Opinion: Renault Hillary Shive Mayor: Promises, allegations, but missing facts – Nevada Globe

What are the achievements of Renault Hillary Sheve Mayor?

Mayor Richard Jay’s most visible supporter periodically publishes a long list of mayor Schieve’s alleged achievements in social media in response to negative publications or comments from offenders.

Richard causes doubts about “denying something with facts.”

The list of alleged achievements is so long that the debuniness of all this will take more time that everyone has, but I can choose several objects and provide facts about them.

Jay says Renault Hillary Sheve Mayor has “reduced the debt by approximately $ 385 million, with the decrease in recent years being the fastest decrease in Renault’s history.”

How could you know how fast debt was reduced compared to previous mayors? Reno budgets are only available online until 2005/2006. Schieve has been a mayor since 2014. This is not much history.

Richard says previous mayors have added nearly $ 1 billion in debt. According to the 2014 budget, “Renault’s total debt now amounts to $ 515 million, which has declined by over $ 130 million from High Point 2009, which is $ 648 million.”

$ 648 million is not $ 1 billion. Mayor Schieve started with a debt of $ 515 million. The reduction of $ 130 million happened before he was mayor.

As of July 1, 2024, in the budget, the city of Renault reported a total debt of $ 494 million. This figure covers various obligations, including common bonds and other forms of municipal debt. This does not seem much reduction since 2014.

Richard says there was a debt to cancel $ 220 million from previous city tips. He continues to say that “the financing of the trench center has had some of the highest rates so far and has been funded when no chief was paid, it was only interest, while Mayor Sheeve and her advice did not change that.”

How does Richard know that initial bonds were just interest? There is no information on the original bonds since 2002 and they were refinanced in 2008 and again in 2018 so that they do not exist on the bond markets. It is characteristic of municipal bonds to pay interest until they ripen and then the principal is not paid.

The interest rates in 2002 are not high. In 2002, interest rates of municipal bonds varied depending on the quality and maturity of the bond. According to data from the US Department of Commerce, the average yield of high quality municipal bonds (estimated by AAA by Moody’s) was approximately 3.10% for the year.

Richard says that “–Track bonds (were) refinanced and divided into tranche A, B, C and D. All have major reductions that start immediately, something previous advice does not do. “

The city of Renault refinances the Reratc bonds in 2018. The continuous balance in 2018 is $ 230 730 310, and in 2024 it is $ 204 032 985. They are due in 2058. It seems that the main reason for refinancing is to extend the maturity date when the bonds are to be paid.

It is characteristic of tax incentive financing (TIF) bonds to pay principal and interest, and Reno has many of this type of debt. According to the budget for 2024, Reno is obliged to pay $ 398 265 717 and $ 1,053,171,175 interest on government activities, which are bond and payments over the next 30 years. Reno pays $ 37,940 030 a year to serve existing debt.

I wrote about TIF and Star’s bonds in my article Renault Gives Tax Money.

Richard mentions the news of the Renova. “Jacobs Entertainment reveals the new Renova units, the website of the old Crest motel. Former owners who charge $ 350 a week for flea, coach Roach Falling and loaded with black mold units. “

Richard is forwarding news about how Jacobs “lowered the old destroyed motels. Other motels are renovated as homes at affordable prices and much more clean sites. Keeping part of Renault’s past. “

Of the 18 motels, which were demolished, only a comb motel was renovated in the Renova. There is no progress in the development of the other 100 lots that Jacobs acquired. Jacobs tried to attract partners for a joint venture or sell these properties, but there is no progress since 2017.

I cover the motors and other details about Jacobs in my article “The Neon Line: It promises unfulfilled.”

When a person deals with public discourse or debate, it depends on what makes the claim to provide the facts.

Richard Jay is an internal man with the mayor Schieve and is on a number of advice and committees, including the council of trustees at Renault-Taho Airport, where he was appointed by the mayor, the Renault-Sparks Convention and the Vice-President Authority, and Richard has a history of service in the Financial Council of the city of Renault.

If the allegations that he makes to social media are in fact, then Richard must support them with facts that they must have access to if they exist and not try to put the weight to residents who do not have time and resources, To investigate his leader of fun for the mayor.

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