The Nevada Governor’s Office of Economic Development (GOED) approved four companies that will receive $4,922,336 in tax abatements. In return, these companies are projected to create 85 jobs in the next two years at an average weighted hourly wage of $28.89. That figure is expected to grow to 134 in five years. Additionally, these companies will make capital equipment investments of $53,130,770 in the first two years of operation and generate $22,709,120 in new tax revenues over the 10-year abatement period.
“The investment these companies are making is another indication of a strong and diversifying economy in Northern Nevada,” said Governor Joe Lombardo. “Since the beginning of my term, Nevada has issued five abatements that will create 3,134 jobs over five years. These companies are making $3.7 billion in capital investments and will generate $789 million in new tax revenues over the 10-year abatement period.”
The companies receiving abatements are in Douglas, Washoe, and Storey counties.
“It is no accident that these companies are continuing to invest in Nevada,” said Tom Burns, GOED Executive Director. “Working with our Regional Development Authorities, we are carefully targeting industries that are creating good jobs and are aligned with our workforce development strategy. Two of these companies are making individual capital equipment expenditures of nearly $20 million.”
The companies approved for abatement today include:
- AVK Elastomer Technology plans to build a new 36,400 square foot high-tech manufacturing facility in Douglas County. This company produces rubber sealing components for valves, pumps and various fittings that are used in the water, food, energy, healthcare, and chemical industries globally. It was approved for $377,603 in tax abatements. It is projected to create 12 jobs in the first two years of operation at an average weighted hourly wage of $28.42. It is expected to grow to 24 jobs in five years. This company will make $4,005,000 in capital equipment investment within the first two years of operation and generate $5,161,561 in new tax revenues over the 10-year abatement period.
- Monin, Inc. plans to expand its syrup manufacturing facility in Washoe County by 106,387 square feet. The company is a premium flavoring choice for coffeehouse and foodservice operations globally, offering 200 gourmet flavors free from artificial flavors, colors, preservatives, and sweeteners. It was approved for $1,088,611 in tax abatements. It is projected to create 26 jobs in the first two years of operation at an average weighted hourly wage of $24.56. It is expected to grow to 33 jobs in five years. This company will make $18,496,444 in capital equipment investment within the first two years of operation and generate $7,410,902 in new tax revenues over the 10-year abatement period.
- Sparks NV, LLC plans to expand its closed-loop recycling and manufacturing operation to 225,834 square feet at the Tahoe Reno Industrial Center located in Storey County. The project comprises a closed-loop recycling and manufacturing operation focused on providing green recycling and manufacturing solutions for scrap metal industry. It was approved for $2,490,613 in tax abatements. It is projected to create 32 jobs in the first two years of operation at an average weighted hourly wage of $29.73. It is expected to grow to 62 jobs in five years. This company will make $10,978,357 in capital equipment investment within the first two years of operation and generate $5,936,160 in new tax revenues over the 10-year abatement period.
- United Parcel Service Inc. plans to expand its existing Northern Nevada operations with plans to build a new 168,000 square foot building in Douglas County. This expansion will improve the region’s connectivity within UPS’s worldwide package and distribution network and better align it with UPS’s other activities. It was approved for $965,509 in tax abatements. It is projected to create 15 jobs in the first two years of operation at an average hourly wage of $34.96. This company will make $19,650,969 in capital equipment investment within the first two years of operation and generate $4,200,497 in new tax revenues over the 10-year abatement period.
About the Governor’s Office of Economic Development
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and the Governor’s Office to restructure economic development in the state. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development.
Contact:
Gregory Bortolin
Director of Communications
grbortolin@goed.nv.gov
(775) 687-9917
