High-level Collaboration Seals
Northwest Territorial Mint Deal
You often read about company relocations in the business section of the newspaper. Have you ever wondered how it happens and who the players are at the table?
When the owner of Northwest Territorial Mint became fed up with doing business in Washington and started looking for a new home just over a year ago, he visited Nevada, Idaho and other potential locations. How did Nevada land the company’s headquarters, an 118,000-square-foot production facility and 150 new jobs?
The Customer-Centric Approach
Unlike most states, Nevada takes a customer-centric approach to economic development. By listening to the customers’ issues, we gain a better understanding of how we can help businesses to succeed.
Nevada’s legislators are business owners first, and they are quick to veto bills that would adversely impact business. And, there is just less bureaucracy and red tape to cut through in Nevada. According to the Small Business & Entrepreneurship Council, Nevada has the fewest local and state government employees per resident in the nation.
Assembling the Right Team
When companies narrow their site selection and begin visiting potential locations, they will typically meet with state and local economic development agencies, chambers of commerce and workforce agencies. They are the frontline economic development team.
When Northwest Territorial Mint’s CEO Ross Hansen came to visit, he also met the state’s leadership and regional elected officials: Governor Jim Gibbons, Lt. Governor Brian Krolicki, chairman of the Nevada Commission on Economic Development (NCED), Senator Mark Amodei, Nevada Assembly members Tom Grady, James Settelmeyer, and Bonnie Parnell.
“It’s not about photo opportunities, it’s about assembling a team that has the ability to listen and solve customer issues,” says Mike Skaggs, executive director of the NCED.
Listening to the Customer
Everyone at the table was all in to listen and resolve issues on both sides of the table. Nevada’s legislators expressed environmental concerns related to metal stamping operations and keeping heavy metals out of water supplies. They also discussed the sales taxes which might have sent Northwest Territorial Mint elsewhere.
Hansen thought it was refreshing to see that Nevada’s legislators were not willing to mortgage the future to win the jobs the mint would bring today.
“The willingness expressed by Nevada’s political leadership to support our unique business needs and to integrate Northwest Territorial Mint into the state as a corporate partner was the key decision point in moving forward,” Hansen says.
The Northern Nevada Development Authority (NNDA) played a strong role in orchestrating the meetings surrounding Northwest Territorial Mint’s acquisition and expansion of Dayton-based Medallic Art.
“The NCED and NNDA worked in tandem to support this addition to our business community, demonstrating that Nevada has the programs and the people to fight back in these economic times,” says Lt. Governor Krolicki.
A Perfect Fit
Economic development deals can be complex and take years to complete. The timeline for the Northwest Territorial Mint deal—from the initial call to NCED to hiring employees—took just one year. It was a perfect fit.
The Dayton deal began when Bob Hoff, the president of Medallic Art decided to retire after more than 30 years in the business. He knew Hansen through the industry and traveled to Washington to discuss a possible sale of his company.
The Dayton-based Medallic Art has been in Nevada since 1997, but its history goes back to 1903. Medallic Art has produced the Pulitzer Prize, the Congressional Medal of Honor and the Newberry and Caldecott medals.
The opportunity to acquire Medallic Art’s equipment and move quickly to a business-friendly state gave Hanson the motivation he needed.
Hansen said his company will be preparing the building for expansion this summer and expect to hire 75 to 150 Nevadans to fill positions ranging from artists to sales and office support this fall.
The company has operations in Green Bay, Wisconsin; Springfield, Virginia; and a retail store in the Pentagon.