State approves tax abatements for two companies coming to Southern Nevada
18 October 2012
The board of directors of the Governor’s Office of Economic Development on Thursday unanimously recommended tax abatements and deferrals for two companies planning to develop operations in Southern Nevada that would provide more than 300 jobs.
The board recommended incentives for Niyato Industries, a Charlotte, N.C., company that converts gasoline-powered cars to all-electric or alternative fuel vehicles and for V5Technologies LLC, a digital data repository.
Niyato has applied for more than $1 million in incentives, which include tax abatements and deferrals, a federal training grant administered by the state and a piece of the state’s new $10 million catalyst fund. V5 is seeking $200,000 in abatements and deferrals.
Board member Rob Roy, whose company Switch would be a competitor to V5 abstained in that vote.
Representatives of the Nevada Development Authority said in a public hearing last week that Niyato plans to relocate to North Las Vegas. The company says it will invest $3.5 million in equipment and create 290 jobs with an average wage of $25 an hour.
V5 Technologies plans to develop a data center at West Cheyenne Avenue and Buffalo Road in Las Vegas in a facility that once housed the PurchasePro.com headquarters and call center. The company’s Cobalt Cheyenne Data Center initially would create 16 jobs.
The company said it plans to open two more facilities in Southern Nevada. It is making a $2.9 million capital investment locally and will offer an average wage of $30 an hour.
This was the first time companies have requested incentives through the revamped state economic development system. In the past, a seven-member citizen board chaired by the lieutenant governor approved or denied incentive requests. Under the new two-tiered process, proposals were summarized by one of 11 approved state economic development authorities, then reviewed by Economic Development Director Steve Hill during the public hearing.
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