The Nevada Governor’s Office of Economic Development Board said Thursday a California aerospace company would receive a $200,000 in Catalyst Funds over the next three years if it relocates to Minden, and creates an estimated 50 jobs.
Cristek, founded in 1985 to serve the military and aerospace industries, designs and sells a range of interconnect technologies. According to the governor’s office, the company has expertise in nanominiature and microminiature connector technology. The company manufactures in southern California and New England.
Catalyst funding will amount to $200,000 over 3∏ years, with payments contingent upon actual job creation, estimated to be up to 50 positions, in that time frame.
The recruitment, led by Northern Nevada Development Authority, was supported by the governor’s office with the Catalyst Fund application sponsored by Douglas County.
Two other companies — to be based in Las Vegas — also were approved for the funds.
“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,” Gov. 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 (the development board), 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 result in the creation of high-quality, primary jobs in Nevada, the governor’s office said. The 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.”
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and Sandoval to restructure economic development in the state.