New firm up for $200,000 incentive
January 3, 2014
IF YOU GO
What: Douglas County Board of Commissioners meeting
When: 1 p.m. Monday
Where: Douglas County Administrative Building, 1616 Eighth St.
A company promising to bring 50 jobs to Carson Valley will receive $200,000 in state funding and Douglas County's delivering the check.
Cristek is the first company to move to Douglas County under the state's new Governor's Office of Economic Development catalyst fund.
The agreement up for discussion at Monday's Douglas County Board of Commissioners' meeting is also one of the first with local governments under the program approved by the state in 2011.
According to a report prepared by Economic Vitality Manager Lisa Granahan, the program is designed to provide businesses incentives to come to Nevada.
The original agreement with Cristek was signed with Douglas County on March 21, 2013.
Originally, the Northern Nevada Development Authority was to disburse the funds to the company. But an attorney general's opinion revealed that only a local government or authority operated by a local government could disburse the funds.
Under the agreement before commissioners, the money is based on the number of primary jobs created by Cristek. Those jobs must meet or exceed the minimum wage in the state.
The $200,000 is coming to the county through the state.
Cristi Cristich told the Nevada Appeal in June that the company purchased a 10,000-square-foot plant on Orbit Way in Minden from the Bently family. One benefit about the property is that there's room for expansion, she said.
Cristek employs 158 people at plants in Anaheim, Calif., and Lowell, Mass., and had been headquartered in Southern California.
In December, Governor's Office of Economic Development Director Steve Hill told the Economic Forum tha the state has granted tax abatements totaling $112.74 million to a long list of companies over the past two years.
He said those temporary tax breaks are generating an estimated $2.8 billion in capital investment by companies either expanding in Nevada or moving here and a total economic impact of potentially more than $7.8 billion.
Cristek was founded in 1985 to serve the military and aerospace industries. The company 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.
Created in 2011, Nevada's Catalyst Fund is designed to create 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," Hill said. "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."
The other two companies are coming to Las Vegas.