The Nevada Governor’s Office of Economic Development (GOED) Board recently announced the approval of three Catalyst Fund applications for companies seeking to open operations in Nevada. This approval will create hundreds of jobs.
The companies receiving approval are SolarCity, Cristek Interconnects Inc., and Nicholas & Co. Inc.
“I am pleased by the approval today of these three Catalyst Fund applications, which represents the successful collaborative effort that took place between local, regional and state economic development agencies,” Governor Brian Sandoval said. “The Catalyst fund is critically important to our efforts to create jobs and grow Nevada’s economy, which has been my highest priority since day one. Utilizing GOED, local and regional economic development authorities, the Catalyst Fund and the tools available to us, we will work to continue to expand Nevada’s economy and get Nevadans back to work.”
Created in 2011, Nevada’s Catalyst Fund incentivizes the expansion or relocation of businesses that will quickly result in the creation of high-quality, primary jobs in Nevada. This fund offers a tool to Regional Development Authorities to assist their efforts to close deals with viable companies that will enhance the state’s economic sectors and offer stable jobs with good pay and benefits.
“These Catalyst Fund applicants represent exactly what GOED was created to do: bring new companies to our state and create jobs to put Nevadans back to work,” said Steve Hill, Executive Director of the Governor’s Office of Economic Development. “SolarCity, Cristek and Nicholas & Co. each considered other states before committing to Nevada, and while the Catalyst Fund certainly helped to close the deal, Nevada was chosen because of its business-friendly environment, location in the West, and lifestyle advantages. I am thrilled that as a result of the partnership between the State and the local economic development agencies, Nevada is on a bright path toward the future.”
SolarCity, founded in 2006, will be expanding its back office and sales staff in Las Vegas and anticipates hundreds of jobs will be created within three years. The Catalyst funding will total up to $400,000 per annum for three years, with payments contingent (and prorated) upon actual job creation. Recruitment of SolarCity was led by the Las Vegas Global Economic Alliance with the joint support of GOED, Clark County, the City of Las Vegas, the City of North Las Vegas, and the City of Henderson. SolarCity is a national leader in clean energy services, integrating sales, financing, design, installation, monitoring and maintenance for residential and commercial systems.
Cristek was founded in 1985 to serve the military and aerospace industries. The company designs and sells an extensive range of interconnect technologies and has significant expertise in nanominiature and microminiature connector technology. The company, whose Nevada operation will be based in Minden, currently manufactures in southern California and New England. Catalyst funding will amount to $200,000 over three and a half years, with payments likewise contingent upon actual job creation, estimated to be up to 50 jobs in that timeframe. The recruitment, led by NNDA, was supported by GOED, with the Catalyst Fund application sponsored by Douglas County.
Nicholas & Co. is a third-generation food distribution company. The company has continued to grow through the years and to facilitate continued growth, has chosen North Las Vegas where 37 acres of land will be purchased to build a 215,000 square foot state-of-the-art food distribution facility, investing $36 million. Catalyst funding allocation totals $625,000 over a 5-year timeframe based upon creation of up to 125 jobs. Recruitment of Nicholas & Co. was led by the Las Vegas Global Economic Alliance with the support of GOED. The Catalyst funding application was sponsored by the City of North Las Vegas.
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development (GOED) is the result of a collaborative effort between the Nevada Legislature and Governor Brian Sandoval to restructure economic development in the state. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development. More information on the Governor’s Office of Economic Development can be viewed at www.diversifynevada.com.