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The Nevada Governor’s Office of Economic Development (GOED) Board approved seven companies that will receive $53,112,166 in tax abatements. In return these companies are required to create 1,013 jobs in the next two years at an average weighted hourly wage of $28. That figure is expected to grow to 1,722 jobs in five years. Additionally, these companies will make a capital investment of $490,309,444 in the first two years of operation and generate $178,220,769 in net new tax revenues over the next 10 years.
Six of these companies that received abatements are new, and another will be included in the Economic Development Rate Rider program.
“One of these companies is paying an average wage of $45 per hour and another is making an initial capital investment of $119 million,” said Michael Brown, GOED Executive Director. “We continue to scrutinize the companies that receive these abatements to ensure they align with the industries that we are pursuing and that they are creating high skill jobs.”
The companies approved for abatement today include:
- Bella + Canvas, LLC was approved for a 488,100 square foot warehouse facility in Clark County and $1,598,693 in tax abatements. Headquartered in Los Angeles, Bella + Canvas is the largest manufacturer of wholesale apparel in the United States. It specializes in the design, manufacturing, and distribution of clothing basics. It will be required to create 10 jobs in the first two years of operation at an average weighted hourly wage of $30. The company anticipates having an additional 900 non-incentivized positions when fully operational in the first year. This company will make $19,034,935 in capital investment within the first two years of operation and generate $4,741,997 in net new tax revenues over 10 years.
- Crocs, Inc. is building a 1 million square foot footwear distribution and warehousing facility in Clark County. It will receive $8,642,248 in tax abatements. It will be required to create 250 jobs in two years of operation at an average weighted hourly wage of $26.98. It is expected to grow to 325 jobs in five years. This company will make $85 million in capital investment within the first two years of operation and generate $29,848,241 in net new tax revenues over 10 years.
- Foam of Nevada, Inc. plans to establish a 200,000 square foot Expanded Polystyrene (EPS) manufacturing facility in Clark County. It will receive $1,879,048 in tax abatements. It will be required to create 450 jobs in two years of operation at an average weighted hourly wage of $27. It is expected to grow to 720 jobs in five years. This company will make $12,530,000 in capital investment within the first two years of operation and generate $46,317,575 in net new tax revenues over 10 years.
- Novva Holdings Inc. is planning to establish a 250,000 square foot data center facility in Clark County. It will receive $15,283,444 in tax abatements. It will be required to create 11 jobs in the first five years of operation at an average weighted hourly wage of $30.60. This company will make $119,037,375 in capital investment within the first five years of operation and generate $19,722,541 in net new tax revenues over 10 years.
- NTherma Corp. will build an industrial-scale manufacturing facility in Nevada to produce Graphene Molecular Wire. It will receive $7,913,429 in tax abatements. It will be required to create 44 jobs in the first two years of operation at an average weighted hourly wage of $45.19. It is expected to grow to 294 jobs in five years. This company will make $76,524,800 in capital investment within the first two years of operation and generate $29,887,138 in net new tax revenues over 10 years.
- VSE, LLC is planning to establish an 84,000 square foot electronics research, design, and assembly facility in Washoe County. It will receive $318,449 in tax abatements. It will be required to create 70 jobs in the first two years of operation at an average weighted hourly wage of $29.64. It is expected to grow to 140 jobs in five years. This company will make $2,193,634 in capital investment within the first two years of operation and generate $7,875,327 in net new tax revenues over 10 years.
- Ball Metal Beverage Container Corp. was approved for the Economic Development Rate Rider (EDRR) Program, for its planned manufacturing facility in Clark County. The company was approved for a 5MW EDRR allocation. Pursuant to NRS Chapter 704.7876, the Office, in consultation with the Public Utilities Commission of Nevada, can grant the Lead Participant a Certificate of Eligibility for an EDRR for discounts to be applied for eight years on rates for up to 25 megawatts of power capacity used by the Company within the Project Site pursuant to a contract with a term of 10 years. This EDDR application is supplemental to the company’s approval, for tax abatements, for the same project in 2021. The company will establish a 750,000 square feett multiline beverage packaging facility in North Las Vegas. As per the company’s 2021 application, it will receive $17.5 million in tax abatements. It will be required to create 178 jobs in the first two years of operation at an average weighted hourly wage of $33.65. It is expected to grow to 222 in five years. The company will make $175 million in capital investment within the first two years of operation and generate $39,827,950 in net new tax revenues over 10 years.
“Nevada is continuing to attract quality companies that are creating great jobs for working families,” said Governor Steve Sisolak. “Since January of 2019, the 86 companies that have received abatements will create 13,227 jobs over five years. These companies are making $2.4 billion in capital investments and will generate $1.2 billion in new net tax revenues over the next decade.”
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