The board of the Governor’s Office of Economic Development met today in a teleconference meeting in Las Vegas and Carson City.
The issue: Six companies relocating to or expanding in Clark County sought tax abatement and deferral incentives from the state. Approval of the abatements and referrals would result in an additional 766 jobs and a total capital investment of $60.5 million.
The vote: 7-0 in five separate votes; 6-1 on an application from ExOne.
What it means: A record number of tax abatement and training grant requests were made at the meeting with six coming from Clark County and nine from other parts of the state. Each request qualified for incentives under state economic development regulations. A summary of the local approvals:
• Barclays Services LLC, Wilmington, Del., was approved for sales tax abatements to 2 percent estimated at $457,500, modified business tax deferrals of 50 percent for four years, estimated at $230,438, and personal property tax deferral of 50 percent for 10 years, estimated at $217,778.
The company, opening a new office in Henderson, will produce 400 new jobs by next year with an average wage of $14.18 and capital investment of $2.9 million.
Over 10 years, the company is expected to generate $12.5 million in new state and local tax revenue.
Gov. Brian Sandoval called the arrival of Barclays “a great get for Nevada” that should help employ people losing their jobs with the closure of Citibank’s mortgage division at The Lakes next month.
• Clearwater Paper, formerly Potlatch, North Las Vegas, was approved for sales tax abatements to 2 percent estimated at $191,601, modified business tax deferrals of 50 percent for four years, estimated at $11, 380, and personal property tax deferral of 50 percent for 10 years, estimated at $91,205.
The company, expanding its North Las Vegas operation, will produce 25 new jobs by next year with an average wage of $20.64 and capital investment of $3.1 million.
Over 10 years, the company is expected to generate $1.6 million in new state and local tax revenue.
• Flowers Baking, Thomasville, Ga., was approved for sales tax abatements to 2 percent, estimated at $183,000, modified business tax deferrals of 50 percent for four years, estimated at $51,378, and personal property tax deferral of 50 percent for 10 years, estimated at $87,111.
The company, opening a bakery to serve the West from Henderson, will produce 70 new jobs by next year with an average wage of $20.54 and capital investment of $3 million.
Over 10 years, the company is expected to generate $5.4 million in new state and local tax revenue. The bakery has opened and recently produced its first loaf of bread.
• TJX, a subsidiary of NBC Fourth Realty, parent company of TJ Maxx, Framingham, Mass., was approved for sales tax abatements to 2 percent, estimated at $2.8 million, modified business tax deferrals of 50 percent for four years, estimated at $145,770, and personal property tax deferral of 50 percent for 10 years, estimated at $1.4 million. The company, opening a new distribution center in North Las Vegas, will produce 240 new jobs by next year with an average wage of $16.91 and capital investment of $46.5 million.
Over 10 years, the company is expected to generate $18.9 million in new state and local tax revenue.
• VSR Industries, Henderson, was approved for sales tax abatements to 2 percent, estimated at $179,035, modified business tax deferrals of 50 percent for four years, estimated at $6,909, and personal property tax deferral of 50 percent for 10 years, estimated at $85,224.
The company, expanding its slot-machine base and cabinet manufacturing operation in Henderson, will produce 27 new jobs by next year with an average wage of $12.97 and capital investment of $2.9 million.
Over 10 years, the company is expected to generate $1.5 million in new state and local tax revenue.
• ExOne, North Huntington, Pa., was approved for sales tax abatements to 2 percent, estimated at $125,660, and personal property tax deferral of 50 percent for 10 years, estimated at $59,816.
The company, which will develop, manufacture and sell three-dimensional printing machines in Clark County, will produce four new jobs by next year with an average wage of $21.12 and capital investment of $2 million.
Over 10 years, the company is expected to generate $76,291 in new state and local tax revenue.