Southern Nevada’s economic development future brightened today as the Governor’s Office of Economic Development approved a series of tax abatements, catalyst fund requests and training grants for companies with plans to expand in Clark County.
More than 1,000 jobs will be created in Southern Nevada as a result of the board’s actions. Eight of the 10 requests considered by the board benefited Clark County, and one other tax abatement request came from a Henderson company expanding in Sparks.
The largest state catalyst fund request — from Barclaycard, the credit-card division of Barclays Bank — would result in 400 positions and could potentially grow to 1,000 jobs in Henderson within four years. The bank requested $1.87 million in catalyst funding, and Barclays intends to use the funds to purchase furniture and fixtures for the center that would be paid only after the company hits tiered employment levels and they are maintained for at least a month. The company did not disclose the location of the office in Henderson but plans to open the facility in early 2014.
The board also approved a request for $750,000 from the catalyst fund for Kareo Inc., an Irvine, Calif.-based medical data management company, which plans to move its disaster recovery center employing 112 full-time workers to Las Vegas. The company will use the funding to recruit workers.
Company executives said before the vote that they would make the move to Las Vegas if the request was approved and would start operations in November. The company plans to locate at the Switch SuperNAP facility and could expand to 300 employees. Kareo also requested abatements of sales, modified business and personal property taxes totaling $294,557.
The board has now committed $6.3 million of the initially approved $10 million catalyst fund to entice companies to move to the state. Executive Director Steve Hill said the state’s goal was to create 2,500 jobs with that fund; so far, 2,620 jobs have been created.
Other tax abatements and training grants approved by the board:
• Sales, modified business and personal property tax abatements totaling $225,913 for Santa Fe Springs, Calif.-based Shears Litho, a custom printing company that will relocate its corporate headquarters to Southern Nevada. The company will create 39 jobs initially, expanding within a year to 75, and invest $2.2 million in equipment. An estimated 75 percent of its market is outside Nevada.
• Sales and modified business tax abatements totaling $187,111 for Chicago-based SenseAgility, a business support company that assists entrepreneurs through three business divisions. The company will create 100 jobs.
• A $204,000 training grant for 35 employees was approved for New York-based Take-Two Interactive, which has a video game software operation in downtown Las Vegas.
• A $50,000 training grant was approved for Los Gatos, Calif.-based Pathion Inc. to develop a process to extend the life of lithium batteries.
• GE Transportation won administrative approval for a $10,000 training grant for 10 employees. The Erie, Pa.-based company has a Las Vegas railroad motor remanufacturing operation.
• Henderson-based Cashman Equipment will expand by 15 jobs and invest $8.4 million in Washoe County for a rebuilding facility for large mining equipment. Sales, business and property tax abatements totaling $813,902 were approved.