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Borsight To Expand State-of-the-Art Facility In UtahMarch 12 2018 - 10:33 am
For Immediate Release
Borsight To Expand State-of-the-Art Facility In Utah
SALT LAKE CITY (Mar. 8, 2018)—The Governor’s Office of Economic Development (GOED) today announced that Borsight will expand its state-of-the-art airport hangar facility in Ogden, Utah, adding up to 95 jobs, $4.1 million in new state revenue and an estimated $6.3 million in capital investment.
“Borsight’s existing facility is the largest facility at the Ogden airport, and due to some new government contracts, the company is on the cusp of doubling revenues,” said Val Hale, executive director of GOED. “We’re looking forward to their success and are happy to be a part of their continued growth and expansion.”
Borsight is a proven Prime Contractor to the United States Air Force and NATO, where its core expertise is integrating modern avionics into legacy airframes. The company excels at creating cutting-edge data-link, voice communication, and defensive counter-measure equipment to work with other electronic equipment already installed in the aircraft. The company specializes in modernizing the avionics and mission systems of US Department of Defense (DoD) airplanes and helicopters, but also has other customer relationships from Europe to Asia. The Company is a Service-Disable Veteran-Owned Small Business which was founded in Ogden, and employees a high proportion of military veterans and recent graduates of local university engineering programs.
“GOED’s commitment to Borsight will be fantastic for all of Weber County.” said Martin O’Loughlin, a Borsight executive. “We are grateful to GOED for helping to make this possible. Our leadership team, and the leaders from Ogden City who helped make this possible, all strongly believe that Borsight’s significant investment in new facilities will attract other aviation companies to the area. Building on this scale assures other aerospace firms that the Ogden Aerospace-Industrial Sector is the right place to be. They grow more confident that their own relocation to Ogden will be a profitable move. So, this incentive is more powerful than just helping to create 95 new jobs; it has the potential for revitalizing the entire aviation ecosystem at the airport.”
This investment will provide office and shop space for at least 95 new full-time equivalent jobs, and help offset some of the costs associated with significant capital investment at the airport. The associated hangar space will be sized for large aircraft such as USAF KC-135 Aerial Refueling aircraft and commercial Boeing 737s.
Borsight will create up to 95 jobs over the next seven years. The total wages in aggregate are required to exceed 110 percent of the county average wage. Projected new state wages over the life of the agreement are expected to be approximately $33,319,518. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $4,125,041 over five years.
“Northern Utah continues to be a hotbed for Aerospace innovation,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah. “We are proud to see a Utah company growing at home.”
Borsight may earn up to 20 percent of the new state taxes they will pay over the seven-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 Borsight, the GOED Board of Directors approved a post-performance tax credit rebate not to exceed $825,008. Each year as Moog meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
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 firstname.lastname@example.org.