IE Business Daily Business news for the Inland Empire.
A Redlands company has received $2 million in state tax credits that it will use to expand its facilities and hire new workers.
ESRI, a world leader in geographic information systems and mapping software, will receive the money through the California Competes Tax Credits program, said Mike Nelson, Redlands’ economic development manager.
A five-member committee that included State Treasurer John Chiang and Finance Department Director Michael Cohen awarded the tax credits Friday during a meeting in Sacramento.
ESRI was one of only five companies in the state, and the only one in the Inland Empire, to receive at least $2 million in tax credits.
Nearly $50 million will be distributed among 63 businesses throughout the state during this round of tax credit awards, according to a city statement.
“We’re always talking up California Competes and trying to get our businesses to participate in it,” Nelson said. “When one wins that’s even better. We’re always happy to see our businesses do well.”
ESRI has more than 3,000 employees worldwide. Besides its main campus in Redlands, the company has 10 regional offices throughout the United States and more than 80 distribution points outside the country.
It’s not known where ESRI will spend the money, although Redlands officials assume at least some of those funds will be spent at the Redlands facility.
The company has committed to hiring about 370 full-time employees and investing more than $100 million in facilities and equipment during the next five years, according to the statement, which was released Monday.
ESRI officials did not return calls seeking comment.
California Competes Tax Credit is designed to help existing businesses grow, and to entice businesses from outside the state to move here. Tax credit agreements are negotiated by the Governor’s Office of Business and Economic Development – better known as Go-Biz – and are ultimately decided on by the committee, according to the statement.
