SOLAR CITY RECEIVES ROUND TWO OF CATALYST FUNDING FOR JOBS
LAS VEGAS, N.V. (February 19, 2016) – Per the Catalyst Fund contract approved by the GOED Board for Solar City in March 2013, which became effective April 2014, Solar City was eligible to receive 3 rounds of up to $400,000 in Catalyst Fund grants for job creation within its financial services division. This week, the Company received its second round of this funding.
During Period 1, the Company was eligible to receive $4000 per primary job, up to $400,000, provided that at least 50 to a maximum of 100 primary jobs were created, paying an average wage of $19.73. The Company met the upper benchmark and did receive $400,000. For Period 2, the Company was eligible to receive $800 per primary job, up to $400,000, provided that at least 250 to a maximum of 500 primary jobs, paying an average wage of $19.73, were created in their financial services division during the cumulative period through Period 2 (July 1, 2014 – June 30, 2015).
For Period 2, the Company exceeded the upper benchmark by 145%, along with the average wage those jobs must pay, and has again been awarded $400,000 as a result. During Period 2, Solar City created 1,219 primary jobs paying an average wage of $20.64, or over 1500 cumulative jobs since April 2014.
“The Catalyst Fund is an economic development tool to provide a performance-based incentive for the creation of high-paying, long-term jobs," said Steve Hill, Director of the Governor’s Office of Economic Development. “The grant dollars are exclusive to the hiring of full-time workers at the Company’s financial services division, and are not related to the installation side of the Company’s business. It is exciting to see that the Company has been able to exceed job creation expectations by 145%, and we look forward to seeing the Company continue to expand this division in Nevada through Period 3 of their contract requirements.”
Period 3 ends June 30, 2016, and Solar City will be able to request its final disbursement of funds from GOED at that time provided that no less than 400 to a maximum of 800 jobs have been created during the cumulative period through Period 3 of their agreement. For this final period, Solar City is eligible to receive $500 per primary job, up to $400,000.
Catalyst Fund dollars are performance-based and an approved company must create those jobs prior to a request for disbursement of funding. The request for funding is to be accompanied by a report demonstrating that the full-time jobs have been created and that those jobs have been in place for a minimum of 3 months prior to the Award Period End Date.
The Catalyst Fund Disbursement Approval and Report can be viewed here.
About the Governor’s Office of Economic Development:
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.