Jenny Lopiccolo: We all benefit from project, with a little sweat equity
I was pleased to read a different viewpoint about the downtown project in Dr. Eugene Paslov’s commentary in the Nevada Appeal where he asked, “Let’s give a fair hearing to the City Center development project.”
Sweat equity is a real estate term, used frequently to describe “fixer-upper” properties that with some hard work and investment will provide a return of value well over and above what is actually invested by the owner. In almost all cases, when a fixer-upper property is renovated or re-used in a different way, the increase in value extends to the nearest neighbors and even the whole neighborhood.
This is what the City Center Project is all about. The investors: The Nugget, private companies and the city (i.e. the taxpayers) take on the ultimate sweat equity project; and through hard work, careful planning and mutual investment, we all reap the benefit of the increased value that spreads throughout the whole city. Not only do we have a downtown center to provide us with a state-of-the-art library, new business and living areas, plazas for concerts and community events, but each of us who lives here will see the benefits in a more personal way.
How? It’s the simplest economic principal – supply and demand. People want to live in a community that provides a downtown like the one envisioned by the City Center Project proponents. Employers, skilled workers, families and retirees want to relocate to areas that pay attention to quality of life issues and put their money where their mouths are.
The employers we seek to attract with this project are high-tech businesses that provide good paying jobs to young people and their families. People want to live in a community that supports a state-of-the-art library and other public services. People want to live in a community where you can stroll or ride your bike along the downtown corridor and patronize great retail establishments and restaurants or attend an outdoor concert.
Here’s the good part – the more people want to live here, the more stable the property values will be. As a real estate broker, I deal every day with the effects of the declining housing market on our clients. Stable house prices will go a long way toward getting our economy back on track.
The more people who move here, the more opportunities for support services to employ more of us – new retailers, grocery stores, car dealers, restaurants, bakeries and all the other small and large businesses that support a thriving community.
The more businesses that can be successful here, the higher the sales tax base and the stability of our government to provide the services we all want, like parks, roads, services for seniors, quality schools and public safety. Sounds like a win-win to me!
• Jenny Lopiccolo is broker/owner at Coldwell Banker Best Sellers in Carson City.