Bill would overhaul state’s economic development efforts

By Cy Ryan

Thursday, June 2, 2011 | 1:55 a.m.

CARSON CITY — A bill supporters say will attract new business and expand existing ones, was approved by the Assembly 33-9 on Wednesday.

The measure overhauls the state’s system of economic development and uses $10 million from the Abandoned Property Trust Account to make grants and loans to regional development agencies to invest in businesses seeking to locate or expand in Nevada.

Assembly Speaker John Oceguera, D-Las Vegas, said leaders in the Legislature and the administration of Gov. Brian Sandoval worked together to craft the final version of the bill.

The new Office of Economic Development would decide whether to grant partial property tax abatements for renewable energy facilities and will require a payback if the company fails to meet requirements.

The governor would have the authority to appoint the new director of economic development from a list of three candidates. The director’s job would be a cabinet-level position.

The director would file yearly reports on what new businesses have moved to or expanded in Nevada and how many jobs they created.

Voting against AB 449, which now goes to the Senate, were Republicans John Ellison of Elko, Edwin Goedhart of Amargosa Valley, John Hambrick, Richard McArthur and Scott Hammond, all of Las Vegas, Ira Hansen of Sparks, Cresent Hardy of Mesquite, Kelly Kite of Minden and Mark Sherwood of Henderson.