9 traffic moving efficiently. Plus, it improves the look of downtown Reno and will make it easier to encourage economic development. This is a great project, and I’m glad I was able to help fund it.”
Business input Exhibiting perseverance and tenacity, the Reno-Sparks Chamber of Commerce has been a longtime supporter of the ReTRAC project. “The Chamber has always felt it was very important,” says Harry York, Reno-Sparks Chamber of Commerce CEO. “If you are going to have a downtown that is going to fully improve and take advantage of itself, you can’t have a train rumbling through … and if it’s 11 trains or 22 trains, it doesn’t really make a difference. The longterm good of the community and the potential for a quality visitor experience is what it’s all about.” So passionate it was about the cause, York said the Chamber supported the suit that was successfully filed to combat an illegal attempt at blocking the ReTRAC project in a petition-gathering process. The project benefited from another local business resource, the Economic Development Authority of Western Nevada. President and CEO Chuck Alvey says that while his non-profit business development consulting group didn’t play a role in the project’s implementation, it was happy to provide critical commentary. “Basically, we said if you want to successfully develop the downtown area, you cannot have a train track going through it,” Alvey says. “I think it definitely removes a barrier or stumbling block.” He said potential business developers routinely ask him about the city government’s merits. “This ReTRAC project shows that the city works efficiently, that you can count on them … just look at this project and how well it was managed.” From a different vantage point, Silver Legacy General Manager Gary Carano underscores the benefits of the project. “ReTRAC has been a catalyst for downtown revitalization and this affects the entire community of Reno and Sparks,” Carano said. “This is a fantastic project and it is important for our area’s growth, vitality and environmental concerns … not to mention the ease of livability in terms of driving through the city.” Moving through} A succesful downtown does not have a train track stopping traffic.
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N evada S tate b ank p ublic f inance ReTRAC’S PROFESSIONAL FINANCIAL ADVISOR Written by Jennifer MacKay
For a project as large, diverse, and potentially controversial as ReTRAC, it is impossible to underestimate the value of sound financial advice. This was the role played by Nevada State Bank (NSB) Public Finance — a division of Zions Bank — the Las Vegas-based entity that steered ReTRAC’s fund-seekers successfully in the right direction. “As financial advisor, we guided the City of Reno through the bond process to make sure everything was done in their best interest,” says Andrew Artusa, managing director for NSB Public Finance. “We helped the city achieve a very low cost of capital.” Proponents of ReTRAC had the need for creative funding to reassure a concerned public. Receiving state legislative approval for a dedicated sales tax, locking in the best possible interest rates and protecting bond holders were challenges the city had to overcome. Wielding its reputable status — the company is ranked by Thomson Financial as the eighth largest financial advisor for competitive issues (by par amount) in the nation — NSB Public Finance helped the dream of ReTRAC materialize in the face of significant struggles. “The challenge of the financing was the large, multiple bond series,” Artusa says. “The City used some very unique financing with revenue bonds paid back by room and sales taxes.” ReTRAC also became the first project in Nevada history to secure a Transportation Infrastructure Finance and Innovation Act loan, a federally awarded line of credit available for the completion of largescale highway, transit, and passenger rail projects — just one of many components that helped complete the requisite funding package. “The financing of this project took a long time to complete,” Artusa says. “All the pieces had to fall into place for it to happen. Now, to have the trench running through Reno is a project the City should be proud to have accomplished.”
7/25/06 5:01:22 PM