New, expanding companies get millions in tax abatements

CARSON CITY — The Nevada Governor’s Office of Economic Development (GOED) board approved seven companies to receive $53 million in tax abatements. The companies in return are required to create more than 1,000 jobs in the next two years at an average weighted hourly wage of $28.

The companies will also make a capital investment of $490 million in the first two years of operation and generate $178 million in net new tax revenues over the next 10 years.

“Nevada is continuing to attract quality companies that are creating great jobs for working families,” said Gov. Steve Sisolak.

The companies include:

• Los Angeles headquartered clothing manufacturer Bella + Canvas, LLC was approved for a 488,100 square foot warehouse facility in Clark County. It will receive nearly $1.6 million in tax abatements and plans to invest more than $19 million in within its first two years in Nevada. The agreement requires the company to create 10 jobs in the first two years of operation at an average weighted hourly wage of $30. An additional 900 non-incentivized positions will be available within the first year of operation. 
• Casual footwear company Crocs, Inc. is investing $85 million in a 1 million-square-foot distribution and warehousing facility in Clark County and will receive $8,642,248 in tax abatements. The company is required to create 250 jobs in two years of operation at an average weighted hourly wage of nearly $27 and is expected to grow to 325 jobs in five years.
• Foam of Nevada, Inc. plans invest $12.5 million to establish a 200,000-square-foot Expanded Polystyrene (EPS) manufacturing facility in Clark County. It will receive nearly $1.9 million in tax abatements. The company is required to create 450 jobs in two years of operation at an average weighted hourly wage of $27 and is expected to grow to 720 jobs in five years.
• Data center services provider Novva Holdings Inc. is planning to invest $119 million to establish a 250,000-square-foot data center facility in Clark County. It will receive more than $15 million in tax abatements and will create 11 jobs in the first five years of operation at an average weighted hourly wage of $30.
• NTherma Corp. will invest $76 million to build an industrial-scale graphene molecular wire manufacturing facility in Nevada. It will receive nearly $8 million in tax abatements and create 44 jobs in the first two years of operation at an average weighted hourly wage of $45, growing to nearly 300 jobs within five years.
• VSE, LLC, an electronic and mechanical design and engineering company, is planning to invest $2.2 million to establish an 84,000-square-foot electronics research, design, and assembly facility in Washoe County. It will receive $318,449 in tax abatements. The company plans to create 70 jobs in the first two years of operation at an average weighted hourly wage of $30 and is expected to grow to 140 jobs in five 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 program provides discounted power, and the company was approved for a 5MW EDRR allocation. The company plans to invest $175 million in capital to establish a multiline beverage packaging facility in North Las Vegas, estimated to be 750,000 square feet. It will receive $17.5 million in tax abatements and is required to create 178 jobs in the first two years of operation at an average weighted hourly wage of nearly $34 and is expected to grow to 222 in five years.

Source: GOED