COMMUNITY PERSPECTIVES

Southern Nevada has arrived. Across the nation and throughout the world, countless surveys, reports and news stories tout the Las Vegas Valley as: The fastest growing, the new business hub of the West, economically strong, lowest taxes, one of the best places in America to live and the list goes on.

Less than a decade ago, analysts were predicting Southern Nevada's population would reach 1,000,000 by the year 2000. Surpassing even the most ambitious predictions, our area topped the million mark in 1994. As experts examine the future of the Las Vegas Valley, the latest predictions indicate the area's population will double by the year 2005.

Perhaps the biggest factor in Southern Nevada's tremendous population growth is the quality of life that the area offers. Over two-thirds of the respondents to a Las Vegas perspective community wide survey indicated satisfaction with living here in Southern Nevada. Hundreds of new jobs continue to be provided to area residents as new companies move here.

It comes as no surprise that the housing market is among the nation's fastest growing. So far, we seem to be on track for another record year in new home sales. The cost of living in Southern Nevada is substantially lower than most western urban areas. As an example, the average price of a home in the Las Vegas Valley, is about $50,000 less than the same home would cost in Los Angeles and $75,000 less than in San Diego.

With more disposable income and an annual average of 320 sunshine days, Las Vegans enjoy the many outdoor recreational activities that the area offers.

You name it.... we got it here in Southern Nevada. Whether you're spectator or participant, a senior, adult or a child, the combination of more than 50 performing arts centers, and cultural organizations, enrich the lives of all Las Vegans.

Customers who want to gamble have been visiting Las Vegas, while those who wanted other forms of entertainment have been visiting Hollywood and Orlando. The new "entertainment superstores," such as the Mirage, the MGM Grand, Bellagio, the Venetian, the Excalibur, the Stratosphere and Caesar's Palace, combine the entertainment influences of both Hollywood and Orlando with those of traditional Las Vegas, while providing exciting new destinations for visitors.

Race car fans can now enjoy all forms of motor sport racing at the new 107,000 seat Las Vegas Motor Speedway, located just 8 miles north of Downtown Las Vegas.

Like virtually everything in Southern Nevada, educational facilities continue to expand. Las Vegas residents continue to voice their support of education by their recent approval of a $650 million bond issue. The Clark County School District, the 10th largest in the nation, with well over 167,000 students, has over 200 elementary, middle and senior high schools, plus numerous parochial and private schools.

If students choose to continue their education in the Las Vegas area, both the University of Nevada, Las Vegas, and the Community College of Southern Nevada provide excellent educational programs. Almost 45,000 students attended the two schools last year. In addition, the University of Nevada Medical School provides educational and residency programs for those pursuing the field of medicine. UNLV's School of Law offers programs for our future lawyers.

Southern Nevada's health care delivery system continues to expand. The total hospital space is in excess of 3.2 million square feet, with over 2,900 patient beds available, with even more beds on the horizon.

Aside from its pro-business attitude, the area offers a favorable tax structure, a talented labor force, outstanding life style, reasonably priced commercial land and low utility and transportation costs. Community leaders and elected officials recognize the importance of economic development and diversification.

Consequently, there is a consolidated effort to make Southern Nevada an attractive destination for companies seeking to relocate or expand. For example, the City of Las Vegas is the developer/owner of three mixed-use business parks. Last year, the Nevada Development Authority assisted over 34 non-gaming companies to relocate here, creating more than 3,000 new jobs. The vast majority of these companies arrived from California, with manufacturing representing the largest type of industry. As Southern Nevada continues to prosper, all indicators point to an increased number of businesses to relocate here in the future.

One of Nevada's most attractive features to business is its tax structure. Nevada does not impose franchise, corporate income, personal income, inventory, inheritance or gift taxes. When compared to our neighboring state of California, which imposes all of these taxes, it's no wonder so many companies are moving to Nevada.

Las Vegas is centrally located, with overnight delivery to all major markets in the Southwest. Fortune 500 companies, such as Ocean Spray and Levi Strauss, have located manufacturing and distribution centers in Las Vegas to take advantage of this central location and our pro-business environment. The area's transportation system provides relatively low rates on trucking, rail and air freight services.

McCarran International Airport, the 9th busiest in the nation, and the 11th busiest in the world, recently opened up a new terminal that includes 60 additional aircraft gates to keep pace with the increased visitor volume and increased business activity. The Air Cargo Center continues to expand at a rapid rate. It has grown from a 78,500 square foot warehouse in 1993, to more than 170,000 square feet today.

Southern Nevada's Foreign Trade Zone #89 has helped the area become an international business destination. Activity in the Foreign Trade Zone has consistently increased with more than 100 international and domestic companies taking advantage of the duty free and excise tax savings provided by the Zone.

And there's another zone that's rapidly becoming a reality in Southern Nevada, the solar enterprise zone. The project, which is currently in its developmental state, involves four locations, including a $150,000,000 solar power facility at the Nevada Test Site. Spearheaded by the Department of Energy, the project will feature solar energy research and production technology. Another project being proposed for the Test Site is a $600 million base for launching non-nuclear communication satellites into space. Located just 65 miles north of Las Vegas, this will be yet another source of high paying, highly skilled jobs, and one of the most unique tourist attractions in the world.

One of the fastest growing industries in Southern Nevada is retail. Las Vegas continues to experience significant increases in retail sales. The number of new retail stores opening far outpace all expectations. Many of these shops can now be found in mega resorts, such as the Forum Shops at Caesars Palace. Sixty percent of the gross revenue generated at Treasure Island is non-gaming. That is revolutionary!

With the creation of jobs and as more people move to the area, retail sales continue to grow. But perhaps the biggest news in the retail industry was the opening of the Galleria Mall in Henderson. The nearly one million square foot facility is the largest mall in Southern Nevada. Some of the other major retail outlets in the Valley include the Factory Stores of America, the Boulevard Mall, the Fashion Show Mall and Meadows Mall.

Today, the tourism industry, with over 32 million visitors last year, continues to be the lifeblood of the Las Vegas Valley. The gaming industry, which contributes about one-third of the state's tax revenue, has never been healthier. A number of resorts are currently under construction, or nearing completion, and will add over 27,000 new rooms to our inventory, which is already the largest in the nation, bringing our room total to over 118,600! The tremendous success of the resort industry is a contributing factor to Southern Nevada's pro-business environment.

The tourism and gaming industries' demand for products and services continues to be responsible for the creation of hundreds of companies and thousands of jobs.

Regardless of where you look in Southern Nevada, you'll see a dynamic community that's on the move -- a community that made quality of life a way of life. Regardless of how the community is measured, one thing is clear, Southern Nevada has arrived!

The real magic of Southern Nevada, however, is in the people. The people who shaped the Las Vegas Valley into one of the most prosperous and dynamic communities in the nation.