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The Nevada Governor’s Office of Economic Development approved four companies to receive $4,922,335 in tax abatements. In return, these companies are projected to create 85 jobs in the next two years at an average weighted hourly wage of $28.89. That figure is expected to grow to 134 in five years. Additionally, these companies will make capital equipment investments of $53,130,770 in the first two years of operation and generate $22,709,120 in new tax revenues over the 10-year abatement period.
The tax abated companies are:
- AVK Elastomer Technology is a manufacturing company that produces rubber sealing components for valves, pumps and more. The company is planning to build a 36,400 square foot facility in Douglas County. It is projected to create 12 jobs in the first two years of operation and expected to grow to 24 jobs in five years.
- Monin, Inc. is a syrup manufacturing company that is planning to expand its facility by 106,387 square feet in Washoe County.
- Sparks NV, LLC is a closed-loop recycling and manufacturing operation focused on providing green recycling solutions for scrap metal industry. It is planning to expand its operation to 225,834 square feet at the Tahoe Reno Industrial Center located in Storey County.
- United Parcel Service Inc. is planning to build a new 168,000 square foot building in Douglas County to expand its exiting Northern Nevada operations.