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Goldman Sachs to Expand its Presence in UtahAugust 14 2014 - 12:28 pm
For Immediate Release
August 14, 2014
Michael Sullivan, GOED Communications Director
Tiffany Galvin, Media Relations
Goldman Sachs to Expand its Presence in Utah
Leading financial services firm continues to invest in the beehive state
Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) met today and has extended an incentive offer to The Goldman Sachs Group Inc., in consideration for the company’s plan to create up to 350 additional jobs over the next 20 years.
“It goes without saying that part of the economic success Utah has experienced over the last decade can be credited to Goldman Sachs investing in Utah,” said Governor Gary R. Herbert. “The continued growth of Utah’s vibrant financial industry and this internationally respected company in Utah speaks volumes about the business friendly environment the state has created.”
Goldman Sachs Group, Inc. is a leading financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm maintains offices in all major financial centers around the world. Goldman Sachs is now approaching 14 years of presence in and partnership with Salt Lake City and Utah.
“Goldman Sachs’ growth in Utah is reflective of the quality of our people and our robust business environment,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “We appreciate Goldman’s continued commitment to grow their business in the state.”
Goldman Sachs has indicated that they plan to create up to 350 new jobs over the next 20 years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be up to $1.1 billion. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be up to $43.5 million over 20 years.
As part of a contract with Goldman Sachs, the GOED Board of Directors has approved up to a maximum tax credit of $13,057,377 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 30 percent of the new state taxes Goldman Sachs will pay over the 20-year life of the agreement. Each year as Goldman Sachs meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or firstname.lastname@example.org
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.