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Adobe to expand in UtahJuly 13 2017 - 12:03 pm
For Immediate Release
GOED Communications Director
Adobe to expand in Utah
SALT LAKE CITY (July 13, 2017)—The Governor’s Office of Economic Development (GOED) today announced Adobe will add up to 1,260 new high-paying jobs in Lehi and an initial estimated $90 million in capital investment to the state.
“Adobe elevates Utah’s business community,” said Gov. Gary R. Herbert. “They play a key role in the development of the Point of the Mountain and Silicon Slopes. We look forward to their continued leadership and success in the state.”
Adobe has several locations at which it could have expanded, and the company chose Utah because of the state’s educated workforce and rapidly growing technology industry. A previous recipient of a post-performance incentive from GOED, Adobe is receiving a new incentive for its additional investment in the state and creation of new jobs.
Founded in 1982, Adobe is one of the largest, most diversified software companies in the world. Known for products including Photoshop, Acrobat Reader, Creative Cloud, Experience Cloud and more, the company employs more than 17,000 worldwide.
“As a pioneer to the Point of the Mountain development area, it has been exciting to witness the tremendous growth here for both Adobe and the state,” said Jonathan Francom, vice president of employee and workplace solutions at Adobe. “We are glad to be embarking on phase two of our marquee building in Lehi and are thrilled to be contributing to the growing economy through our local employee base.”
Adobe will embark on a “Phase 2” building in Lehi and working space expansion within its current Lehi building, adding capacity for approximately 1,260 employees over the next 20 years. The total wages in aggregate are required to exceed 110 percent of the Utah County average wage. The company projects the new positions will pay approximately 300 percent of the average wage. The projected new state wages over the life of the agreement are expected to be approximately $2.3 billion. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $85.8 million over 20 years.
“Not only is Adobe a leader in Utah’s tech market, but they are also an incredible community partner,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Their continued investment in Utah is a sign of our tech community’s bright future.”
Adobe may earn up to 30 percent of the new state taxes they will pay over the 20-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Adobe, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $25,751,258. Each year as Adobe meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The company is working closely with Lehi City to build its new location.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships. For more information please contact: Aimee Edwards, (801) 538-8811 or email@example.com.