GOED approves tax abatements for nine companies, expects $145 million in business investment

CARSON CITY–Six new companies relocating to Nevada and another three that are expanding plan to invest $145 million in business in the state and bring on nearly 470 workers with wages averaging more than $25 per hour.

The Nevada Governor’s Office of Economic Development on Thursday said it had approved $12 million in tax abatements for the nine companies, with an expectation they’ll generate $59 million in tax revenues over the next decade.

GOED has approved a number of tax abatements this year in an effort to spur business investment in the state and stimulating the economy with higher paying jobs.

“We have had a very productive year coming out of the pandemic,” said GOED Executive Director Michael Brown. “After having 16 companies approved for abatements in September, the GOED Board approved nine more companies today. The companies choosing Nevada are making a major investment in our state. I am also encouraged by the quality of the jobs they are creating.”

Six of the companies are in Clark County, two in Storey County and one in Douglas County. The businesses are:

• Envases Commerce, LLC is a new metal cans manufacturing (food and beverage) company in Clark County. It will receive $7.5 million in tax abatements. It will be required to create 73 jobs in the first two years of operation at an average weighted hourly wage of $24.05. It is expected to grow to 150 jobs in five years. This company will make $75.5 million in capital investment within the first two years of operation and generate $13.6 million in net new tax revenues over 10 years.
• Evanesce, Inc. is a new manufacturer of compostable food packaging containers (molded starch products) and a global leader in sustainable packaging solutions in Clark County. It will receive $1 million in tax abatements. It will be required to create 54 jobs in the first two years of operation at an average weighted hourly wage of $24.19. It is expected to grow to 114 jobs in five years. This company will make $10.1 million in capital investment within the first two years of operation and generate $6.9 million in net new tax revenues over 10 years.
• LiniCo Corporation is a new lithium battery recycling company in Storey County. It will receive $618,836 in tax abatements. It will be required to create 30 jobs in the first two years of operation at an average weighted hourly wage of $35.96. It is expected to grow to 72 jobs in five years. This company will make $6 million in capital investment within the first two years of operation and generate $4.1 million in net new tax revenues over 10 years.
• Local Bounti Corporation is a new indoor farming technology company that implements computer-aided engineering technology in Douglas County. It will receive $1 million in tax abatements. It will be required to create 65 jobs in the first two years of operation at an average weighted hourly wage of $26.69. This company will make $10.5 million in capital investment within the first two years of operation and generate $10.7 million in net new tax revenues over 10 years.
• Stericycle, Inc. is a new company that specializes in disposing medical waste and other regulated medical substances in Storey County. It will receive $974,795 in tax abatements. It will be required to create 38 jobs in the first two years of operation at an average weighted hourly wage of $22.71. It is expected to grow to 42 jobs in the first five years of operation. This company will make $25.2 million in capital investment within the first two years of operation and generate $5.6 million in net new tax revenues over 10 years.
• Smithfield Foods doing business as Saratoga Food Specialties is an expansion of an existing company in Clark County. It will receive $938,727 in tax abatements. It will be required to create 56 jobs in the first two years of expansion at an average weighted hourly wage of $20.02. This company will make $16.7 million in capital investments within the first two years of expansion and generate $4.6 million in net new tax revenues over 10 years.
• Purtec, Inc. is an expansion of a company in Clark County that designs, develops, markets, and sells cybernetic purification technology. It will receive $66,866 in tax abatements. It will be required to create 25 jobs in the first two years of expansion at an average weighted hourly wage of $40.56. It is expected to grow to 75 jobs in five years. This company will make $87,000 in capital investment within the first two years of expansion and generate $4.8 million in net new tax revenues over 10 years.
• Rapid Response Monitoring Services, Inc. is a new data and security monitoring company in Clark County. It will receive $213,183 in tax abatements. It will be required to create 118 new jobs in the first two years of operation at an average weighted hourly wage of $22.75. It is expected to grow to 148 jobs in five years. This company will make $1 million in capital investment within the first two years of operation and generate $7.1 million in net new tax revenues over 10 years.
• The Design Factory, LLC is the expansion of an existing specialized design services company in Clark County. It will receive $14,351 in tax abatements. It will be required to create 10 new jobs in the first two years of expansion at a weighted average hourly wage of $27.14. It is expected to grow to 13 jobs in five years. This company will make $94,800 in capital investment within the first two years of expansion and generate $1.4 million in net new tax revenues over 10 years.

Source: GOED