GOED announces more companies locating, expanding in Nevada

GOED announces more companies locating, expanding in Nevada
Las Vegas. Image by 272447 from Pixabay

CARSON CITY – Eight businesses moving to or expanding in Nevada will receive $8.9 million in tax abatements as incentive to set up shop and create about 2,000 moderate- to high-paying jobs. The Nevada Governor’s Office of Economic Development (GOED) Board announced the abatements Thursday.

Seven of the new companies will be located in Clark County, with the eighth in Washoe County. GEOD estimates they’ll invest $84.1 million in capital equipment within two years of operation and produce $121.3 million in tax revenue for the state over the next decade.

The average wage offered will be about $25.

The companies approved for abatement include:

  • Foot Locker Retail, Inc., is a new distribution and fulfillment company in Washoe County. It will receive $2.7 million in tax abatements over 10 years. It will create an estimated 212 jobs in the first five years of operation at an average weighted hourly wage of $21.49. This company will make $26.8 million in capital equipment investment within its first two years of operation and generate $13.8 million in tax revenue over 10 years.
  • JAND, Inc., is a new eyeglasses manufacturer in Clark County. It will receive $379,106 in tax abatements over 10 years. It will create an estimated 210 jobs in the first five years of operation at an average weighted hourly wage of $18.42. This company will make $6.1 million in capital equipment investment within the first two years of operation and generate $9.6 million in tax revenue over 10 years.
  • Nutrition Corp. is a new food manufacturer in Clark County. It will receive $1.3 million in tax abatements over 10 years. It will create an estimated 650 jobs in the first five years of operation at an average weighted hourly wage of $22.42. This company will make $7.3 million in capital equipment investment within the first two years of operation and generate $36.4 million in tax revenue over 10 years.
  • Pitney Bowes Presort Services, LLC is a new distribution and fulfillment company in Clark County. It will receive $519,627 in tax abatements over 10 years. It will create an estimated 170 jobs in the first five years of operation at an average weighted hourly wage of $24.61. This company will make $5 million in capital equipment investment within the first two years of operation and generate $8.4 million in tax revenue over 10 years.
  • Spreetail, LLC is the expansion of an existing distribution and fulfillment company in Clark County. It will receive $311,299 in tax abatements over 10 years. It will create an estimated 200 jobs in the first five years of expansion at an average weighted hourly wage of $26.66. This company will make a $2.2 million capital equipment investment within the first two years of expansion and generate $12.5 million in tax revenue over 10 years.
  • Sunshine Minting, Inc., is the expansion of an existing precious minerals manufacturing company in Clark County. It will receive $368,880 in tax abatements over 10 years. It will create an estimated 217 jobs in the first five years of expansion at an average weighted hourly wage of $21.38. This company will make a $3.2 million capital equipment investment within the first two years of expansion and generate $14.1 million in tax revenue over 10 years.
  • Tapestry Inc. is a new distribution and fulfillment company in Clark County. It will receive $2.9 million in tax abatements over 10 years. It will create an estimated 188 jobs in the first five years of operation at an average weighted hourly wage of $26.88. The company will make a $31 million capital equipment investment within the first two years of operation and generate $14.4 million in tax revenue over 10 years.
  • TCP Global Corporation is a new distribution and fulfillment company in Clark County. It will receive $403,202 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 $38.90. The company will make a $2.5 million capital equipment investment within the first two years of operation and generate $12.3 million in tax revenue over 10 years.

Source: GOED