LAS VEGAS – Today, the Las Vegas Global Economic Alliance’s board of directors unanimously approved a resolution supporting the extension of Fuel Revenue Indexing. The proposed 10-year extension of the current program will be on the ballot as an initiative this November in Clark County.
“From an economic development standpoint, supporting critical infrastructure needs is imperative in our mission to grow the economy in Southern Nevada,” said Jonas Peterson, president and CEO of LVGEA. “By supporting this ballot initiative and ensuring the Regional Transportation Commission gets the support they need to continue improving our transportation systems and infrastructure, our entire community, including our ability to create new jobs, will be positively impacted for generations.”
“We applaud the Las Vegas Global Economic Alliance’s continued support and commitment to invest in our transportation infrastructure,” said Tina Quigley, general manager of the Regional Transportation Commission of Southern Nevada (RTC). “As the Las Vegas valley grows beyond two million residents, 41 million visitors and 55,000 businesses, the demands on our roadways increase. It will take the ongoing dedication of the entire community to ensure we build a better, safer, stronger Southern Nevada that enables everyone to get around the valley easily and efficiently.”
About Fuel Revenue Indexing
Fuel revenue is generated each time motorists fill their vehicles with gas. A portion of what they pay at the pump helps fund transportation projects throughout Clark County. The Clark County Commission approved fuel revenue to be tied to the rate of inflation from January 2014 to December 2016. This funding measure will help keep up with material and labor costs, raise $700 million, fund 221 projects and create 9,000 jobs. For motorists, this averages out to about a dime a day. A 10-year extension of Fuel Revenue Indexing would raise approximately $3 billion to fund about half of the 346 currently unfunded projects identified in Southern Nevada. For more information, visit www.rtcsnv.com/fri.
About Las Vegas Global Economic Alliance
The Las Vegas Global Economic Alliance is a 501(c)6 membership organization dedicated to growing the economy in Southern Nevada through connectivity, community development, and strong business recruitment, retention and outreach. LVGEA’s vision is to help Southern Nevada residents thrive in a global economy by fostering a more prosperous, diverse and connected regional economy. For more information, call 702.791.0000 or visit www.www.lvgea.org.