Carson City recycling company among nine Nevada businesses to receive abatements for job creation
Submitted by Jeff Munson on Sun, 04/04/2021 - 1:36pm
The Nevada Governor’s Office of Economic Development Board last week approved nine companies that will receive $4.7 million in abatements over two years that will result in an estimated 1,325 permanent jobs over the next five years with a weighted average hourly wage of $29.87.
"These companies will create more than 1,300 permanent jobs within the next five years and bring $116 million in capital investment and tax revenue to Nevada over the next 10 years." said Gov. Steve Sisolak. "Nevada's return on investment is very high - resulting in job creation, new businesses, and business expansion that will help stimulate our economic recovery."
During the first two years, these companies will make $47.4 million in capital equipment investment. In total, the companies will also generate $68.7 million in new tax revenue over 10 years. The companies receiving abatements include:
— Redwood Materials, Inc., is an expansion of a recycling technology manufacturing and processing company in Carson City. It will receive $411,599 in tax abatements over 10 years. It will create an estimated 109 new jobs in the first five years of expansion at an average weighted hourly wage of $30.77. This company will make $5.1 million in capital equipment investment and generate $3.7 million in tax revenue over 10 years.
— PayCertify, Inc., is a new fintech, headquarters, and service company in Washoe County. It will receive $297,205 in tax abatements over 10 years. It will create an estimated 100 jobs in the first five years of operation at an average weighted hourly wage of $29.31. This company will make $2.3 million in capital equipment investment within the first two years of operation and generate $5.6 million in tax revenue over 10 years.
— Plant Prefab, Inc., is a new prefabricated building and a building component manufacturing company in Storey County. It will receive $1.6 million in tax abatements over 10 years. It will create an estimated 100 new jobs in the first five years of operation at an average weighted hourly wage of $26.50. This company will make $16.6 million in capital equipment investment within the first two years of operation and generate $4.2 million in tax revenue over 10 years.
— ThyssenKrupp Industrial Solutions is a service and installation manufacturing center in Storey County. It will receive $266,757 in tax abatements over 10 years. It will create an estimated 51 jobs in the first five years of operation at an average weighted hourly wage of $37.34. This company will make $2.2 million in capital equipment investment within the first two years of operation and generate $2.2 million in tax revenue over 10 years.
— Advanced Hemp, Inc., is a new company in Clark County that will manufacture plant fertilizer from Hemp. It will receive $883,501 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 $26.51. This company will make $8.2 million in capital equipment investment within its first two years of operation and generate $9.9 million in tax revenue over 10 years.
— Boxabl Incorporated is an expansion of prefabricated buildings and a building components manufacturer in Clark County. It will receive $319,578 in tax abatements over 10 years. It will create an estimated 100 jobs in the first five years of expansion at an average weighted hourly wage of $29.97. This company will make $3.4 million in capital equipment investment within the first two years of operation and generate $6.1 million in tax revenue over 10 years.
— Merastar Insurance Company is an expansion of an insurance customer service center in Clark County. It will receive $509,795 in tax abatements over 10 years. It will create an estimated 600 jobs in the first five years of expansion at an average weighted hourly wage of $32.34. This company will make $3 million in capital investment within the first two years of operation and generate $29 million in tax revenue over 10 years.
— Nuro, Inc., is a new research and development company that produces Autonomous Systems in Clark County. It will receive $170,519 in tax abatements over 10 years. It will create an estimated 60 jobs in the first five years of operation at an average weighted hourly wage of $28.80. This company will make $1.3 million in capital expenditures within the first two years of operation and generate $5.3 million in tax revenue over 10 years.
— Silver Lion Farms is the expansion of an existing Hemp growth and processing manufacturing company in White Pine County. It will receive $291,767 in tax abatements over 10 years. It will create an estimated 50 jobs in the first 10 years of expansion at an average weighted hourly wage of $27.30. This company will make $3.3 million in capital equipment investment within the first two years of expansion and generate $2.8 million in tax revenue over 10 years.
