Abated Companies Will Invest $113 Million And Generate $36 Million In Tax Revenue

September 22, 2022

 

CARSON CITY, Nev. – The Nevada Governor’s Office of Economic Development (GOED) approved five companies that will receive $8,964,803 in tax abatements. In return these companies are required to create 126 jobs in the next two years at an average weighted hourly wage of $29.36. That figure is expected to grow to 435 in five years. Additionally, these companies will make capital investments of $113,187,465 in the first two years of operation and generate $36,656,732 in net new tax revenues over the next 10 years.

“These new companies will have an impact throughout Nevada,” said Nevada 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.”

The companies receiving abatements are spread throughout Nevada with two in the Reno area, and one each in Nye, Clark and Storey counties.

“Nevada continues to attract companies who are making significant investments, creating good jobs and expanding our tax base,” said Michael Brown, GOED Executive Director. “One of these companies is making $69 million in capital investments, another is generating $12 million in net tax revenues over the next decade.”

The companies approved for abatement today include:

  • ARES Nevada, LLC mission is to enable the electric grid to integrate more clean, environmentally responsible, renewable energy while maintaining reliable electric service necessary to power growth and economic prosperity through energy storage in Nye County. It will receive $2,462,353 in tax abatements. It will be required to create eight jobs in the first two years of operation at an average weighted hourly wage of $42.20. It is expected to grow to 51 jobs in five years. This company will make $26,694,370 in capital investment within the first two years of operation and generate $4,847,558 in net new tax revenues over 10 years.
  • Electronic Evolution Technologies, Inc (EET) plans to expand its existing 54,000 square foot state of the art facility in Reno. EET works with domestic and global companies manufacturing circuit board assembly and box-builds. It will receive $35,863 in tax abatements. It will be required to create 25 jobs in the first two years of operation at an average weighted hourly wage of $24.40. It is expected to grow to 57 jobs in five years. This company will make $400,000 in capital investment within the first two years of operation and generate $3,690,034 in net new tax revenues over 10 years.
  • Post Consumer Brands, LLC (PCB) plans to expand its existing food manufacturing facility in Sparks. They have been operating in the region since 1972, having recently become part of the PCB family in 2021. The company is a major manufacturer of cereal. It will receive $5,207,771 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 $28.22. This company will make $69,580,500 in capital investments within the first two years of operation and generate $7,724,258 in net new tax revenues over 10 years.
  • Sephora USA, Inc. is planning an expansion of its existing 715,000 square foot warehouse and distribution facility located in Clark County. The existing facility currently fulfills ecommerce and online orders to much of the Western United States. The expansion will allow the facility to support retail stores in the region. It will receive $779,612 in tax abatements. It will be required to create 33 jobs in the first two years of operation at an average weighted hourly wage of $27.20. It is expected to grow to 147 jobs in five years. This company will make $12 million in capital investments within the first two years of operation and generate $11,994,192 in net new tax revenues over 10 years.
  • TLS Supply Chain Solutions, Inc (TLS) plans to establish a 125,875 square foot facility in Storey County. The company seeks to launch its U.S. headquarters and third-party logistics services that will include fulfillment, and transportation operations. It will receive $479,204 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 $33.58. It is expected to grow to 150 jobs in five years. This company will make $4,512,595 in capital investments within the first two years of operation and generate $8,400,690 in net new tax revenues over 10 years.

 

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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.

 

 

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