If you call us, we will come. SMAL L B USI NE SS At U.S. B a nk~ we like to see how Checking your small business runs, firsthand. Savings Free Checking That way, we can pinpoint which Loans 0 N E Y E A R financial products will work best for you. For instance, we offer an array of beneficial business Leases checking accounts. And now, business chec king is free for one Credit Cards year. So call us and we'll come over. With free checking to Merchant Services discuss, we're sure to hit it off. Online Banking Give us a call and we Jll com e see you. Your needs. 1-888-746 :. 2870J ext. 5500. Our tools:" Simply Business" US bank COm Monthy maintenance fees waived for one year. Non-routine fees such as overdrafts may apply. Offer not available on LTABs, AETAs, U.S. Bank Corporate • Checking or resident agent accounts. Offer available only in Nevada and to businesses with annuai revenue under one million dollars. A nTWnu-n deposit of $100 is required to open a U.S. Bank Busness Checking account. Following the promotiona period, the fees disclosed in the Business Service Fees brochure will apply. When you open your U.S. Bank Business Checking account you will receive a $50 discount toward Harland check supplffi on your first order. Offer good through December 1, 2000. © 2000 U.S. Bancorp. U.S. Bank Member FDIC. 2 Nevada Busi ness journal • September 2000 • In You Can't Afford A New Digital Telephone System? Think Again. Pac-West makes advanced technology affordable for • One Bill For All Your Telecommunications Services. every business. For one monthly fee, Pac-West offers • System Can Be Expanded As Your Business Grows. your business a new digital phone system, local and • Routine Maintenance Included. long distance service, data transport, and voice mail. • Y2K Compliant. There's no capital investment, no purchase, and no lease! Call today to learn how your business can afford a new digital phone system. 1-800-PAC-WEST • 1-800-722-9378 • www.pacwest.com COMMENTARY LYLEE.ID BALLOT QUESTION 1 BRENNAN a Opportunity Knocks a Third Time Nevada, once the passage of Question 1 levels the QUESTION #1 playi ng field. In a recent eight-year period, Utah funded 278 companies and created 6,500 jobs by in­ Nevada Constitutional Amendment vesting $1 of state money for each $43.20 of private funds. In Maryland since 1994, the initial pool of Shall the Nevada Constitution be amended $2.5 million has earned $43.0 million. Kansas to allow the investment of state money in amended its constitution in 1986 and has created a company, association, over 9,300 new jobs. The current constitutional re­ striction places Nevada at a competitive disadvan­ or corporation to assist tage relative to other states that are able to offer seed economic development money to new business and industry and to provide other sources of financing, such as public/private and the creation of venture capital funds. new high-quality jobs? no 1.. 1 Not convinced yet? The National Governors' As­ sociation recently conducted nationwide research on state initiatives to attract business. Here's what NGA yone who has taken the time to study Executive Director Ray Scheppach concluded: "We Nevada's economic situation knows that have found during our research this year that in order economic diversification is the key to sta­ to be successful in this new economy it is critical for bilizing our financial future. It's just not states to create programs that support the entrepre­ healthy for us to depend so heavily on the neurial culture. State-sponsored programs that pro­ gaming/resortA industry, especially with the changes vide ready access to seed and venture capital are crit­ "State-sponsored going on in other states and on Native American ical for economic development in the 21st century." programs that pro­ lands. The state has been investing a lot of time and So why did the state constitution disallow these money in recent years on programs to convince types of investments in the first place? At one time it vide ready access companies, especially in the high-tech sector, to lo­ made sense, but that was during the 1860s, when cate in Nevada. Yet, Nevada voters have twice turned Nevada and other western states feared robber barons to seed and venture down a golden opportunity to make Nevada more at­ from the railroad industry might attempt to abuse capital are critical tractive to businesses, and put money in the state the system and wrest control of state bureaucracies. coffers at the same time. For those who missed it the That was a long time ago, and times have certainly for economic devel­ first two times (1992 and 1996), here it is again, this ci)anged. In order to keep up with the intense com­ time as Question 1 on the November ballot. petition for new industry, we need to be competitive. opment in the 21st Question 1 would amend the state constitution (in The Assembly Joint Resolution that created Ques­ Article 8, Section 9, for those who carry a copy) to tion 1 was passed almost unanimously by the 1995 century." permit the state Legislature to invest public funds in Legislature, and it has been endorsed by a coalition corporate entities that would enhance Nevada's eco­ of private citizens, educators, business owners and - Ray Scheppach nomic development or diversification, and create high­ public officials. This time, the effort is being led by paying jobs. In plain English, the passage of this bal­ Nevadans for Economic Opportunity, co-chaired by EXECUTIVE DI RECTO R lot question will allow Nevada to do what all but five Joe W. Brown of Jones and Vargas and former Con­ NATIONAL GOVERNOR'S other states can already do - invest public money to gresswoman Barbara Vucanovich. When the ques­ ASSOC IATION assist private enterprise. It will attract new high-quali­ tion was brought to a statewide vote before, it failed ty businesses and industries, create new jobs and di­ to receive the majority needed for passage. Perhaps versify the economy. It does not require a tax increase, people feared making any change to the constitu­ nor does it require any investment to be made. It sim­ tion; more likely, they just didn't know the facts . ply acts as an enabling provision to allow the Legisla­ Nevada is already perceived as a pro-business ture to consider options that are now prohibited. state. Companies want to come here and take advan­ Besides expanding Nevada's technology business tage of our favorable tax structure and economic cli­ base, passage of Question 1 will create new high-qual­ mate. Perhaps the obsolete clause in the constitution ity jobs for Nevada residents and assure that students is our only roadblock to diversification. But as any­ graduating from Nevada's schools have career-build­ one who's driven the construction-fi lled streets of ing employment opportunities close to home. Nevada knows, one roadblock can be reason enough The success of similar programs in other states of­ to find another route. We have another chance to re­ fers convincing evidence of what could happen in move the roadblock - let's use it. • COMMENTS? e-mail: [email protected] 4 Nevada Business Journal • September 2000 Nevada BUSIDESS 0 u R N A L A division of BUSINESS LINK, LLC PUBLISHER Lyle E. Brennan • lyle@ nbj .com PUBLISHER I EDITOR Co nnie Brennan • [email protected] ASSOCIATE EDITOR Kathleen Foley • kathleen@nbj .com ART DIRECTOR I PRODUCTION MANAGER Barbara L. Moore RESEARCH ASSOCIATE lindsey Coombs • info @nbj .com ONLINE MARKETING DIRECTOR Bert Kash Blevi ns ill • bert@nbj .com PUBLISHER'S ASSISTANT DeAnna M. Price • deanna@ nbj .com CONTRIBUTING EDITORS Chuck Baker I Tom Dye Cindie Geddes I Mi ke Henderson Lorraine T. Hunt I orm Johnson Russ Koft I Penny Levin Patricia Martin I Paul Ray R. Keith Schwer I Mike Sullivan John Trent ADVERTISING I SALES Connie Brennan • [email protected] Amy Wunderlich • amy@ nbj .com INTERNET MARKETING AGENCY Janeva Interactive CORPORATE OFFICE 2127 Paradise Road • Las Vegas, NV 89 104 (702) 735-7003 • FAX (702) 733-5953 subscribers@nbj .com Website: www.nbj.com Business Resource: nbj .nevadabusiness.com N EVA DA B US INESS J OURNAL is a div isio n o f B USlNESS LINK, LJ .. 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