For 2017, Nevada Ranks 5th in State Business Tax Climate
Rankings by the Tax Foundation
The LEDC gets inquiries from out of state companies seeking information on relocating, or expanding their business to Nevada quite frequently, and with fiver consecutive years being ranked in the top 5 in sate business tax climate by the Tax Foundation, there is no more wondering why.
When an individual thinks about a Nevada community they imagine an economy revolving around the gaming industry. While this is partially true for Laughlin - and most Nevada communities - it does not tell the entire picture. For decades Laughlin has been a power producing community with the hydro powered Davis Dam, and the coal powered Mohave Generating Station. Most recently there has been demand to develop solar power, supplying states with their renewable energy requirements.
The previous decade has been hard on Laughlin. Casino revenues declined into 2014, and remain flat into 2017. There is no sign of things picking up to the pre-recession era gaming levels. To make matters worse, the Mohave Generating Station has been fully decommissioned, and torn down resulting in further jobs and tax loss for the community.
Fortunately the retirement base is strong and the residential community is financially sound. The residential and commercial base - excluding the casino properties - makes up more than half of the total taxable value of Laughlin. There is a strong residential community with stable property values, commercial buildings and land available to develop more.
Davis Dam continues producing power, the electrical transmission infrastructure from the Mohave Generating Station is intact and has available transmission capacity. There is infrastructure and room for growth to do much more beyond gaming on what little land is left available on the majestic Colorado River.
The LEDC provides assistance to renewable energy companies looking to develop their energy projects in Laughlin. Given Laughlin's history as an energy producing community, and transmission infrastructure with available capacity to transmit power, companies are trying to capitalize on the advantages of Laughlin's location.
Average Retail Price of Electricity to Ultimate Customers by End-Use
Through September 2016, Nevada's average retail price for all sectors was 9.1% lower than the Mountain states, 44.8% lower than California, and 17.1% lower than the United States.
Nevada's average retail price for industrial customers was 4.4% lower than the Mountain states, 50.3% lower than California, and 9.7% lower than the United States; for commercial customers was 16.2% lower than Mountain states, 47.2% lower than California, and 22.4% lower than the United States.
Laughlin Economic Development Corporation © ALL RIGHTS RESERVED.
A community partnership for action
The FMDF was created in 1959, with a vision of developing the Fort Mohave Valley. The fund contains 9,000 acres in Laughlin and roughly $11 million dollars. The land and cash will be major economic drivers for the community. The LEDC has been a proactive voice behind protecting the integrity of the fund and ensuring that all future land that is sold, or money granted from the FMDF only be approved by Clark County if it is in conjunction with creating full time, permanent jobs in Laughlin.
Companies looking to develop large industrial projects will need to spend capital on site improvements and infrastructure. The money in the FMDF may be the incentive to get these companies to invest in Laughlin. Members of the LEDC have decades of experience in arranging deals involving the FMDF in which we have secured land, developed projects and tracked the fund expenditures on community assets.
The experience of our members which includes lawyers, developers, engineers, environmentalists, CPA's and business professionals help make dealing with aspects of the fund as simple as possible.
Past fund expenditures include, but are not limited to:
- Laughlin's sanitation and sewage facility
- Big Bend State Park
- Flood control wash
- Community Pool
- Health Clinics & Medical facilities
- Mohave Generating Station
- Regional Transportation Facility
- Police and Fire protection buildings and equipment
- Spirit Mountain Park
- Among dozens of other miscellaneous expenses and development studies