Earlier this year, the city of Detroit became the largest city in the nation to declare bankruptcy. Unfortunately, this could have been the same situation for North Las Vegas. But thanks to a few key differences, the city and its constituents continue to persevere. Here is what North Las Vegas did to keep the city afloat during troubling financial times.
It was public knowledge that the city of North Las Vegas struggled with paying its employees, maintaining open businesses and keeping housing prices comparable to those in surrounding areas. But things seem to be calming down as the city works with labor groups to stay afloat.
Additionally, thanks to North Las Vegas citizens staying put, the town has evaded a state takeover and even avoided declaring bankruptcy. Many compare the situation in North Las Vegas to that of Detroit’s though. But the key difference is that Detroit suffered from a mass exodus of its population, thanks to the significant loss of the automotive industry which had kept the city afloat for years. Detroit’s neighborhoods also fell prey to violence, corruption and impoverished living conditions.
North Las Vegas must currently adhere to strict budgetary restraints to stay afloat, but as of now, the economic development division of the city is boasting a return in the economy. This is thanks to ties with the Nevada Development Authority, which helps to draw new businesses into the area. However, recent news reports have revealed that nearly 80 percent of the town’s resources are being drained by employee payroll. With such astounding figures, North Las Vegas is still in danger of becoming the next Detroit.
The City of North Las Vegas is working on incentives to keep people shopping and spending their dollars locally by rolling out a new “Go Local, Go North” campaign, which seems to have helped the town’s financial woes. The Las Vegas Region, which is a group committed to bringing culture and economic success to a community, is also accepting ideas and encouraging constituents to help with a comprehensive economic development strategy to keep the city afloat.
For those that continue to suffer from a plaguing debt and financial hard times, it may be time to seek advice from a bankruptcy lawyer in Las Vegas who can assist with turning monetary woes into lifesaving possibilities.
Main photo by [Marco…]