jobs for Nevada's workers as we go through the next period in Nevada's recovery from the pandemic," said Rob Benner, Secretary-Treasurer of the Building and Construction Trades Council of Northern Nevada. "This proposal would create tens of thousands of jobs for Nevada's workers over the next ten years. It's a long-term investment in our future."
“The Vegas Chamber applauds Governor Sisolak for his commitment and foresight to fund Nevada’s infrastructure Bank,” said Mary Beth Sewald, President & CEO of the Vegas Chamber. “By investing in the Infrastructure Bank and making it a strategic priority of the state, Nevada can plan for the future and build the infrastructure necessary to diversify the economy and create jobs.”
"As the initial proponent of the Nevada State Infrastructure Bank, NAIOP is excited to partner with Governor Sisolak and Treasurer Conine on this bill,” said Elizabeth Fielder, President of NAIOP Northern Nevada and David Strickland, President, NAIOP Southern Nevada. “This creative solution will not only provide startup funding for the Bank but will also allow it to fund infrastructure projects benefiting the greatest number of Nevadans. We are proud to support this bill and look forward to building Nevada's future on the infrastructure it will provide."
It is projected that the proposed legislative changes coupled with funding the SIB could allow Nevada to launch up to $200 million in new infrastructure investments by the end of 2021, with $1 billion in new infrastructure investments over the next five years. The Governor’s proposal is anticipated to create 16,000 construction jobs by the end of 2023. By 2031, it is projected that this proposal could create up to 30,000 good-paying jobs for Nevadans.
The full text of the legislation can be viewed here.