Southern Nevada Paving Sold
Aggregate Industries, a British aggregates and building-materials group, recently announced the purchase of Southern Nevada Paving Company Inc., Nevada Paving, Inc. and Valley Trucking, Inc. (SNP) for $64.1 million cash. SNP is a paving contractor and also produces asphalt and aggregate. In 2002, the company had sales of $101 million and produced 3.6 million tons of aggregates. The sale included four asphalt plants, as well as a 50 percent interest in the 530-acre Sloan Mountain Quarry. The sellers are Floyd and Jeri Meldrum.In Britain, Aggregate Industries is the fourth-largest aggregates producer, the second-largest asphalt producer, the fifth-largest ready-mixed concrete producer and a leading manufacturer of precast concrete products. In the US, the group is the seventh-largest aggregates producer and the eighth largest producer of ready-mixed concrete.
Sports and Recreation Complex Planned for Reno
Plans for the Reno Ice Dome 500, an ice-skating, multi-use sports and recreation complex, were recently unveiled by Nevada Youth Sports Development, Inc., a non-profit organization that will own and operate the facility. The Nevada Commission on Tourism is lending marketing and promotional support for the 175,000-square-foot dome, which will feature NHL and Olympic-size rinks, plus a unique Leisure Ice attraction shaped like a frozen lake with trees, fireplaces, park benches and concession stands. Plans call for a year-round training facility, as well as skating and hockey programs to fit all levels of skating ability. The Ice Dome 500 will seat 6,500 for hockey and ice events, 7,000 for concerts and 8,500 for boxing events. Amenities will include a pro sports shop, sports medicine clinic, restaurant, concessions, locker rooms, media center and arena suites. Revenues generated by the Ice Dome will go toward youth training scholarships and development of individual and team sports opportunities.
Business Bank to Enter North Las Vegas Market
Business Bank of Nevada recently announced plans to build a 5,500-square-foot facility at the corner of Cheyenne and Valley Ave. in North Las Vegas. The full-service branch will have a contemporary stucco architectural design, drive-up ATM, drive-up teller window and six teller windows inside, with one being ADA-compliant for physically handicapped individuals. The bank branch will occupy 3,750 square feet of the building, with an additional 1,750 square feet of space available to lease out to another business. The bank’s project is part of a 50-acre commercial development Lyle Brennan & Associates will be developing on the site over the next three years. In addition to Business Bank, the project is slated to house retail shops, commercial office space, light industrial and warehouse space. The bank anticipates breaking ground on the facility in March and is planning to hold a grand opening in October 2004. Upon completion of the North Las Vegas facility, Business Bank will have six full-service branches statewide. Bank officials announced they are currently looking at other markets in both Northern and Southern Nevada and are planning to relocate the corporate headquarters to the northwest part of Las Vegas in approximately three years.
Directions 2004 Forum Scheduled
The Reno-Sparks Chamber of Commerce and the Economic Development Authority of Western Nevada (EDAWN) will present Directions 2004 on January 20 at the Reno Hilton. Directions is an annual forum featuring presentations by local and national experts about the state of the northwestern Nevada economy and predictions for its future. More than 1,000 regional businesses and organizations are expected to attend the conference, which addresses national trends and their impacts on Northern Nevada, as well as strategies pertaining to business vitality, expansion and retention. For more information, call 775-337-3039 or register online at reno-sparkschamber.org or edawn.org.
Ely Mine to Reopen
Quadra Mining, a privately-owned Australian firm, has agreed to purchase the Robinson copper and gold mine near Ely, which has been closed since 1999. The $18 million purchase price for the Robinson mine was part of a $91 million transaction that included $73 million for the seller’s share in Canada’s largest copper-producing company. The seller, Australia-based BHP Billiton, is the world’s largest mining company. The deal is expected to close in February, provided all regulatory and financial conditions are satisfied. Quadra has announced plans to reopen the mine, which has the potential to restore 300 to 400 jobs to Ely and White Pine County. In 1999, the mine produced 61.8 million pounds of copper concentrate, 26,250 ounces of gold and 153,104 ounces of silver.
NCED Releases Statistics
A total of 74 new businesses located to Nevada and 3,101 new primary jobs were created during the past fiscal year, according to a report released in December by the Nevada Commission on Economic Development (NCED). The state lists only those businesses the commission and/or regional development authorities have assisted. For the sixth consecutive year, the majority of businesses that relocated to Nevada were from California – a total of 24. The next largest geographic region was the Midwest. Eleven companies reported they expanded, creating 801 new primary jobs. “These numbers represent efforts by the state to help existing businesses thrive and grow,” said NCED Chair Lt. Governor Lorraine Hunt. “The future of economic development includes supporting Nevada’s entrepreneurs.”