~ $4.7 million in abatements will help create an estimated 1,325 jobs that average $29.87 per hour ~
Carson City, NV — The Nevada Governor’s Office of Economic Development (GOED) Board today approved nine companies that will receive $4.7 million in abatements over two years that will result in an estimated 1,325 permanent jobs over the next five years with a weighted average hourly wage of $29.87.
“These companies will create more than 1,300 permanent jobs within the next five years and bring $116 million in capital investment and tax revenue to Nevada over the next 10 years.” said Gov. Steve Sisolak. “Nevada’s return on investment is very high – resulting in job creation, new businesses, and business expansion that will help stimulate our economic recovery.”
During the first two years, these companies will make $47.4 million in capital equipment investment. In total, the companies will also generate $68.7 million in new tax revenue over 10 years. The companies receiving abatements include:
- Advanced Hemp, Inc., is a new company in Clark County that will manufacture plant fertilizer from Hemp. It will receive $883,501 in tax abatements over 10 years. It will create an estimated 155 jobs in the first five years of operation at an average weighted hourly wage of $26.51. This company will make $8.2 million in capital equipment investment within its first two years of operation and generate $9.9 million in tax revenue over 10 years.
- Boxabl Incorporated is an expansion of prefabricated buildings and a building components manufacturer in Clark County. It will receive $319,578 in tax abatements over 10 years. It will create an estimated 100 jobs in the first five years of expansion at an average weighted hourly wage of $29.97. This company will make $3.4 million in capital equipment investment within the first two years of operation and generate $6.1 million in tax revenue over 10 years.
- Merastar Insurance Company is an expansion of an insurance customer service center in Clark County. It will receive $509,795 in tax abatements over 10 years. It will create an estimated 600 jobs in the first five years of expansion at an average weighted hourly wage of $32.34. This company will make $3 million in capital investment within the first two years of operation and generate $29 million in tax revenue over 10 years.
- Nuro, Inc., is a new research and development company that produces Autonomous Systems in Clark County. It will receive $170,519 in tax abatements over 10 years. It will create an estimated 60 jobs in the first five years of operation at an average weighted hourly wage of $28.80. This company will make $1.3 million in capital expenditures within the first two years of operation and generate $5.3 million in tax revenue over 10 years.
- PayCertify, Inc., is a new fintech, headquarters, and service company in Washoe County. It will receive $297,205 in tax abatements over 10 years. It will create an estimated 100 jobs in the first five years of operation at an average weighted hourly wage of $29.31. This company will make $2.3 million in capital equipment investment within the first two years of operation and generate $5.6 million in tax revenue over 10 years.
- Plant Prefab, Inc., is a new prefabricated building and a building component manufacturing company in Storey County. It will receive $1.6 million in tax abatements over 10 years. It will create an estimated 100 new jobs in the first five years of operation at an average weighted hourly wage of $26.50. This company will make $16.6 million in capital equipment investment within the first two years of operation and generate $4.2 million in tax revenue over 10 years.
- Redwood Materials, Inc., is an expansion of a recycling technology manufacturing and processing company in Carson City. It will receive $411,599 in tax abatements over 10 years. It will create an estimated 109 new jobs in the first five years of expansion at an average weighted hourly wage of $30.77. This company will make $5.1 million in capital equipment investment and generate $3.7 million in tax revenue over 10 years.
- Silver Lion Farms is the expansion of an existing Hemp growth and processing manufacturing company in White Pine County. It will receive $291,767 in tax abatements over 10 years. It will create an estimated 50 jobs in the first 10 years of expansion at an average weighted hourly wage of $27.30. This company will make $3.3 million in capital equipment investment within the first two years of expansion and generate $2.8 million in tax revenue over 10 years.
- ThyssenKrupp Industrial Solutions is a service and installation manufacturing center in Storey County. It will receive $266,757 in tax abatements over 10 years. It will create an estimated 51 jobs in the first five years of operation at an average weighted hourly wage of $37.34. This company will make $2.2 million in capital equipment investment within the first two years of operation and generate $2.2 million in tax revenue over 10 years.
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. More information on the Governor’s Office of Economic Development can be viewed at diversifynevada.com.
Media Contact:
Gregory Bortolin
Director of Communications
grbortolin@diversifynevada.com
(775) 687-9917
