Henderson company gets OK to receive $4.2 million in bonds
CARSON CITY — A company now based in Henderson that manufactures organic fruit bars under the Trader Joe’s brand won approval Tuesday from the state Board of Finance to receive $4.2 million in bonds issued through the city of Henderson.
The board approved the city’s request to issue the private activity bonds on behalf of of Living Ecology Manufacturing Inc.
The bonds will be backed by the company’s revenues, but the company will benefit from a slightly lower interest rate and longer term by having the revenue bonds being issued through the Henderson Public Improvement Trust.
The Board of Finance, which includes Gov. Brian Sandoval, Treasurer Dan Schwartz and Controller Ron Knecht, along with two public members, approved the request.
The company relocated its corporate headquarters to Henderson from Corona, Calif., and built a manufacturing plant that is generating more than 20 jobs.
Schwartz said the relocation is an example of leveraging the state’s infrastructure to increase revenues rather than raising taxes.
The Governor’s Office of Economic Development board this past summer approved $607,846 in sales tax and modified business tax abatements and $16,000 in employee training grants for the company. According to state calculations, Living Ecology’s presence will produce $3.5 million in local and state tax revenue over 20 years.
The company develops products that meet standards for foods and beverages sold in California public schools. The company also manufactures U.S. Department of Agriculture-certified organic, kosher and gluten-free products.
Contact Capital Bureau reporter Sean Whaley at swhaley@reviewjournal.com or 775-687-3900. Find him on Twitter: @seanw801
