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State board OKs $190 million in bonds for Project Neon

Updated Wednesday, Nov. 9, 2016 | 2:36 p.m.

CARSON CITY — The state Board of Finance today approved the sale of $190 million in bonds to continue work on Project Neon in Las Vegas, and it agreed for other bonds to be issued to improve housing for low-income residents and seniors in Las Vegas.

Gov. Brian Sandoval, chairman of the board, said Project Neon — the widening of part of Interstate 15 — was on schedule or ahead of schedule. The $190 million in bonds will be paid off with gasoline taxes.

Transportation Director Rudy Malfabon said completion is set for July 2019.

The state Housing Division was approved to issue $22 million in bonds for improvements at the 165-unit Baltimore Gardens and the 36-unit Cleveland Gardens apartments, low-incoming housing developments near downtown Las Vegas.

The project will include new kitchen appliances and new doors. The improvements will cost an estimated $45,000 per unit. Residents will be transferred to other vacant units while the work is underway.

The board also approved the sale of $6 million in bonds for rehabilitation of the 90-unit Sierra Pines Senior Apartments. Improvements will include solar panels and energy-saving windows.

Private development companies are borrowing the money from banks for the improvements. They are using the state Housing Division to get tax advantages and a lower interest rate, and there is no state money involved.

The board also received a report from the state Treasurer’s Office that it has gained $10 million on its investments so far this year. This compares with $6.5 million last year. Sandoval said this is due to better management procedures.

CORRECTION: This story has been updated to reflect the correct dollar amount of bonds approved for Project Neon. | (November 9, 2016)

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