board summary cascade financial technology corp. 2595 s. … · 2018. 10. 6. · executive director...

Board Summary Date: March 15, 2018

Main Location: Carson City

Business Type: Expansion County: Clark County Development Authority Representative: Perry Ursem - LVGEA

APPLICATION HIGHLIGHTS

- The company's Clark County facility currently houses a 24/7/365 call center along with operations, technical, and professional staff.

PROFILE

SIGNIFICANCE OF ABATEMENTS IN THE COMPANY'S DECISION TO RELOCATE/EXPAND

REQUIREMENTS Statutory Application Sufficient % Over / Under Job Creation 25 64 156%

Average Wage $21.95 $26.64 21%

Equipment Capex (SU & MBT) $1,000,000 $728,700 -27%

Equipment Capex (PP) $1,000,000 $728,700 -27%

INCENTIVES Requested Terms Estimated $ Amount Sales Tax Abmt. 2% for 2 years $45,544

Modified Business Tax Abmt. 50% for 4 years $160,505

Personal Property Tax Abmt. 50% for 10 years $10,719

Total $216,768

JOB CREATION Contracted 24-Month Projection 5-Year Projection25 64 300

OTHER CAPITAL INVESTMENT Land Building Purchase BTS / Building Improvements$0 $0 $600,000

ECONOMIC IMPACT ESTIMATES (10-Year Cumulative) Total Construction Total Jobs Supported 841 6

Total Payroll Supported $288,465,909 $274,592

Total Output Estimate $1,397,541,291 $946,379

Estimate includes jobs, payroll & output by the company assisted as well as the secondary impacts to other local businesses.

NEW TAX REVENUE ESTIMATES (10-Year Cumulative) Direct Indirect Total Local Taxes

Property $525,814 $10,594,037 $11,119,851

Sales $24,375 $5,249,968 $5,274,343

Lodging $0 $441,819 $441,819

State Taxes

Property $28,759 $616,852 $645,611

Sales $22,374 $1,788,489 $1,810,863

Modified Business $1,485,981 $2,208,712 $3,694,693

Lodging $0 $149,114 $149,114

Total $2,087,303 $21,048,991 $23,136,294

EMPLOYEE BENEFITS - Percentage of health insurance covered by company: 100%.

- Health care package cost per employee - $7,200 annually with options for dependents.

- PTO/Sick/Vacation, Merit Increases.

NOTES - Percentage of revenue generated by the new jobs contained in this application from outside Nevada: 90%.

- The company also considered Utah, Wyoming, and South Dakota as potential locations.

Cascade Financial Technology Corp.

Cascade Financial Technology Corp. is a prepaid program manager and offers services to help organizations execute their prepaid program objectives.

The company provides prepaid card services, prepaid consulting services, Person-to-Person (P2P) mobile payments, and prepaid call center services.

Cascade Financial Technology Corp. also offers General Purpose Reloadable (GPR) prepaid cards, gift card programs, rewards and loyalty programs,

and commercial prepaid programs. In addition, the company provides end to end wearable solutions such as business consulting, device design, sale,

and program management services. The company has 17 client companies and cardholders in all 50 states and Washington DC. Source: Cascade Financial Technology Corp.

- Cascade Financial Technology Corp. started in Chatsworth, CA in 2014 and transitioned to Nevada in 2016. Over the course of its first year in

the state, the company transitioned all of its jobs to Nevada and no longer has facilities or operations in California.

- Cascade Financial Technology Corp. plans to expand its Clark County facility from approximately 2,000 square feet to over 20,000 square feet

within the next few months.

Company meets

abatement eligibility

requirements

Recent strategic planning has the company focused on creating a greater presence in Nevada. A significant part of this consideration is the economic

incentives offered by the state. The projected cost savings from the support of these incentives will allow the company to hire a greater number of full

time employees, supporting the Governor's initiative for providing more Nevadan's with long term work and career opportunities. Additionally, Nevada's

pro business climate provides Cascade with a sustainable location for ongoing strategic growth. Source: Cascade Financial Technology Corp.

Call Center and Operations

Spencer Schmerling, Chief Executive Officer

2595 S. Cimarron Rd. Suite 104, Las Vegas, NV 89117

LAS VEGASGLOBAL ECONOMIC ALLIANCE

February 6,2018

Mr. Paul Anderson

Executive Director

Nevada Governor's Office of Economic Development555 E. Washington Avenue, Suite 5400Las Vegas, Nevada 89101

Dear Mr. Anderson,

Cascade Financial Technology Corporation (herein "Cascade Financial") is applying to the State ofNevada for the Sales and Use Tax Abatement, Modified Business Tax Abatement, and Personal

Property Tax Abatement. We request their application be placed on the agenda for the March 2018GOED Board Meeting.

Cascade Financial is exploring their options to expand operations in Southern Nevada from acurrent staff of 15 by hiring 64 additional employees over the next 24 months. These new hires willmake an average hourly wage of $26.64 and be provided with a benefits package that includes100% coverage of the employees' HMO healthcare premium. Cascade Financial will make a capitalinvestment of $1.3 million dollars, which includes approximately $730,000 in capital equipment.

Our team has reviewed Cascade Financial's application and found it to comply with Nevada'sstatutory requirements for tax abatements. This application has the full support and endorsementof the Las Vegas Global Economic Alliance. We appreciate your consideration in this matter.

Sincerely,

Perry UrsemVice President, Business Retention and Expansion

Enclosure

702.791.0000

800.634.6858

6720 VIA AUSTI PARKWAY, SUITE 330LAS VEGAS, NEVADA 89119 LVGEA.ORG

Company is an / a: (check one)

Incentive Application New location in Nevada

Expansion of a Nevada company

Other:

Yes No

Headquarters Service Provider

Technology Distribution / Fulfillment

Back Office Operations Manufacturing

Research & Development / Intellectual Property Other:

Sales & Use Tax Deferral

Recycling Real Property Tax AbatementModified Business Tax Abatement

Personal Property Tax Abatement

Section 1 - Type of Incentives

Company Name:

Date of Application:

Sales & Use Tax Abatement

Financial ServicesDESCRIPTION OF COMPANY'S NEVADA OPERATIONS

CITY / TOWN STATE / PROVINCE ZIP

Las Vegas

CITY / TOWN

Las Vegas

STATE / PROVINCE

NV 89117

FEDERAL TAX ID #

46-5702331Cascade Financial Technology Corp

2595 S. Cimarron Rd Suite 104

ZIP

COMPANY NAME (Legal name under which business will be transacted in Nevada)

CORPORATE ADDRESS

MAILING ADDRESS TO RECEIVE DOCUMENTS (If different from above)

WEBSITE

COMPANY CONTACT TITLE

www.CascadeFinTech.comCOMPANY CONTACT NAME

TELEPHONE NUMBER

WHAT OTHER STATES / REGIONS / CITIES ARE BEING CONSIDERED FOR YOUR COMPANY'S RELOCATION / EXPANSION / STARTUP?

Utah, Wyoming and South Dakota

525990

INDUSTRY TYPE

PO Box 81888

702-745-3065

Spencer Schmerling

[email protected]

CEO

May-201890%NAICS CODE / SIC

NV 89180

Has your company ever applied and been approved for incentives available by the Governor's Office of Economic Development?

in rural areas, the average hourly wage will equal or exceed the lesser of the county-wide average hourly wage or statewide average hourly

Note: Criteria is different depending on whether the business is in a county whose population is 100,000 or more or a city whose population is 60,000 or more (i.e.,

“urban” area), or if the business is in a county whose population is less than 100,000 or a city whose population is less than 60,000 (i.e., “rural” area).

E-MAIL ADDRESS PREFERRED PHONE NUMBER

Section 3 - Program Requirements

Please check two of the boxes below; the company must meet at least two of the three program requirements:

businesses. In cases of expanding businesses, the capital investment must equal at least 20% of the value of the tangible property owned by the

New businesses locating in urban areas require fifty (50) or more permanent, full-time employees on its payroll by the eighth calendar quarter following

In urban areas, the average hourly wage that will be paid by the business to its new employees is at least 100% of the average statewide hourly wage.

A capital investment of $1,000,000 in eligible equipment in urban areas or $250,000 in eligible equipment in rural areas are required. This criteria is

quarter in which the abatement becomes effective. In rural areas, the requirement is ten (10) or more. For an expansion, the business must increase

employees on its payroll by 10% more than its existing employees prior to expansion, or by 25 (urban) or 6 (rural) employees, whichever is

702-608-4188

If Yes, list the program awarded, date of approval, and status of the accounts (attach separate sheet if necessary):

business.

greater.

wage.

CITY / TOWN

Program managmeent prepaid card platform

COUNTY ZIP

Cascade Financial Technology Corp

February 2, 2018

Section 2 - Corporate Information

PROPOSED / ACTUAL NEVADA FACILITY ADDRESS

TBD

PERCENTAGE OF REVENUE GENERATED BY THE NEW JOBS

CONTAINED IN THIS APPLICATION FROM OUTSIDE NEVADAEXPECTED DATE OF NEW / EXPANDED OPERATIONS (MONTH / YEAR)

Type of Facility:

Section 4 - Nevada Facility

Please check all that the company is applying for on this application:

1

http://www.cascadefintech.com/









mailto:[email protected]











5 (A) Equipment List

5 (B) Employment Schedule

5 (C) Evaluation of Health Plan, with supporting documents to show the employer paid portion of plan meets the minimum of 65%.

When to break ground, if building (month, year)?

Estimated completion date, if building (month, year):

How much space (sq. ft.)? Part 3. Do you plan on building or buying a

If No, skip to Part 3. If Yes * , continue below:

When to make improvements (month, year)?

* Please complete Section 7 - Capital Investment for Expansions below.

$600,000.00


If No, skip to Part 3. If Yes, continue below:

How much space (sq. ft.)?

What year(s)?

new facility in Nevada?

If Yes * , continue below:

buying an owner occupied facility in Nevada?

If Yes * , continue below:



Due to expansion, will you be making building improvements?

Current assessed value of real property?


Part 3. Are you currently/planning on

building a build-to-suit facility in Nevada?

Part 2. Are you currently operating at an


2,000


noowner occupied building in Nevada?

BRIEF DESCRIPTION OF CONSTRUCTION PROJECT AND ITS PROJECTED IMPACT ON THE LOCAL ECONOMY (Attach a separate sheet if necessary):

* Please complete Section 7 - Capital Investment for New Operations / Startup.

Purchase date, if buying (month, year):

Purchase date, if buying (month, year):

When to break ground, if building (month, year)?

Estimated completion date, if building (month, year):

no


Do you plan on making building improvements?

Check the applicable box when form has been completed.

Part 1. Are you currently leasing space in Nevada?


If No, skip to Part 2. If Yes, continue below: 2016-2018

yesPart 1. Are you currently/planning on

new

Annual lease cost of space:

Section 6 - Real Estate & Construction (Fill in either New Operations/Startup or Expansion, not both.)

Expansions - Plans Over the Next 10 YearsNew Operations / Start Up - Plans Over the Next Ten Years

leasing space in Nevada?

What year(s)?

yes

$32,400.00

If No, skip to Part 2. If Yes * , continue below: Expanding at the current facility or a new facility?

Part 2. Are you currently/planning on

Annual lease cost at current space:

What year(s)? 2018 - 2028



Due to expansion, will you lease additional space?

Do you plan on making building tenant improvements?

20,000How much expanded space (sq. ft.)?

Annual lease cost of expanded space:


Do you plan on making building tenant improvements? yes

When to make improvements (month, year)? May-2018

Section 5 - Complete Forms (see additional tabs at the bottom of this sheet for each form listed below)

2

Overtime Merit increases Tuition assistance Bonus

PTO / Sick / Vacation COLA adjustments Retirement Plan / Profit Sharing / 401(k) Other: Stock Options

No

Medical Vision Dental

Qualified after (check one):

Upon employment Three months after hire date Six months after hire date Other:

Health Insurance Costs: Percentage of health insurance coverage by (min 65%):

Cost of health insurance for company (annual amount per employee): Company: 100% For 2 of three plans.

Health Plan annual out-of-pocket maximum (individual): Employee: 0% Only pays difference for PPO Plan.

Section 7 - Capital Investment (Fill in either New Operations/Startup or Expansion, not both.)

New Operations / Start Up

Land:

Building Costs (if building / making improvements):

How much capital investment is planned? (Breakout below):

$0

$600,000

$0

Expansions

Building Purchase (if buying): Building Purchase (if buying):

Land:

$1,328,700

Equipment Cost:

Total:

How many full-time equivalent (FTE*) employees will be created by the

Section 8 - Employment (Fill in either New Operations/Startup or Expansion, not both.)

How many full-time equivalent (FTE*) employees will be created by the

Total number of employees after expansion:

$26.64

15

OTHER COMPENSATION (Check all that apply):

BRIEF DESCRIPTION OF ADDITIONAL COMPENSATION PROGRAMS AND ELIGIBILITY REQUIREMENTS (Attach a separate sheet if necessary):

$37.27

79

[SIGNATURE PAGE FOLLOWS]

end of the first eighth quarter of new operations?:

Other:

Equipment Cost:

Total:

Expansions

See AttachedCurrent assessed value of personal property in NV:

How much capital investment is planned? (Breakout below):

Building Costs (if building / making improvements):

New Operations / Start Up

Average hourly wage of these new employees:

end of the first eighth quarter of expanded operations?:

Is the equipment purchase for replacement

of existing equipment? No

All employees get stock options; vacation, holidays and sick pay; and merit pay increases.

How many FTE employees prior to expansion?:

64

6,850.00$

Average hourly wage of these new employees:

1st day of month after 60 days

Is health insurance for employees and an option for dependents offered?: Yes (copy of benefit plan must be attached)

* FTE represents a permanent employee who works an average of 30 hours per week or more, is eligible for health care coverage, and whose position is a "primary job" as

set forth in NAC 360.474.

(Must attach the most recent assessment from the County Assessor's Office.)

7,200.00$

Package includes (check all that apply):

Section 9 - Employee Health Insurance Benefit Program

Average hourly wage of these existing employees:

$728,700

3

Site Selection FactorsCompany Name: County:

Section 1 - Site Selection Ratings

Availability of qualified workforce: 5 Transportation infrastructure: 4

Labor costs: 3 Transportation costs: 2

Real estate availability: 2 State and local tax structure: 5

Real estate costs: 2 State and local incentives: 5

Utility infrastructure: 1 Business permitting & regulatory structure: 2

Utility costs: 1 Access to higher education resources: 1

Cascade Financial Technology Corp Clark

The abatement program is instrumental in our decision where to expand. As a young growing business, we

must pay great attention to our overhead and cash expenditures. A large tax bill would be detremental to our

ability to expand and hire the staff necessary to grow our company.

Directions: Please rate the select factors by importance to the company's business (1 = very low; 5 = very high). Attach this form to the Incentives

Application.

Please summarize the importance of the abatement program to your decision (please include at least a paragraph summary):

5

5(A) Capital Equipment ListCompany Name: Cascade Financial Technology Corp County:

( b) (c) (d)

# of Units Price per Unit Total Cost

74 $2,800.00 $207,200.00

222 $250.00 $55,500.00

100 $1,200.00 $120,000.00

100 $750.00 $75,000.00

1 $10,000.00 $10,000.00

5 $15,000.00 $75,000.00

100 $800.00 $80,000.00

1 $50,000.00 $50,000.00

8 $7,000.00 $56,000.00

$728,700.00

Yes NoIs any of this equipment* to be acquired under an operating lease?

*Certain lease hold equipment does not qualify for tax abatements

Clark

(a)

Directions: Please provide an estimated list of the equipment [columns (a) through (c)] which the company intends to purchase over the two-year

allowable period. For example, if the effective date of new / expanded operations begins April 1, 2015, the two-year period would be until March

31, 2017. Add an additional page if needed. For guidelines on classifying equipment, visit:

tax.nv.gov/LocalGovt/PolicyPub/ArchiveFiles/Personal_Property_Manuals. Attach this form to the Incentives Application.

Computers and connected accessories

TOTAL EQUIPMENT COST

Equipment Name/Description

Section 1 - Capital Equipment List

Monitors

Desks (sit/stand adjustable)

Ergonomic chairs

Kitchen Equipment (fridges/coffe/appliances/etc.)

Servers

Telephones/Headsets/Related

Conference Table/White Boards/Misc

TV/Projectors/Displays

6

Company Name: County:

(b) ( c ) (d) (e) (f)

Number of

Positions

Average Hourly

Wage

Average Weekly

Hours

Annual Wage per

PositionTotal Annual Wages

40 $17.00 40 $35,360.00 $1,414,400.00

7 $45.00 40 $93,600.00 $655,200.00

3 $60.00 40 $124,800.00 $374,400.00

6 $35.00 40 $72,800.00 $436,800.00

8 $40.00 40 $83,200.00 $665,600.00

64 $26.64 $3,546,400.00

(a)

Year

3-Year

4-Year

5-Year

Directions: Please provide an estimated list of full time employees [columns (a) through (d)] that will be hired and employed by the

company by the end of the first eighth quarter of new / expanded operations. For example, if the effective date of new / expanded

operations is April 1, 2015, the date would fall in Q2, 2015. The end of the first eighth quarter would be the last day of Q2, 2017 (i.e., June

30, 2017). Attach this form to the Incentives Application.

A qualified employee must be employed at the site of a qualified project, scheduled to work an average minimum of 30 per week, if

offered coverage under a plan of health insurance provided by his or her employer, is eligible for health care coverage, and whose

position of a “primary job” as set forth in NAC 360.474.

5(B) Employment Schedule

Cascade Financial Technology Corp Clark

Section 1 - Full-Time Equivalent (FTE) Employees

(a)

New Hire Position Title/Description

Customer Hapiness Agent (cust. Service)

Technical Staff

Sales & Marketing

Operations

Administrative

TOTAL

Section 2 - Employment Projections

Directions: Please estimate full-time job growth in Section 2, complete [columns (b) through (c)]. These estimates are used for state

economic impact and net tax revenue analysis that this agency is required to report. The company will not be required to reach these

estimated levels of employment. Please enter the estimates on a year by year basis (not cumlative amounts)

(b)

Number of FTE(s) Projected

(c)

Average Hourly Wage

(d)

Payroll

100 $26.64 $5,541,120.00

250 $26.64 $13,852,800.00300 $26.64 $16,623,360.00

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14,2

34

4,6

77,7

80

New

Car

dh

old

er G

row

th R

ate

Pla

stic

New

Car

dh

old

ers

107,5

70

772,6

20

1,6

91,2

47

3,0

37,2

36

5,4

54,4

40

New

Car

dh

old

er G

row

th R

ate

Vir

tual

New

Car

dh

old

ers

165,6

94

506,7

17

909,9

90

1,6

34,2

12

2,9

34,8

10

New

Car

dh

old

er G

row

th R

ate

Att

riti

on

253,6

91

1,3

68,0

56

2,8

00,4

50

4,7

94,4

52

6,6

79,9

17

Att

riti

on

Rat

e (M

on

thly

) 15.0

0%

15.0

0%

15.0

0%

15.0

0%

15.0

0%

R

eve

nu

e

Year

1 Y

ear

2

Year

3

Year

4

Year

5

B2C

Pro

gram

Rev

enue

$1,0

72,4

79

$7,4

66,6

12

$24,9

45,4

92

$78,0

90,5

94

$244,6

54,9

69

B2B

Pro

gram

Rev

enue

$16,3

85,5

97

$84,1

90,8

87

$170,8

14,4

21

$290,0

04,2

75

$404,8

96,8

85

To

tal R

even

ue

$17,4

58,0

76

$91,6

57,4

99

$195,7

59,9

13

$368,0

94,8

69

$649,5

51,8

54

Co

st o

f G

oo

ds

So

ld

$6,2

03,1

53

$30,9

52,7

83

$67,6

58,5

78

$133,8

58,3

90

$258,8

20,9

55

Gro

ss M

argi

n

$11,2

54,9

23

$60,7

04,7

16

$128,1

01,3

35

$234,2

36,4

79

$390,7

30,8

99

Op

erat

ing

Exp

ense

s $5

,514,6

34

$14,3

95,0

12

$27,0

03,4

67

$46,0

30,3

08

$72,1

23,5

35

Net

In

com

e $5

,740,2

88

$46,3

09,7

04

$101,0

97,8

68

$188,2

06,1

72

$318,6

07,3

64

Net

In

com

e %

of

Rev

enue

33%

51%

52%

51%

49%

Co

mp

eti

tio

n

Th

ere

are

Fe

we

r th

an

10

0 P

rog

ram

Ma

na

ge

rs in

th

e U

S.

Mo

st o

f th

em

are

slo

w to

ma

rke

t b

eca

use

:

•H

ave

le

ga

cy s

yste

ms

•A

re n

ot re

sp

on

siv

e

•O

uts

ou

rce

ke

y fu

nctio

ns

Ho

w C

asca

de

Re

vo

lutio

niz

es th

is In

du

str

y:

•R

ES

Tfu

l AP

I’s t

ha

t a

re u

nifie

d a

cro

ss

all

of o

ur

ve

nd

ors

•W

orld

-Cla

ss C

usto

mer

Support

(US

A b

ase

d)

•E

xte

nsiv

e F

rau

d M

itig

atio

n

Th

an

k Y

ou

board summary cascade financial technology corp. 2595 s. … · 2018. 10. 6. · executive director...

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