Tuesday, Jan. 14, 2014 | 2:43 p.m.
CARSON CITY — Property values are rising rapidly in Las Vegas, and the state Department of Transportation needs to act now to acquire land for Project Neon to widen Interstate 15.
That was the message to the state Board of Finance today before it unanimously approved a $100 million bond issue to begin buying or condemning 100 parcels.
The bonds will be sold Feb. 26.
Delaying the project would increase the cost significantly, officials said.
Board Chairman Gov. Brian Sandoval said the value of one piece of property in downtown Las Vegas doubled in one year.
Rudy Malfabon, director of the Department of Transportation, said the project, which would widen I-15 between Sahara Avenue and the Spaghetti Bowl, would make the freeway safer and improve access to the resort cooridor.
The state intends to partner with a private firm, which has not yet been selected, to finance, build and maintain the improvements.
Sandoval said the project could be finished in five years.