The expansion of two tech companies and an industrial bakery will produce more than 100 jobs in Southern Nevada in the next year and hundreds more in the next decade.
Tax-incentive packages were approved Thursday afternoon by the Governor's Office of Economic Development for Verascan Inc. of Las Vegas, Henderson-based VadaTech Inc., and suburban Chicago-based Turano Baking Co.
Between them, the three companies will invest more than $58.1 million in construction and equipment in Southern Nevada. The three companies were assisted in their efforts to expand and receive incentives by the Las Vegas Global Economic Alliance.
Anthony Turano, director of administration for Berwyn, Ill.-based Turano Baking, said he's narrowed the decision for a site for his new plant to a site in Henderson and a site in North Las Vegas. He expects to have a final decision within weeks.
Turano, grandson of the company founder who opened his first facility in 1962, said the company is looking to Southern Nevada as the site of a regional production facility for a West Coast expansion of the company's line of full and par-baked breads.
The company has 825 employees at facilities in Illinois, suburban Atlanta and Orlando. Turano will invest $38 million in equipment in Southern Nevada and another $15 million in construction and will initially hire 67 people with plans to expand to 150 within five years.
Under terms of the tax abatement incentive agreement unanimously approved by the economic development board, the company will benefit by $3.6 million. The company's presence is expected to generate $10.3 million in new tax revenue over 10 years with the state receiving $2.85 for every dollar abated.
Verascan applied for incentives under the state's new aviation sales tax abatements.
The company will create 22 new jobs with an average wage of $40 an hour.
Verascan flies unmanned aerial vehicles and will invest $18.1 million, including $8.1 million in aircraft.
The company will receive $648,587 in tax abatements and the company's expansion will result in additional $34.7 million in tax revenue over 10 years, according to the state. That's an estimated $53.63 in new tax revenue for every dollar abated.
Henderson-based VadaTech is expanding, but job growth wasn't what qualified the company for incentives — it was the high average wage offered by the company that works in the aerospace, military and telecommunications markets.
The company will create six jobs with an average hourly wage of $30.13
VadaTech will receive $405,300 in abatement incentives under the agreement approved by the board and over 10 years, the incentives will generate an additional $468,800. That results in new revenue of $1.16 for every dollar abated.
Contact reporter Richard N. Velotta at firstname.lastname@example.org or 702-477-3893. Find @RickVelotta on Twitter.