Deserve, Inc.

Board Approved Date: 03/12/2020
Type: EDTIF
Term: 5 Years
Number of Jobs: 258
New State Wages: $44,127,648
New State Revenue: $1,870,446
Capital Investment: $1,200,000
Maximum Cap Incentive: $374,089
Web Address: https://www.deserve.com/

Board Motion Text

Proposed Motion

Approve Deserve, Inc. for an EDTIF post-performance refundable tax credit of up to $374,089 which represents 20% of the $1,870,446 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $374,089 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

SVB Financial Group

Board Approved Date: 02/13/2020
Type: EDTIF
Term: 3
Number of Jobs: 116
New State Wages: $31,967,346
New State Revenue: $2,311,428
Capital Investment: $4,769,906
Maximum Cap Incentive: $346,714
Web Address: https://www.svb.com/

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Board Motion Text

Approve SVB Financial Group for an EDTIF post-performance refundable tax credit of up to $346,714 which represents 15% of the $2,311,428 of new state revenue, which may be earned over 3 years.

Northrop Grumman Corporation

Board Approved Date: 01/10/2020
Type: EDTIF
Term: 20
Number of Jobs: 2250
New State Wages: $4,487,623,200
New State Revenue: $199,731,465
Capital Investment: $380,000,000
Maximum Cap Incentive: $59,919,439
Web Address: https://www.northropgrumman.com/

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Board Motion Text

Approve Northrop Grumman Corporation for an EDTIF post-performance refundable tax credit of up to $59,919,439 which represents 30% of the $199,731,465 of new state revenue, which may be earned over 20 years.

Total EDTIF incentive not to exceed $59,919,439 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 30% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 30% of qualified new incremental state tax revenues over 20 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 20 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Procter & Gamble Company

Board Approved Date: 01/10/2020
Type: EDTIF
Term: 20
Number of Jobs: 221
New State Wages: $375,293,226
New State Revenue: $13,932,761
Capital Investment: $310,000,000
Maximum Cap Incentive: $4,191,954
Web Address: https://us.pg.com/

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Board Motion Text

Approve The Procter & Gamble Company for an EDTIF post-performance refundable tax credit of up to $4,191,954 which represents 30% of the $13,932,761 of new state revenue, which may be earned over 20 years.

Total EDTIF incentive not to exceed $4,191,954 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 30% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 30% of qualified new incremental state tax revenues over 20 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 20 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Breeze Aviation

Board Approved Date: 12/12/2019
Type: EDTIF
Term: 5 Years
Number of Jobs: 369
New State Wages: $128,900,000
New State Revenue: $5,410,000
Capital Investment: $3,250,000
Maximum Cap Incentive: $1,082,000

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Board Motion Text

Approve Breeze Aviation Group for an EDTIF post-performance refundable tax credit of up to $1,082,000 which represents 20% of the $5,410,000 of new state revenue, which may be earned over 5 years.
• Total EDTIF incentive not to exceed $1,082,000 EDTIF postperformance refundable tax credit.
• Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
• Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
• Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
• Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
• Must commit to keep operation in Utah for the length of the incentive period, 5 years.
• Incentives are site specific and subject to local incentive participation.
• Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
• Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Weave Communications, Inc.

Board Approved Date: 12/12/2019
Type: EDTIF
Term: 10 years
Number of Jobs: 997
New State Wages: $651,810,226
New State Revenue: $25,923,825
Capital Investment: $65,000,000
Maximum Cap Incentive: $5,184,765
Web Address: https://www.getweave.com/

Read the Press Release

Board Motion Text

Approve Weave Communications, Inc. for an EDTIF post-performance
refundable tax credit of up to $5,184,765 which represents 20% of the
$25,923,825 of new state revenue, which may be earned over 10 years.
• Total EDTIF incentive not to exceed $5,184,765 EDTIF postperformance
refundable tax credit.
• Annual EDTIF incentive amount based on 20% of qualified new
incremental state tax revenues generated and receipted in the
previous calendar year.
• Total incentive not to exceed 20% of qualified new incremental state
tax revenues over 10 years with a contractual recapture provision for
any excess funds paid to the company.
• Must meet new qualified employment projections, employee
headcount at the stated wage 110% criteria at 50% for each project
year.
• Annual total project average salary of new employees (not each new
position, this is an aggregate annual number) to be at least 110% of
the average wage each excluding company contributed health
insurance.
• Must commit to keep operation in Utah for the length of the incentive
period, 10 years.
• Incentives are site specific and subject to local incentive participation.
• Local incentive proposal must be presented and approved by the
GOED Incentives Committee in order for company to be eligible for
the incentive.
• Only new state revenue and new jobs created after the GOED Board
final approval date are eligible for this incentive.

GE Healthcare

Board Approved Date: 12/12/2019
Type: EDTIF
Term: 5 Years
Number of Jobs: 68
New State Wages: $10,457,411
New State Revenue: $1,697,025
Capital Investment: $31,000,000
Maximum Cap Incentive: $254,554
Web Address: https://www.gehealthcare.com/

Read the Press Release

Board Motion Text

Approve GE Healthcare for an EDTIF post-performance refundable tax credit
of up to $254,554 which represents 15% of the $1,697,025 of new state
revenue, which may be earned over 5 years.
• Total EDTIF incentive not to exceed $254,554 EDTIF postperformance
refundable tax credit.
• Annual EDTIF incentive amount based on 15% of qualified new
incremental state tax revenues generated and receipted in the
previous calendar year.
• Total incentive not to exceed 15% of qualified new incremental
state tax revenues over 5 years with a contractual recapture
provision for any excess funds paid to the company.
• Must meet new qualified employment projections, employee
headcount at the stated wage 110% criteria at 50% for each
project year.
• Annual total project average salary of new employees (not each
new position, this is an aggregate annual number) to be at least
110% of the average wage each excluding company contributed
health insurance.
• Must commit to keep operation in Utah for the length of the
incentive period, 5 years.
• Incentives are site specific and subject to local incentive
participation.
• Local incentive proposal must be presented and approved by the
GOED Incentives Committee in order for company to be eligible
for the incentive.
• Only new state revenue and new jobs created after the GOED
Board final approval date are eligible for this incentive.

Callaway Golf Company (Jack Wolfskin North America)

Board Approved Date: 12/12/2019
Type: EDTIF
Term: 5 Years
Number of Jobs: 50
New State Wages: $12,455,500
New State Revenue: $703,074
Capital Investment: $500,000
Maximum Cap Incentive: $105,461
Web Address: https://www.jack-wolfskin.com/

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Board Motion Text

Approve Callaway Golf Company for an EDTIF post-performance refundable
tax credit of up to $105,461 which represents 15% of the $703,074 of new state
revenue, which may be earned over 5 years.
• Total EDTIF incentive not to exceed $105,461 EDTIF postperformance
refundable tax credit.
• Annual EDTIF incentive amount based on 15% of qualified new
incremental state tax revenues generated and receipted in the
previous calendar year.
• Total incentive not to exceed 15% of qualified new incremental
state tax revenues over 5 years with a contractual recapture
provision for any excess funds paid to the company.
• Must meet new qualified employment projections, employee
headcount at the stated wage 110% criteria at 50% for each
project year.
• Annual total project average salary of new employees (not each
new position, this is an aggregate annual number) to be at least
110% of the average wage each excluding company contributed
health insurance.
• Must commit to keep operation in Utah for the length of the
incentive period, 5 years.
• Incentives are site specific and subject to local incentive
participation.
• Local incentive proposal must be presented and approved by the
GOED Incentives Committee in order for company to be eligible
for the incentive.
• Only new state revenue and new jobs created after the GOED
Board final approval date are eligible for this incentive.

BlueVine Capital Inc.

Board Approved Date: 12/12/2019
Type: EDTIF
Term: 9 Years
Number of Jobs: 1449
New State Wages: $422,646,676
New State Revenue: $16,351,108
Capital Investment: $20,000,000
Maximum Cap Incentive: $4,087,777
Web Address: https://www.bluevine.com/

Read the Press Release

Board Motion Text

Approve BlueVine Capital, Inc. for an EDTIF post-performance refundable tax
credit of up to $4,087,777 which represents 25% of the $16,351,108 of new
state revenue, which may be earned over 9 years.
• Total EDTIF incentive not to exceed $4,087,777 EDTIF postperformance
refundable tax credit.
• Annual EDTIF incentive amount based on 25% of qualified new
incremental state tax revenues generated and receipted in the
previous calendar year.
• Total incentive not to exceed 25% of qualified new incremental
state tax revenues over 9 years with a contractual recapture
provision for any excess funds paid to the company.
• Must meet new qualified employment projections, employee
headcount at the stated wage 110% criteria at 50% for each
project year.
• Annual total project average salary of new employees (not each
new position, this is an aggregate annual number) to be at least
110% of the average wage each excluding company contributed
health insurance.
• Must commit to keep operation in Utah for the length of the
incentive period, 9 years.
• Incentives are site specific and subject to local incentive
participation.
• Local incentive proposal must be presented and approved by the
GOED Incentives Committee in order for company to be eligible
for the incentive.
• Only new state revenue and new jobs created after the GOED
Board final approval date are eligible for this incentive.

Qualtrics

Board Approved Date: 11/14/2019
Type: EDTIF
Term: 10 Years
Number of Jobs: 2245
New State Wages: $1,494,700,000
New State Revenue: $131,131,340
Capital Investment: $45,000,000
Maximum Cap Incentive: $32,782,835
Web Address: https://www.qualtrics.com/

Read the Press Release

Board Motion Text

Approve Qualtrics, LLC. for an EDTIF post-performance refundable tax credit of up to $32,782,835 which represents 25% of the $131,131,340 of new state revenue, which may be earned over 10 years.

Total EDTIF incentive not to exceed $32,782,835 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 25% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 25% of qualified new incremental state tax revenues over 10 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Amazon Web Services, Inc.

Board Approved Date: 11/14/2019
Type: EDTIF
Term: 10 Years
Number of Jobs: 300
New State Wages: $304,259,525
New State Revenue: $12,497,597
Capital Investment: $25,350,000
Maximum Cap Incentive: $2,499,519
Web Address: https://aws.amazon.com/

Read the Press Release

Board Motion Text

Approve Amazon Web Services, Inc. for an EDTIF post-performance refundable tax credit of up to $2,499,519 which represents 20% of the $12,497,597 of new state revenue, which may be earned over 10 years.

Total EDTIF incentive not to exceed $2,499,519 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 10 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Amer Sports

Board Approved Date: 10/10/2019
Type: EDTIF
Term: 5 Years
Number of Jobs: 110
New State Wages: $14,895,743
New State Revenue: $1,521,076
Capital Investment: $1,500,000
Maximum Cap Incentive: $228,161

Read the Press Release

Board Motion Text

Approve Amer Sports, Inc. for an EDTIF post-performance refundable tax credit of up to $228,161 which represents 15% of the $1,521,076 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $228,161 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Brex, Inc.

Board Approved Date: 09/12/2019
Type: EDTIF
Term: 7 Years
Number of Jobs: 1000
New State Wages: $281412106
New State Revenue: $10947387
Capital Investment: $23400000
Maximum Cap Incentive: $2736847
Web Address: https://brex.com/

Read the Press Release

Board Motion Text

Approve Brex, Inc. for an EDTIF post-performance refundable tax credit of up to $2,736,847 which represents 25% of the $10,947,387 of new state revenue, which may be earned over 7 years.

Total EDTIF incentive not to exceed $2,736,847 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 25% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 25% of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Castlight Health, Inc.

Board Approved Date: 08/08/2019
Type: EDTIF
Term: 5 Years
Number of Jobs: 235
New State Wages: $115,887,125
New State Revenue: $4,601,934
Capital Investment: $2,250,000
Maximum Cap Incentive: $920,387
Web Address: https://www.castlighthealth.com/

Read the Press Release

Board Motion Text

Approve Castlight Health, Inc. for an EDTIF post-performance refundable tax credit of up to $920,387 which represents 20% of the $4,601,934 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $920,387 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Intermountain Electronics, Inc.

Board Approved Date: 08/08/2019
Type: EDTIF
Term: 15 Years
Number of Jobs: 289
New State Wages: $251,564,824
New State Revenue: $21,582,270
Capital Investment: $12,500,000
Maximum Cap Incentive: $6,474,681
Web Address: http://www.intermountainelectronics.com

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Board Motion Text

Approve Intermountain Electronics, Inc. for an EDTIF post-performance refundable tax credit of up to $6,474,681 which represents 30% of the $21,582,270 of new state revenue, which may be earned over 15 years.

Total EDTIF incentive not to exceed $6,474,681 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 30% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 30% of qualified new incremental state tax revenues over 15 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 15 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

GOEX Corporation

Board Approved Date: 06/12/2019
Type: EDTIF
Term: 7 Years
Number of Jobs: 100
New State Wages: $23,452,335
New State Revenue: $1,826,496
Capital Investment: $15,000,000
Maximum Cap Incentive: $365,299
Web Address: https://www.goex.com/

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Board Motion Text

Approve GOEX Corporation for an EDTIF post-performance refundable tax credit of up to $365,299 which represents 20% of the $1,826,496 of new state revenue, which may be earned over 7 years.

Total EDTIF incentive not to exceed $365,299 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Infab Corporation

Board Approved Date: 05/09/2019
Type: EDTIF
Term: 5 Years
Number of Jobs: 90
New State Wages: $11,148,000
New State Revenue: $789,753
Capital Investment: $5,000,000
Maximum Cap Incentive: $157,951
Web Address: https://www.infabcorp.com/

Read the Press Release

Board Motion Text

Approve Infab Corporation for an EDTIF post-performance refundable tax credit of up to $157,951 which represents 20% of the $789,753 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $157,951 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Quick Base Inc.

Board Approved Date: 05/09/2019
Type: EDTIF
Term: 5 Years
Number of Jobs: 485
New State Wages: $169,425,308
New State Revenue: $6,289,915
Capital Investment: $713,462
Maximum Cap Incentive: $1,257,983
Web Address: https://www.quickbase.com/

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Board Motion Text

Approve Quick Base Inc. for an EDTIF post-performance refundable tax credit of up to $1,257,983 which represents 20% of the $6,289,915 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $1,257,983 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Tyson Fresh Meats Inc.

Board Approved Date: 05/09/2019
Type: EDTIF
Term: 10 Years
Number of Jobs: 500
New State Wages: $202,633,508
New State Revenue: $27,791,620
Capital Investment: $286,000,000
Maximum Cap Incentive: $5,258,324
Web Address: https://www.tysonfoods.com/

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Board Motion Text

Approve Tyson Fresh Meats Inc. for an EDTIF post-performance refundable tax credit of up to $5,258,324 and a post-performance IAF last-mile infrastructure grant of up to $300,000 which represents 20% of the $27,791,620 of new state revenue, which may be earned over 10 years.

Total EDTIF incentive not to exceed $5,258,324 EDTIF post-performance refundable tax credit.
Total post-performance IAF last-mile infrastructure grant not to exceed $300,000.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 10 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Ancestry US Holdings Inc.

Board Approved Date: 04/11/2019
Type: EDTIF
Term: 9 Years
Number of Jobs: 506
New State Wages: $316,971,619
New State Revenue: $12,228,599
Capital Investment: $10,500,000
Maximum Cap Incentive: $2,445,720
Web Address: https://www.ancestry.com/corporate/

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Board Motion Text

Approve Ancestry US Holdings Inc. for an EDTIF post-performance refundable tax credit of up to $2,445,720 which represents 20% of the $12,228,599 of new state revenue, which may be earned over 9 years.

Total EDTIF incentive not to exceed $2,445,720 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 9 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 9 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

L3 Technologies, Inc.

Board Approved Date: 02/14/2019
Type: EDTIF
Term: 9
Number of Jobs: 250
New State Wages: $183,050,000
New State Revenue: $6,795,731
Maximum Cap Incentive: $1,259,146
Web Address: https://www.l3t.com/

Read the Press Release

Board Motion Text

Approve L3 Technologies Inc. for an EDTIF post-performance refundable tax credit of up to $1,259,146 and a $100,000 Post-Performance IAF Training Grant which represents 20% of the $6,795,731 of new state revenue, which may be earned over 9 years.

Total EDTIF incentive not to exceed $1,259,146 EDTIF post-performance refundable tax credit.
Post-Performance IAF Training Grant not to exceed $100,000
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 9 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Oatly, Inc.

Board Approved Date: 01/08/2019
Type: EDTIF
Term: 7
Number of Jobs: 50
New State Wages: $17,327,500
New State Revenue: $2,954,627
Capital Investment: $40,000,000
Maximum Cap Incentive: $295,463
Web Address: us.oatly.com

Press Release

Oatly Selects Utah for Future Expansion

JANUARY 8, 2019

The Utah Governor’s Office of Economic Development (GOED) today announced Oatly, Inc. will expand its operations in Utah, planning to add up to 50 jobs, $2.9 million in new state revenue, and up to $40 million in capital investment in Weber County over the next seven years.

“Oatly is a great addition to Utah’s manufacturing community and will add to our food and beverage industry in the state,” said Val Hale, executive director of GOED. “As their first operation in the west, Ogden is a great fit and we’re excited to have them in Utah.”

Oatly is a food manufacturing company that develops and produces oat-based drinks and foods. The company is dedicated to helping people eat and drink healthier without taxing the planet’s resources in the process. Oatly’s flagship product is their oatmilk, an original oat-based drink produced using patented enzyme technology that turns oats into nutritional and delicious liquid food. The company worked with Brian Corde from Atlas Insight LLC, a site selection firm based in Freehold, New Jersey to help it arrive at this strategic location decision.

“As a 25-year-old company, we’ve been blown away by the enthusiasm and incredible demand for Oatly that we’ve seen here in the states over the past few years. We’re equally excited that we’ve been able to make our products for the US here in North America” said Oatly US General Manager Mike Messersmith. “Through this partnership with the state of Utah, our upcoming factory in Ogden will help us keep oatmilk in all the many coffee shops, grocery stores and refrigerators that want it.”

Oatly plans to create up to 50 jobs over the next seven years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $17,327,500, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate, payroll and sales tax are estimated to be $2,954,627 over seven years.

“EDCUtah is excited for Oatly to establish a significant presence in Utah,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “This will be the company’s first operation in the western U.S., and their corporate values of sustainability and environmental friendliness align nicely with our vision for economic development in Utah. Oatly will help raise the bar for employee compensation in the food and beverage manufacturing industry, and we appreciate the support of GOED, Ogden City, the Business Depot Ogden, and other partners to bring this project to fruition.”

Oatly may earn up to 10 percent of the new state taxes they will pay over the life of 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 Oatly, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $295,463. Each year that Oatly meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

“We welcome Oatly to Ogden,” said Ogden City Mayor Mike Caldwell. “The company’s commitment to healthy lifestyles aligns well with Ogden’s values and unmatched access to outdoor recreation. Oatly is a great community partner and we look forward to their presence in the community.”

The Utah Legislature has authorized economic development incentives in the form of post-performance tax rebates. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years.

Board Motion Text

Approve Oatly, Inc. for an EDTIF post-performance refundable tax credit of up to $295,463 which represents 10% of the $2,954,627 of new state revenue, which may be earned over 7 years.

Total EDTIF incentive not to exceed $295,463 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 10% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 10% of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Teem, LLC

Board Approved Date: 01/08/2019
Type: EDTIF
Term: 5
Number of Jobs: 250
New State Wages: $83,618,889
New State Revenue: $3,104,351
Capital Investment: $1,000,000
Maximum Cap Incentive: $620,870
Web Address: www.teem.com

Press Release

Teem to Expand in Utah, adding 250 jobs

JANUARY 9, 2019

The Governor’s Office of Economic Development (GOED) today announced Teem will expand its operations in Utah adding up to 250 jobs, $3.1 in new state revenue and up to $1 million in capital investment in Salt Lake City over the next five years.

“Teem is a great Silicon Slopes company and we are pleased they would expand and maintain their full operations in the State of Utah,” said Val Hale, executive director of GOED. “Over the next five years they will increase their business and provide high-wage positions here in the state of Utah.”

Founded in 2012, Teem is a SaaS is the fastest growing companies in the marketplace for workforce solutions. They offer room booking, guest management, indoor navigation, and analytics tools from their mobile and desktop apps. The Teem platform allows organizations to manage their office more effectively.

“We have enjoyed tremendous success in Utah in large part because this is such a great place to find and attract talent” said Teem CEO Shaun Ritchie. “We are excited to work with Governor Herbert’s administration to continue to expand our team and create economic opportunity in the place we call home.”

Teem plans to create up to 250 jobs over the next five years. The total wages in aggregated are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $$83,618,889, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate, payroll and sales tax are estimated to be $3,104,351 over five years.

“Team Utah and I are thrilled at Teem’s decision to expand their existing presence in the state,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “This announcement is yet another example of Utah’s strong tech sector and ability to bring and keep businesses for the long term. We are excited about the new opportunities that Teem will provide Utahns.”

Teem may earn up to 20 percent of the new state taxes they will pay over the life of the five-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 Teem, the GOED Board of Directors has approved post performance tax credit rebate not to exceed $ $620,870. Each year that Teem meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

The Utah Legislature has authorized economic development incentives in the form of post-performance tax rebates. The statute allows for up to a 30 percent rebate of state taxes over 20 years. The company is required to meet specific criteria outlined at the time the rebate is approved by the Utah Governor’s Office of Economic Development Board to claim the refund.

Board Motion Text

Approve Teem, LLC for an EDTIF post-performance refundable tax credit of up to $620,870 which represents 20% of the $3,104,351 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $620,870 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Galileo Processing, Inc.

Board Approved Date: 01/08/2019
Type: EDTIF
Term: 7
Number of Jobs: 300
New State Wages: $121,519,662
New State Revenue: $12,049,265
Capital Investment: $15,000,000
Maximum Cap Incentive: $2,409,853
Web Address: www.galileoprocessing.com

Press Release

Utah Company, Galileo, Expands

JANUARY 8, 2019

The Utah Governor’s Office of Economic Development (GOED) today announced Galileo Processing, Inc. will expand its operations in Utah, adding up to 300 jobs, $12 million in new state revenue and up to $15 million in capital investment over the next seven years.

“Galileo is homegrown Utah company that is taking an innovative approach to payment solutions,” said Val Hale. “As Galileo researched opportunities to expand, we’re grateful they’ve selected Utah to continue to grow their operation.”

Galileo is the company behind the technology that powers the most innovative fintech companies, financial institutions and investment firms in North America. Utilizing one of the industry’s most sophisticated processing platforms, Galileo handles thousands of financial transactions every day and provides comprehensive APIs and complete back-office support, allowing clients to stay focused on creating the greatest value and best experiences for their customers. Galileo’s approach makes it a trusted partner, with innovative thinking and advanced data science and engineering capabilities to deliver on its promise of flexibility, security and scalability. Galileo is based in Salt Lake City, Utah.

“Galileo is appreciative to GOED for the support of our business” said Clay Wilkes, CEO Of Galileo. “Galileo has a strong and proven track record as a leader in payments and fintech and we are excited about the future opportunities to expand our business within Utah.”

Based in Salt Lake City, Utah, Galileo was founded in 2000. The company provides payment processing solutions through a platform that supports paid and prepaid products, debit and credit solutions. Its platform supports mobile access, contactless (RFID), virtual card account, integrated bill payment, secondary and companion cards, overdraft, direct deposit and SMS text alert solutions.

Galileo plans to create up to 300 jobs over the next seven years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $121,519,662, which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues as a result of corporate, payroll and sales taxes are estimated to be $12,049,265 over seven years.

Galileo 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 Galileo, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $2,409,853. Each year Galileo meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

The Utah Legislature has authorized economic development incentives in the form of post-performance tax rebates. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years.

Board Motion Text

Approve Galileo Processing, Inc. for an EDTIF post-performance refundable tax credit of up to $2,409,853 which represents 20% of the $12,049,265 of new state revenue, which may be earned over 7 years.

Total EDTIF incentive not to exceed $2,409,853 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Amer Sports

Board Approved Date: 12/13/2018
Type: EDTIF
Term: 10
Number of Jobs: 155
New State Wages: $43,576,754
New State Revenue: $6,570,270
Capital Investment: $32,000,000
Maximum Cap Incentive: $1,314,054
Web Address: www.amersports.com

Press Release

Amer Sports Selects Utah for Future Expansion

DECEMBER 13, 2018

The Governor’s Office of Economic Development (GOED) today announced Amer Sports Winter & Outdoor Company will expand its operations in Utah, planning to add up to 155 jobs, $6.5 million in new state revenue, and up to $32 million in capital investment over the next 10 years.

“Amer Sports Winter & Outdoor’s presence and corporate culture elevates both Northern Utah and the state’s outdoor industry,” said Val Hale, executive director of GOED. “Working with the Utah Office of Outdoor Recreation, led by Tom Adams, we are grateful that Amer Sports Winter & Outdoor, a company that houses well-known brands such as Salomon, Atomic, Arc’teryx, Mavic, Suunto, Armada and Peak Performance, has chosen to expand its U.S.A. Winter & Outdoor headquarters here in the state.”

Amer Sports, the parent company of Amer Sports Winter & Outdoor, is a sporting goods company with internationally recognized brands including Wilson and Precor, in addition to the Winter and Outdoor brands. The company’s technically advanced sports equipment, footwear, and apparel improve performance and increase the enjoyment of sports and outdoor activities.

“We have built a partnership with the city of Ogden, Weber County and the State of Utah and are excited to announce the expansion of our operations,” said Bill Kirchner vice president & general manager of Amer Sports Americas.

“Our brands play an integral role in the outdoor and winter sports community by inspiring consumers to live active and healthy lifestyles. We value the unique opportunity Utah provides us to engage with skiers, snowboarders, runners, bikers and hikers and are proud to call Utah our home”

“Ogden has been fortunate to have Amer Sports Winter & Outdoor in our community since 2007,” said Mike Caldwell, mayor of Ogden City. “The city’s unparalleled access and strategic location to outdoor recreation is an undisclosed advantage to this internationally known company. We are fortunate that Amer Sports Winter & Outdoor is a great community partner, and we look forward to strengthening our relationship.”

Amer Sports Winter & Outdoor plans to create up to 155 jobs over the next 10 years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $43,576,270, which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues, as a result of corporate, payroll and sales taxes are estimated to be $6,570,270 over 10 years.

“Amer Sports Winter & Outdoor and Utah go way back—the company helped establish the outdoor industry here in the state and solidified our brand as a destination for outdoor enthusiasts,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We’re grateful for its continued, expanding presence.”

Amer Sports Winter & Outdoor may earn up to 20 percent of the new state taxes they will pay over the 10-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 Amer Sports Winter & Outdoor, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,314,054. In addition to the EDTIF post-performance tax credit the company was also approved for an Industrial Assistance Fund post-performance grant of up to $300,000 for the retention of current employees, not to exceed $2,000 per employee. Each year that Amer Sports Winter & Outdoor meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Amer Sports Winter & Outdoor is expanding its headquarters in Ogden and will build a new distribution center within the State of Utah, at an undetermined location that will be announced at a future date.

Board Motion Text

Approve Amer Sports, Inc. for an EDTIF post-performance refundable tax credit of up to $1,314,054 which represents 20% of the $6,570,270 of new state revenue, which may be earned over 10 years.

Approve Amer Sports, Inc. for an IAF, post-performance grant of up to $300,000 which represents $2,000 per retained employee.

Total EDTIF incentive not to exceed $1,314,054 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20%
of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 10 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

LendingClub Inc.

Board Approved Date: 11/06/2018
Type: EDTIF
Term: 10
Number of Jobs: 860
New State Wages: $543,922,175
New State Revenue: $22,430,269
Capital Investment: $17,850,000
Maximum Cap Incentive: $4,486,054
Web Address: www.lendingclub.com

Press Release

LendingClub to Expand in Utah

NOVEMBER 6, 2018

The Governor’s Office of Economic Development (GOED) today announced LendingClub Corporation (NYSE: LC) will expand in Utah adding up to 860 jobs, $22 million in new state revenue and an estimated $17.85 million in capital investment over the next 10 years.

“Utah’s financial-tech industry continues to grow and LendingClub’s entry into the state will continue to strengthen the industry,” said Val Hale, executive director of GOED. “They will benefit from the growing technical talent and great work culture in the state.”

LendingClub, America’s largest online credit marketplace, is the leading provider of unsecured personal loans in the U.S. More than 40,000 people come to its site daily and the company is committed to helping motivated Americans improve their financial health.

“As we continue our growth and increase our focus on operating efficiency and resiliency, it is clearly time for us to expand beyond our San Francisco headquarters,” said Scott Sanborn, CEO of LendingClub. “Having a second site in the great state of Utah, with access to the region’s tremendous talent pool will help improve the service we offer to our members while ensuring business continuity.”

LendingClub will create up to 860 jobs over the next 10 years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $543,922,175 which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues, as a result of corporate, payroll and sales taxes are estimated to be $22,430,269 over 10 years.

“We’re excited to welcome one of fintech’s pioneers to Utah,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We hope that as the world’s largest peer-to-peer lending company, they’ll feel right at home—and busy—in Silicon Slopes.”

LendingClub may earn up to 20 percent of the new state taxes they will pay over the 10-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 LendingClub, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $4,486,054. Each year LendingClub meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

The company’s new center will be located at Thanksgiving Station in Lehi, Utah.

Board Motion Text

Approve Lending Club for an EDTIF post-performance refundable tax credit of up to $4,486,054 which represents 20% of the $22,430,269 of new state revenue, which may be earned over 10 years.

Total EDTIF incentive not to exceed $4,486,054 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 10 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Bullfrog Spas, LLC

Board Approved Date: 11/06/2018
Type: EDTIF
Term: 5
Number of Jobs: 150
New State Wages: $35,790,789
New State Revenue: $2,230,885
Capital Investment: $20,000,000
Maximum Cap Incentive: $334,633
Web Address: www.bullfrogspas.com

Press Release

Bullfrog Spas to Expand in Utah

NOVEMBER 6, 2018

The Governor’s Office of Economic Development (GOED) today announced Bullfrog Spas will expand their headquarters in Utah adding up to 150 jobs, $2.2 million in state revenue and an estimated $20 million in capital investment.

“Bullfrog Spas is a locally grown company that has quickly become one of the largest manufacturers for hot tubs globally and has a presence in 22 countries,” said Val Hale, executive director of GOED. “They are committed to the community and impact Utah’s manufacturing industry.”

Founded in 1996, Bullfrog Spas is based in Bluffdale. They design, manufacture and market hot tubs and outdoor spas. They focus on advanced product engineering and offer their various spa models and other products through dealers in the United States, Canada, Australia, New Zealand, Asia, Brazil and Europe. Bullfrog Spas’ products are consistently rated as some of the most innovative and high-quality in the hot tub market.

“As we expand our global distribution, we’re proud to continue to manufacture 100 percent of our products in Utah. We believe in the sustainability of the Utah manufacturing environment and we’re grateful for programs like the Governor’s Office of Economic Development that help organizations like ours to grow even deeper roots in a community that we love and are pleased to call home.” says Bullfrog Spas CEO Jerry Pasley.

Bullfrog Spas will create up to 150 jobs throughout the next five years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $35,790,789, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate payroll and sales tax, are estimated to be $2,230,885 over five years.

“More hot tubs in Utah? Of course we’re thrilled Bullfrog Spas is expanding here!” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “On a serious note—Bullfrog is an impressive innovator in its product category, and its commitment to keeping jobs in the U.S. is commendable. We’re glad they’re continuing to call Utah home.”

Bullfrog Spas may earn up to 15 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Increment Finance (EDTIF) tax credit rebate. As part of the contract with Bullfrog Spas, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $334,633. Each year that Bullfrog Spas meet the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Board Motion Text

Approve Bullfrog Spas, LLC for an EDTIF post-performance refundable tax credit of up to $334,633 which represents 15% of the $2,230,885 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $334,633 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Essence Global

Board Approved Date: 11/06/2018
Type: EDTIF
Term: 5
Number of Jobs: 125
New State Wages: $22,442,500
New State Revenue: $1,910,530
Capital Investment: $3,100,000
Maximum Cap Incentive: $191,688
Web Address: www.essenceglobal.com

Press Release

Essence to Open Regional Office in Utah

NOVEMBER 6, 2018

The Governor’s Office of Economic Development (GOED) today announced Essence, a global data and measurement-driven media agency and part of GroupM, will open a regional office in Salt Lake City, Utah. Essence will add up to 125 jobs, $1.9 million in new state revenue and an estimated $3.1 million in capital investment.

“Essence is a globally connected company with nationally-known clients,” said Val Hale, executive director of the Governor’s Office of Economic Development. “Their culture will be a nice addition to our Silicon Slopes community and Salt Lake City. We welcome them in opening their 19^thglobal office in our great state.”

Founded in 2005, Essence provides digital advertising services including captivating experiences, objective media and data science for its clients. Their current service offerings are advertising and business strategy, advertising campaign plan design and setup, advertising campaign activation, campaign analytics and creative services. Founded in London, Essence deploys campaigns in 71 markets via offices in North America, Europe, the Middle-East, Africa and in Asia Pacific.

“Salt Lake City and Essence share a similar commitment to culture and innovation; two qualities that are significant to who we are as an agency,” said Steve Williams, CEO, North America, Essence. “We’re excited to offer current and prospective employees the opportunity to contribute to a flourishing tech community while maintaining a positive quality of life.”

Essence will create up to 125 jobs throughout the next five years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $22,442,500, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate, payroll and sales taxes are estimated to be $1,910,530 over five years.

“Essence Global has grown dramatically over the past few years, and we’re excited the company has added Utah to its impressive list of locations,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “There’s a lot of innovation going on at the intersection of marketing and tech, and we look forward to seeing Essence’s contributions in that space firsthand.”

Essence may earn up to 10 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Increment Finance (EDTIF) tax credit rebate. As part of the contract with Essence, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $191,688. Each year that Essence meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

“Congratulations to Essence! I am thrilled that a company with such an elite global footprint and focus on culture will call Salt Lake City home. Our economic development team has worked with Essence alongside our local partners since this opportunity was first brought to our attention, and I am confident that Essence will continue to see the unparalleled customer service and economic advantage of being in Utah’s capital city,” said Jackie Biskupski, mayor of Salt Lake City.

Board Motion Text

Approve Essence Global for an EDTIF post-performance refundable tax credit of up to $191,053 which represents 10% of the $1,910,530 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $ 191,053EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 10% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 10% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Merit Medical Systems, Inc.

Board Approved Date: 11/06/2018
Type: EDTIF
Term: 15
Number of Jobs: 1010
New State Wages: $983,686,603
New State Revenue: $71,495,027
Capital Investment: $505,000,000
Maximum Cap Incentive: $17,873,757
Web Address: www.merit.com

Press Release

Merit Medical to Expand in Utah

NOVEMBER 6, 2018

The Governor’s Office of Economic Development (GOED) today announced that Merit Medical Systems, Inc. will expand in Utah, adding up to 1,010 jobs, $71 million in state revenue and an estimated $505 million in capital investment.

“Merit is a homegrown company that has responsible growth, great tech and demonstrated success. This internationally known company is saving lives, and we could not be more proud to have them call Utah home,” said Val Hale, executive director of GOED.

Merit Medical is a leading manufacturer and marketer of disposable medical devices used in intervention, diagnostic and therapeutic medical procedures. The company offers products in cardiac, intervention, peripheral intervention, interventional oncology and spine, cardiovascular, and critical care and endoscopy. The company has manufacturing and research and development facilities in seven countries around the world with their worldwide headquarters located in South Jordan.

“We are appreciative that the State of Utah has chosen to invest in us as a homegrown company dedicated to improving the lives of patients and building long-term opportunities for our children and grandchildren,” said Fred P. Lampropoulos, Merit Medical chairman and CEO. “We are hiring students from our state’s great institutions of higher education as engineers, mathematicians, statisticians, marketing and business professionals. We are committed to growing our business with local talent in all areas.”

Merit Medical plans to create up to 1,010 jobs over the next 15 years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $983,686,603, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate payroll and sales tax, are estimated to be $71,495,027 over the next 15 years.

“Utah-grown Merit Medical just keeps growing,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We can’t wait to see the company go after its ambitious goals and solidify its leadership in the medtech space.”

Merit Medical may earn up to 25 percent of the new state taxes they will pay over the 15-year life of the agreement in the form of a post-performance Economic Development Increment Finance (EDTIF) tax credit rebate. As part of the contract with Merit Medical, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $17,873,757. Each year that Merit Medical meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Board Motion Text

Approve Merit Medical Systems Inc. for an EDTIF post-performance refundable tax credit of up to $17,873,757 which represents 25% of the $71,495,027 of new state revenue, which may be earned over 15 years.

Total EDTIF incentive not to exceed $17,873,757 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 25% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 25% of qualified new incremental state tax revenues over 15 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 15 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

HealthEquity Inc.

Board Approved Date: 10/11/2018
Type: EDTIF
Term: 7 Years
Number of Jobs: 500
New State Wages: $160,675,210
New State Revenue: $10,193,600
Capital Investment: $29,800,000
Maximum Cap Incentive: $2,038,720
Web Address: https://healthequity.com/

Press Release

HealthEquity to Expand Headquarters in Utah

_OCTOBER 11, 2018

The Governor’s Office of Economic Development (GOED) today announced HealthEquity, Inc. (NASDAQ: HQY), the nation’s largest independent health savings account (HSA) custodian, will expand their operations in Draper, Utah, adding up to 500 jobs, $10 million in new state revenue and an estimated $27 million in capital investment.

“HealthEquity is a community-focused organization that provides opportunities for rural and urban communities in Utah,” said Val Hale, executive director of the Governor’s Office of Economic Development. “Not only do they provide employment opportunities along the Wasatch Front, but they have also opened their doors in Price, Utah. We look forward to further watching the impact this company has on the communities they serve and call home.”

In December 2015, HealthEquity announced it would expand at its Draper headquarters to create up to 200 jobs in Utah within six years. With the addition of the 26 new team members based in Price, HealthEquity has surpassed that goal, adding 207 new jobs in less than a year.

“HealthEquity’s best asset is our team members,” said Jon Kessler, HealthEquity president and CEO. “By partnering with GOED, we have expanded employment opportunities in Carbon County and attracted the Wasatch Front’s top talent to create our unique and extraordinary, purple culture.”

HealthEquity will create up to 500 jobs throughout the next seven years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life agreement may be up to $160,675,210, which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues, as a result of corporate, payroll and sales taxes are estimated to be $10,193,600 over seven years.

“HealthEquity has called Utah home for almost 15 years,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We’re thrilled that they’re continuing to expand here in Utah.”

HealthEquity 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 Increment Finance tax credit rebate. As part of the contract with HealthEquity, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $2,038,720. Each year that HealthEquity meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Board Motion Text

Approve HealthEquity Inc. for an EDTIF post-performance refundable tax credit of up to $2,038,720 which represents 20% of the $10,193,600 of new state revenue, which may be earned over 7 years.

Total EDTIF incentive not to exceed $2,038,720 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Cornerstone OnDemand Inc.

Board Approved Date: 09/13/2018
Type: EDTIF
Term: 7 Years
Number of Jobs: 355
New State Wages: $156,338,704
New State Revenue: $6,076,674
Capital Investment: $4,400,000
Maximum Cap Incentive: $1,215,335
Web Address: https://www.cornerstoneondemand.com/

Press Release

Cornerstone selects Utah for expansion

_SEPTEMBER 13, 2018

The Governor’s Office of Economic Development (GOED) today announced Cornerstone OnDemand (NASDAQ:CSOD), a global leader in cloud-based learning and human capital management software, will expand its operations to Salt Lake City and is adding up to 350 jobs, $6 million in new state revenue and an estimated $4.4 in capital investment over the next seven years.

“Cornerstone has expanded its worldwide business over the last 16 years and is a pioneer in the SaaS industry,” said Val Hale, executive director of the Governor’s Office of Economic Development. “We could not be happier that Cornerstone will expand in Utah.”

With nearly 2,000 employees in 43 countries worldwide, Cornerstone is one of the largest cloud-based technology companies in the world. In 2017, the company recorded record revenue of $482 million, up 15 percent year-over-year. The new Utah Operations Center will be the company’s third office in North America and its 18^th office worldwide.

“Our continued growth and success has created a new opportunity to expand U.S. operations outside of our global headquarters in Santa Monica, California,” said Brian Swartz, chief financial officer, Cornerstone OnDemand. “Utah meets our goals of managing expansion in a cost-effective and thoughtfully planned manner. In addition, Utah has a robust technology presence, a highly educated and trained workforce, and offers tremendous amenities for our employees, including cost-of-living and housing affordability. We have begun initial recruiting efforts and plan to be operational in Utah by the end of the year.”

Over the next seven years, Cornerstone is expected to create up to 350 permanent jobs in the areas of Finance, Global Product Support, Engineering, Product Development and Administration. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life agreement may be up to, $156,338,704, which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues, as a result of corporate, payroll and sales taxes are estimated to be $6,076,674 over seven years.

“We’re excited that Cornerstone OnDemand— a growing company known for its industry leadership and workplace culture—is increasing its presence here in Utah,” said Theresa Foxley, President and CEO of the Economic Development Corporation of Utah. “This expansion represents a big win for Utah, and we look forward to seeing all of the benefits that the additional jobs and investment will bring to our communities.”

Cornerstone OnDemand Inc. 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 Cornerstone, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,215,335. Each year that Cornerstone meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Board Motion Text

Approve Cornerstone OnDemand Inc. for an EDTIF post-performance refundable tax credit of up to $1,215,335 which represents 20% of the $6,076,674 of new state revenue, which may be earned over 7 years.

Total EDTIF incentive not to exceed $1,215,335 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Sarcos Corporation

Board Approved Date: 08/09/2018
Type: EDTIF
Term: 5 Years
Number of Jobs: 292
New State Wages: $58,578,853
New State Revenue: $6,166,234
Capital Investment: $2,366,657
Maximum Cap Incentive: $1,233,247
Web Address: https://www.sarcos.com/

Press Release

Sarcos Robotics Receives GOED Economic Development Financing to Expand in Utah

The Governor’s Office of Economic Development (GOED) today announced Sarcos Robotics, a global leader in robotic systems that augment, rather than replace, humans working in the industrial, public safety and military sectors, has been awarded the GOED Economic Development Tax Increment Financing (EDTIF). Sarcos will expand in Utah adding up to 292 high-paying jobs, $6.1 million in new state revenue and $2.4 million in capital investment.

“Sarcos is one of Utah’s leading innovative companies,” said Val Hale, executive director of GOED. “This Utah company has created wonderful robotics at the University of Utah Research Park and we are excited to see where this expansion takes them.”

Sarcos is a robotics company founded in the early 1980’s as a spin-out of the University of Utah. The team has a strong history of innovation in a wide variety of applications ranging from advanced humanoid robots and theme park animatronics to the robotic fountain at the Bellagio Hotel in Las Vegas. Currently the company is focused on the commercialization of three energetically autonomous, highly mobile and dexterous robot products representing the culmination of decades of advancements in complex electro-mechanical and biologically-inspired engineered systems.

“Sarcos is growing rapidly – we’ve doubled our workforce in the last year as we realize our vision of delivering robotic systems that simultaneously reduce the risk of workplace injuries while also increasing productivity and efficiency,” said Ben Wolff, CEO and chairman of Sarcos Robotics. “The GOED award will support our continued growth of our team in Utah and address the unmet global demand for robotic systems that create the safest, most productive workforce possible.”

Sarcos will create up to 292 high paying jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $58,578,853. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $6,166,234 over five years.

“It’s always exciting to see companies grow in Utah—but it’s especially exciting when those companies are like Sarcos, with such strong historical ties to the state and our universities,” said Theresa Foxley, CEO of the Economic Development Corporation of Utah. “The company’s innovative robotics technology is accelerating progress across a diverse set of industries; we look forward to seeing the similarly-transformative impact of an expanded Sarcos presence on our Utah communities.”

Sarcos may earn up to 20 percent of the new state taxes they will pay over the five-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 Sarcos, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,233,247. Each year as Sarcos meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Board Motion Text

Proposed Motion

Approve Sarcos Corp. for an EDTIF post-performance refundable tax credit of up to $1,233,247 which represents 20% of the $6,166,234 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $1,233,247 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 110% criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Moog Inc.

Board Approved Date: 08/09/2018
Type: EDTIF
Term: 10 years
Number of Jobs: 120
New State Wages: $73,755,064
New State Revenue: $4,903,768
Capital Investment: $2,230,000
Maximum Cap Incentive: $980,754
Web Address: www.moog.com/

Press Release

Moog to Expand Operations in Utah

The Governor’s Office of Economic Development (GOED) today announced Moog Inc. will expand their operations in Utah, adding up to 120 jobs, $4.9 million in new state revenue and $2.23 million in capital investment.

“Moog is a leader in the aerospace and defense industry,” said Val Hale, executive director of GOED. “With over 60 years of experience, Moog’s expansion will be a great benefit to our state and we look forward to their success.”

Founded in 1951 in New York, Moog is a leading worldwide designer, manufacturer and integrator of high-performance precision motion and fluid controls and systems for a range of applications in aerospace and defense, industrial and medical markets. Moog currently employs over 11,000 employees with locations throughout the U.S., and around the world including Germany, England, Australia, Italy, Japan, Ireland, and many more.

Moog plans to add these jobs within their existing facility in Salt Lake County and bring to Utah the assembly and test of a new turreted weapon system called the Reconfigurable Integrated-weapons Platform (RIwP). The RIwP is a revolutionary remote turret, providing the warfighter overmatch to current and emerging threats across the full spectrum of conflict.

“We are excited about this new product and to be hiring additional talented personnel in Utah. The support from the Governor’s office for these high-tech manufacturing jobs was key to making the decision to grow in Utah,” said Jon Liddle, director of Moog Defense Sector Operations and Supply Chain. “Our culture supports the development and growth of our employees and I encourage those who want to join the Moog family to go to www.moog.com/careers.”

Moog will create up to 120 jobs over the next ten years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $73,755,064. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $4,903,768 over ten years.

“Moog’s expansion in Utah is one more example of our state’s compatibility with the aerospace and defense industries,” said Theresa Foxley, CEO of the Economic Development Corporation of Utah. “We’re excited to see them grow in Utah and are thankful for their continued investment here.”

Moog may earn up to 20 percent of the new state taxes they will pay over the ten-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 Moog, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $980,754. Each year as Moog meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate. See photo here.

Board Motion Text

Approve Moog for an EDTIF, post-performance refundable tax credit of up to $980,754 which represents 20% of the $4,903,768 of new state revenue, which may be earned over 10 years.

Total EDTIF incentive not to exceed $980,754 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 10 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage 20% criteria at 50% for each project year.
Annual total project average salary of 120 new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

GoHealth LLC

Board Approved Date: 06/14/2018
Type: EDTIF
Term: 5 years
Number of Jobs: 363
New State Wages: $84,645,000
New State Revenue: $3,216,488
Capital Investment: $900,000
Maximum Cap Incentive: $643,298
Web Address: https://www.gohealthinsurance.com/

Press Release

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
(801) 538-8811
edwards@utah.gov

GoHealth Expands Business Operations in Utah

SALT LAKE CITY (June 14, 2018)—The Governor’s Office of Economic Development (GOED) is proud to announce GoHealth will expand business operations into Utah, adding over 500 jobs, $3,216,488 in new state revenue and $900,000 in capital investment.

“GoHealth will be a great addition to numerous strategic economic clusters in the state,” said Val Hale, executive director of GOED. “GOED is proud to work with many stakeholders to make this growth happen, including Lindon City.”

For nearly 20 years, GoHealth has been leading innovation in healthcare. The company, headquartered in Chicago, provides consumers with quality coverage that meets their needs and fits their budgets, connecting Americans to affordable insurance throughout every stage of their life. In addition, the company partners with the nation’s top healthcare carriers as a trusted extension of their team, supplying them with scalable business solutions that allow them to focus on what they do best: provide healthcare.

“Salt Lake City was a natural choice for our next office – from the city’s growing business culture to its deep talent pool, we felt it was the right fit for our latest expansion,” said Clint Jones, co-founder and CEO of GoHealth. “This new office is an exciting indication of our company’s growth, and we greatly look forward to becoming a part of the local business community.”

The Salt Lake City office will be focused on providing customer support for both consumers and partners across the U.S. GoHealth is actively recruiting highly-motivated, energetic individuals and will invest in new employees’ professional growth through training and development. GoHealth was awarded Crain’s Chicago Business 101 Best Places to Work and plans to bring the same level of employee engagement and job satisfaction to Salt Lake City.

GoHealth will create up to 363 full-time jobs over the next five years, as well as 150 part-time and seasonal positions. The total wages in aggregate are required to exceed 110 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $84,645,000. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $3,216,488 over five years.

“GoHealth is among the many companies recognizing the potential of Utah’s talented and friendly workforce,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “The company’s innovative corporate culture is a wonderful addition to Utah’s growing economy.”

GoHealth may earn up to 20 percent of the new state taxes they will pay over the five-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 GoHealth, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $643,298. Each year as GoHealth 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)
business.utah.gov
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 oredwards@utah.gov.

About GoHealth
GoHealth’s mission is to champion a healthier America by empowering consumers with education and choice. As a healthcare marketplace that provides consumers with quality coverage that meets their needs and fits their budgets, the company connects Americans to affordable insurance throughout every stage of their life.

Founded in 2001 by Brandon Cruz and Clint Jones, GoHealth combines technology, data science and deep industry expertise to match consumers with the healthcare policy and carrier that is best for them. The company partners with the nation’s top healthcare carriers as a trusted extension of their team, supplying them with scalable business solutions that allow them to focus on what they do best: provide healthcare. Based in Chicago, GoHealth has received numerous awards, including Deloitte Technology Fast 500 and Ernst & Young Entrepreneur of the Year.

Board Motion Text

Approve GoHealth, LCC for an EDTIF, post-performance refundable tax credit of up to $643,298 which represents 20% of the $3,216,488 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $643,298 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average Utah County wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Canopy Tax, Inc

Board Approved Date: 06/14/2018
Type: EDTIF
Term: 5
Number of Jobs: 538
New State Wages: $149,707,284
New State Revenue: $6,203,272
Capital Investment: $7,500,000
Maximum Cap Incentive: $1,240,654
Web Address: https://www.canopytax.com/

Press Release

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
(801) 538-8811
edwards@utah.gov

Company contact:
Jenny Olson
310-773-2568
jenny@mpublicrelations.com

Continued Growth in Silicon Slopes: Canopy Chooses Utah

SALT LAKE CITY (June 14, 2018)—The Governor’s Office of Economic Development (GOED) is proud to announce Canopy will expand in Utah, adding up to 538 high-paying jobs, $6,203,272 in new state revenue and $7.5 million in capital investment.

“Canopy is a homegrown company that is rapidly growing and we are excited they have chosen to expand in Utah,” said Val Hale, executive director of GOED. “It’s great to see our Silicon Slopes thrive and find innovative ways to grow our tech economy.”

Canopy was founded in 2014 after CEO Kurt Avarell, a former Wall Street tax attorney, grew frustrated with the lack of efficient, streamlined tools for tax professionals. In the same year, Canopy received $2M in seed funding. Since then, the Company has received an additional $70M in funding, experienced 1900 percent growth in paid customer accounts in 2016, and signed up 700+ accounting firm customers.

“As a company born and bred in Utah, we’ve enjoyed the resources and benefits the state provides for small and growing businesses such as Canopy,” said Kurt Avarell, founder and CEO of Canopy. “We are committed to growing our employee base and further contributing to Utah’s economy as we disrupt the $100B+ tax software and services market from right here in Silicon Slopes.”

Canopy will create up to 538 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $149,707,284. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $6,203,272 over five years.

Canopy may earn up to 20 percent of the new state taxes they will pay over the five-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 Canopy, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,240,654. Each year as Canopy 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)
business.utah.gov
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 oredwards@utah.gov.

About Canopy
Canopy is a cloud-based practice management and tax resolution software. The modern, easy-to-use software cuts out tax practice busywork, improves the client experience, and brings all the different tools a practitioner needs under one roof. Canopy is also known for its free 2-minute IRS Transcripts Tool. Canopy was founded by Kurt Avarell, who walked away from his career as a Wall Street tax attorney to launch Canopy from his basement in 2014.

Learn more at www.canopytax.com and @CanopyTax.

Board Motion Text

Approve Canopy Tax, Inc for an EDTIF, post-performance refundable tax credit of up to $1,240,654 which represents 20% of the $6,203,272 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $1,240,654 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Clarus Corporation

Board Approved Date: 05/11/2018
Type: EDTIF
Term: 8 years
Number of Jobs: 147
New State Wages: $91,067,138
New State Revenue: $8,936,826
Capital Investment: $40,000,000
Maximum Cap Incentive: $1,787,365
Web Address: https://www.claruscorp.com/

Press Release

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
(801) 538-8811
edwards@utah.gov

Clarus Corporation to expand in Utah

SALT LAKE CITY (May 14, 2018)—The Governor’s Office of Economic Development (GOED) is proud to announce Clarus Corporation (NASDAQ: CLAR), parent company of Black Diamond Equipment, will expand in Utah, adding up to 147 high-paying jobs, $8.9 million in new state revenue and $40 million in capital investment.

“Clarus Corporation is a bedrock partner and an anchor of Utah’s outdoor industry. We couldn’t be more pleased with their decision to expand in the state of Utah,” said Val Hale, executive director of GOED. “We look forward to future partnership opportunities with Clarus Corporation as we help advance the state’s outdoor recreation economy.”

With a heritage dating back to 1957, Black Diamond Equipment relocated to Utah in 1991. This move allowed its employees to be closer to the activities that create its passion: climbing, skiing, and various mountain and canyon pursuits. Clarus Corporation and Black Diamond Equipment merged in May 2010, where a previous incentive agreement with GOED assisted the company in moving its headquarters to Utah. This is just one indication of long-term collaboration between Clarus Corporation, Black Diamond Equipment and the state to grow Utah’s outdoor industry.

Clarus Corporation also owns Austrian-based PIEPS, an innovator and technology leader in beacon technology and avalanche safety equipment. Clarus also recently acquired Missouri-based Sierra Bullets, an iconic American manufacturer of high performance bullets. Overall, Clarus boasts an increasing portfolio of outdoor equipment and lifestyle products for climbing, mountaineering, backpacking, skiing, and sporting activities. The company has more than 100 patents worldwide for its renowned products.

“Salt Lake City has been home to Black Diamond Equipment, and now Clarus, for over 25 years,” said John Walbrecht, president of Clarus. “We are excited about the future of the outdoor industry in Utah, and expect to play an important role in its growth for years to come.”

Clarus Corporation will create up to 147 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $91,067,138. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $8,936,826 over eight years.

“When Black Diamond Equipment moved to Utah in the 1990’s it was a monumental event for the state’s outdoor products industry,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Today, as they, and its parent Clarus Corporation, announce their most recent Utah expansion, we look forward to our continued partnership as we support and grow Utah’s outdoor products industry.”

Clarus Corporation may earn up to 20 percent of the new state taxes they will pay over the eight-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 Clarus Corporation, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1.8 million. Each year as Clarus Corporation 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)
business.utah.gov
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 edwards@utah.gov.

About Black Diamond Equipment
Black Diamond Equipment, Ltd. is a global leader in creating innovative outdoor engineered equipment and apparel for climbing, mountaineering, backpacking, skiing and a wide range of other year-round outdoor activities. Black Diamond Equipment, and its sister brand PIEPS™, are synonymous with performance, innovation, durability and safety in the outdoor consumer community. Headquartered in Salt Lake City at the base of the Wasatch Mountains, our products are designed and exhaustively tested by an engaged team of discerning entrepreneurs and engineers. The Black Diamond Equipment culture of precision and excellence enhance the authenticity of our brands, inspire product innovation and strengthen customer loyalty. Black Diamond Equipment’s products are sold in approximately 50 countries around the world.

About Clarus Corporation
Clarus Corporation is focused on the outdoor and consumer industries, seeking opportunities to acquire and grow businesses that can generate attractive stockholder returns. The Company has substantial net operating tax loss carry forwards which it is seeking to redeploy to maximize stockholder value. Clarus’ primary business is as a leading developer, manufacturer and distributor of outdoor equipment and lifestyle products focused on the climb, ski, mountain, and sport categories. The Company’s products are principally sold under the Black Diamond®, Sierra® and PIEPS® brand names through specialty and online retailers, distributors and original equipment manufacturers throughout the U.S. and internationally. For additional information, please visit www.claruscorp.com or the brand websites atwww.blackdiamondequipment.com, www.sierrabullets.com or www.pieps.com.

Board Motion Text

Approve Clarus Corporation for an EDTIF, post-performance refundable tax credit of up to $1,787,365 which represents 20% of the $8,936,826 of new state revenue, which may be earned over 8 years.

Total EDTIF incentive not to exceed $1,787,365 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Salt Lake County average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 8
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Centrify Corporation

Board Approved Date: 03/08/2018
Type: EDITF
Term: 5 Years
Number of Jobs: 200
New State Wages: $69,204,079
New State Revenue: $2,784,718
Capital Investment: $4,500,000
Maximum Cap Incentive: $556,944
Web Address: www.centrify.com/

Press Release

MARCH 8, 2018

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Centrify Chooses To Expand And Grow Engineering Team In Utah

SALT LAKE CITY (Mar. 8, 2018)—The Governor’s Office of Economic Development (GOED) today announced that Centrify will expand its presence in Utah and grow its Engineering team, adding up to 200 jobs, $2.7 million in new state revenue and an estimated $4.5 million in capital investment.

“We welcome Centrify to Utah and look forward to a long-term partnership creating new jobs while providing the company with a strategic location for expanding its Engineering Department,” said Val Hale, executive director of GOED. “Centrify’s presence will bolster our efforts to develop a cyber security micro-cluster comprised of leading-edge companies on the forefront of one of the biggest risks in today’s world.”

Centrify delivers Zero Trust Security through the power of Next-Gen Access. The Centrify Zero Trust Security model assumes that users inside a network are no more trustworthy than those outside the network. Centrify verifies every user, validates their devices, and limits access and privilege. Centrify also utilizes machine learning to discover risky user behavior and apply conditional access – without impacting user experience.

The company has had a presence in Utah since 2014 with customer support and sales development teams. The addition of engineering teams is a result of Utah’s highly educated and skilled workforce.

“Creating jobs is the cornerstone for strengthening our national economy,” said Tom Kemp, chief executive officer at Centrify. “But make no mistake, we’re in a cybersecurity war, and identity is the primary attack vector, showing no signs of slowing down – and creating market demand. As we grow, we need to attract the best talent available, and Utah has very skilled candidates to enhance our product innovation and leadership for Zero Trust Security.”

Centrify will create up to 200 jobs over the next five 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 $69,204,079. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,784,718 over five years.

“Centrify is one of many companies tapping into the strong and highly educated IT workforce in Utah,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah. “We have enjoyed working with Centrify over the past three years and are excited to see this project come to fruition.”

Centrify may earn up to 20 percent of the new state taxes they will pay over the five-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 Centrify, the GOED Board of Directors approved a post-performance tax credit rebate not to exceed $556,944. Each year as Centrify 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 the local community to determine the best location for its expansion. Exact location will be announced at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov

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 edwards@utah.gov.

About Centrify
Centrify delivers Zero Trust Security through the power of Next-Gen Access. The Centrify Zero Trust Security model assumes that users inside a network are no more trustworthy than those outside the network. Centrify verifies every user, validates their devices, and limits access and privilege. Centrify also utilizes machine learning to discover risky user behavior and apply conditional access — without impacting user experience. Centrify’s Next-Gen Access is the only industry-recognized solution that uniquely converges Identity-as-a-Service (IDaaS), enterprise mobility management (EMM) and privileged access management (PAM). Over 5,000 worldwide organizations, including over half the Fortune 100, trust Centrify to proactively secure their businesses.

Board Motion Text

Approve Centrify Corporation for an EDTIF, post-performance refundable tax credit of up to 556,944 which represents 20% of the $2,784,718 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $556,944 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

a2b Fulfillment, Inc.

Board Approved Date: 03/08/2018
Type: EDTIF
Term: 5 years
Number of Jobs: 75
New State Wages: $13,254,846
New State Revenue: $546,471
Capital Investment: $840,000
Maximum Cap Incentive: $54,647
Web Address: www.a2bf.com/

Press Release

MARCH 8, 2018

News Release
For Immediate Release

Contacts:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Bryce McCuin
a2b Fulfillment, Inc., Director of Marketing
866-843-3827 ext. 136
bmccuin@a2bf.com

a2b Fulfillment, Inc. Chooses Utah for Future Expansion

SALT LAKE CITY (Mar. 8, 2018)—The Governor’s Office of Economic Development (GOED) today announced that a2b Fulfillment will expand operations to Ogden, Utah, adding up to 75 new jobs, $12.6 million in new state revenue and an estimated $840,000 in capital investment.

“We are excited to support Ogden in one of their proactive recruitment efforts,” said Val Hale, executive director of GOED. “Ogden is in a prime location to accommodate a2b Fulfillment’s expansion while enabling them to ship to their customers quicker. Expanding in Ogden will allow a2b Fulfillment to drive down prices and stimulate creative solutions to meet distribution requirements.”

a2b Fulfillment helps companies work smarter by providing its third-party logistics services including Order Fulfillment, Customer Care and Value-Added Services. The company’s specialized solutions are designed to improve the customer experience while reducing operating costs through a variable model.

“Utah is an excellent distribution location for servicing the west coast,” explains Ayal Latz, President of a2b Fulfillment. “We now will reach 94% of U.S. households in 2 days. The state has created a business-friendly environment, and boasts a strong, educated workforce. We intend to be a great asset to the community at large, by creating jobs, investing in the community and servicing the logistics needs of both our national clients and the businesses in Utah.”

a2b Fulfillment will create up to 75 jobs over the next five 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 may be up to $33,426,021 million, which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $12,685,151 over 15 years.

“As the crossroads of the West, Utah continues to be one of the best places for warehouse and distribution operations,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah. “We look forward to the success a2b Fulfillment will find in Utah.”

a2b Fulfillment may earn up to 10 percent of the new state taxes they will pay over the five-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 a2b Fulfillment, Inc., the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $54,647. Each year as a2b Fulfillment 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 the local community to determine the best location for its expansion. Exact location will be announced at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov

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 edwards@utah.gov.

About a2b Fulfillment

Since 2001, a2b Fulfillment has been helping companies work smarter by outsourcing business support services, including order fulfillment, customer care, and value-added solutions. Its specialized solutions are designed to improve the customer experience, while reducing operating costs through a variable model. With more than 560,000 square feet of warehousing and contact center space in the United States, a2b is able to service the majority of consumers and retailers within two days. Its same-day fulfillment philosophy ensures that customers aren’t waiting, and its one-call customer service resolution standard keeps them coming back.

Board Motion Text

Approve a2b Fulfillment, Inc for an EDTIF, post-performance refundable tax credit of up to $54,647 which represents 10% of the $546,471 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $54,647 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 10% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 10% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Borsight, Inc.

Board Approved Date: 03/08/2018
Type: EDTIF
Term: 7 years
Number of Jobs: 95
New State Wages: $33,319,518
New State Revenue: $4,125,041
Capital Investment: $6,300,000
Maximum Cap Incentive: $825,008
Web Address: www.borsight.com/

Press Release

MARCH 8, 2018

News Release
For Immediate Release

Contacts:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Martin Oloughlin
Borsight
801-390-3888
martin.oloughlin@borsight.com

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)
business.utah.gov

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 edwards@utah.gov.

Board Motion Text

Approve Borsight, Inc for an EDTIF, post-performance refundable tax credit of up to $825,008 which represents 20% of the $4,125,041 of new state revenue, which may be earned over 7 years.

Total EDTIF incentive not to exceed $825,008 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Sports Specialists, Ltd.

Board Approved Date: 03/08/2018
Type: Economic Opportunity
Term: 3 years
Maximum Cap Incentive: $150,000
Web Address: sportsspecialistsltd.com

Board Motion Text

Approve Sports Specialists, Ltd. for an Industrial Assistance Fund, post-performance, Economic Opportunity Grant of up to $150,000 which represents annual disbursements of $50,000 for 3 years.

Parker-Hannifin Corporation

Board Approved Date: 01/11/2018
Type: EDTIF
Term: 6 years
Number of Jobs: 77
New State Wages: $17,786,900
New State Revenue: $6,690,562
Capital Investment: $2,754,562
Maximum Cap Incentive: $1,003,584
Web Address: www.parker.com/

Press Release

JANUARY 1, 2018

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Cheryl Flohr
Director, Communications
949-887-0716
cflohr@parker.com

Parker Hannifin to Move Additional Repair Operations to Utah

SALT LAKE CITY (Jan. 11, 2018)—The Governor’s Office of Economic Development (GOED) today announced Parker Hannifin Corporation will relocate more operations to Utah, adding up to 77 jobs, $6.7 million in new state revenue and $2.8 million in capital investment.

“With deep ties to the global aerospace market, Parker Hannifin is a large contributor to Utah’s world-class aerospace industry,” said Val Hale, executive director of GOED. “We look forward to the company’s continued growth in our state.”

Founded in 1917 in Ohio, Parker Hannifin is a leading worldwide manufacturer of motion and control technologies and systems, providing precision engineered solutions for a variety of mobile, industrial and aerospace markets. Parker Aerospace, an operating group within the company, is a global leader in aerospace research, design and manufacturing. The company has locations in 39 states and 48 countries outside the U.S.

Parker Hannifin currently has an engineered polymer systems facility in Utah, as well as an engineering and manufacturing operation supporting its Control Systems Division in Ogden. The division is the world leader in the design and manufacture of flight control actuation equipment. In a competitive process, the company selected the Ogden facility as the new location for its repair and overhaul operation for the division. Parker Hannifin will be moving the work, including equipment and jobs, to Utah from California.

“We appreciate the engagement and support of the governor’s office,” said Doug Dilley, commercial business unit manager for the Control Systems Division operation in Ogden. “The economic climate in Utah is quite favorable for business development, and the area is an excellent place for our team members to live and work. It has been a great experience to partner with the Utah economic development office in this project, and we look forward to working together in the future.”

Parker Hannifin will create up to 77 jobs over the next six years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $17,786,900. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $6,690,562 over six years.

“Parker Hannifin’s decision to expand is a great win for Ogden, Weber County, and Utah as a whole,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We look forward to the positive impact their increased presence in Utah will have on the aerospace industry in the state.”

Parker Hannifin may earn up to 15 percent of the new state taxes they will pay over the six-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 Parker Hannifin, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,003,584. Each year as Parker Hannifin 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)
business.utah.gov
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 edwards@utah.gov.

About Parker Aerospace. Parker Aerospace is a global leader in the research, design, integration, manufacture, certification, and lifetime service of flight control, hydraulic, fuel, inerting, fluid conveyance, thermal management, lubrication, and pneumatic systems and components for aerospace and other high-technology markets. The company supports the world’s aircraft manufacturers, providing a century of experience and innovation for commercial and military aircraft.

About Parker Hannifin. Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For 100 years the company has engineered the success of its customers in a wide range of diversified industrial and aerospace markets. Learn more at www.parker.com or @parkerhannifin.

Board Motion Text

Approve Parker Hannifin Corporation for an EDTIF, post-performance refundable tax credit of up to $1,003,584 which represents 15% of the $6,690,562 of new state revenue, which may be earned over 6 years.

Total EDTIF incentive not to exceed $1,003,584 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% & of qualified new incremental state tax revenues over 6 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 6 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Autonomous Solutions Inc.

Board Approved Date: 01/11/2018
Type: Economic Opportunity
Maximum Cap Incentive: $166,6000
Web Address: www.asirobots.com

Press Release

JANUARY 11, 2018

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Brandon Taylor
Marketing Manager
Autonomous Solutions, Inc.
435-755-2980
brandon.taylor@asirobots.com

Autonomous Solutions, Inc. to Grow at Home

SALT LAKE CITY (Jan. 11, 2018)—The Governor’s Office of Economic Development (GOED) today announced Autonomous Solutions, Inc. (ASI) will expand in Utah, adding up to 135 high-paying jobs to the community and $3.3 million in new state tax revenue.

“ASI is a pioneering innovator that is using sophisticated research from our universities,” said Val Hale, executive director of GOED. “ASI is a truly impressive homegrown company, and we are proud to support its expansion in Utah.”

ASI was founded in 2000 as a spinoff from Utah State University and is currently headquartered in Petersboro, Utah. The company manufactures an automation technology that retrofits to existing industrial vehicles. ASI’s robotic hardware and software systems allow users to safely manage their entire fleet of vehicles autonomously. ASI serves the mining, farming, automotive, manufacturing and defense industries and is Ford Motor Company’s preferred proving ground automation supplier.

“In order for us to maintain our leadership in the unmanned vehicle space we must continue to push the boundaries of what is possible with machine learning and artificial intelligence,” said CEO and founder Mel Torrie. “This project will ensure that we continue to offer our customers and partners the most advanced, safe and simple autonomous solutions.”

As part of its expansion project, ASI will need significant road improvements. The expected project cost is $833,000. The GOED Board of Directors has approved a post-performance Industrial Assistance Fund (IAF) grant of $166,600, not to exceed 20 percent of the total road improvement costs.

As the conversation builds around self-driving cars and other automation, ASI puts Utah on the map as a global leader in these technologies. Automation has the potential for positive impact in several areas including workplace safety, increased product outputs and the environment.

“The impact of Utah’s innovative universities, the technologies they spin out, and the talent they prepare is felt again today as ASI announces their expansion,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We are happy this game-changing technology will continue to develop in Utah.”

ASI will create up to 135 jobs over the next five years. The total wages in aggregate are expected to exceed 200 percent of the Cache County average wage. The projected new state wages over the life of the agreement are expected to be approximately $26.6 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $3.3 million.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About ASI
asirobots.com
Autonomous Solutions, Inc. is a world leader in vehicle automation. ASI’s Mobius platform provides an interoperable command and control software solution for autonomous vehicles that can be used with any major equipment manufacturer. Mobius enables clients to integrate a variety of industrial vehicles under a comprehensive platform. Autonomous Solutions serves clients in the mining, agriculture, automotive, government, and manufacturing industries with remote control, teleoperation, and fully automated solutions, all from its headquarters and 100-acre proving ground in northern Utah. ASI leadership has worked with world leaders in business and government, including Ford Motor Company, FCA America, Toyota, Boeing, Lockheed Martin, Northrop Grumman, Anglo American, Rio Tinto, Case New Holland, General Dynamics, Sharp and others.

Board Motion Text

Approve Autonomous Solutions Inc. for an Industrial Assistance Fund, post-performance Economic Opportunity Grant of up to $166,600, but no more than 20% of the total road improvements, subject to 63N-3-109 which defines the terms by which the Industrial Assistance account can be used for financing assistance to entities offering economic opportunities, dated effective 5/12/2015.

Snap Inc.

Board Approved Date: 11/09/2017
Type: EDTIF
Term: 15 years
Number of Jobs: 50
New State Wages: $334,260,021
New State Revenue: $12,685,151
Capital Investment: $1,800,000
Maximum Cap Incentive: $2,537,030
Web Address: https://www.snap.com/en-US/

Press Release

SNAP INC. CHOOSES UTAH FOR FUTURE EXPANSION

November 09 2017 – 2:18 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

press@snap.com

Snap Inc. Chooses Utah for Future Expansion

SALT LAKE CITY (Nov. 9, 2017)—The Governor’s Office of Economic Development (GOED) today announced that Snap Inc. will expand operations to Utah, adding up to 50 new jobs.

“Snap Inc’s innovative approach and high paying jobs are a natural fit for our thriving tech community,” said Val Hale, executive director of GOED. “Snap acquired a Utah County-based company a few years ago and we are pleased that they have maintained strong ties to the state since then. Their presence in the state will be a nice addition to the state’s growing tech industry.”

Snap Inc. is the creator of Snapchat, an innovative camera application that helps people communicate through short videos and images. The Venice, California-based company went public in March 2017 and has more than 3,000 global employees. The company’s expansion in Utah will focus on expanding its engineering teams, specifically focusing on camera technology and augmented reality.

“We always learn a lot from the incredibly diverse local communities where we operate, and we are very excited to build a new team in Utah,” said Jerry Hunter, vice president of engineering at Snap Inc.

Snap Inc. will create up to 50 jobs over the next 15 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 may be up to $334 million, which includes wages, salaries, bonuses, and other taxable compensation. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $12,685,151 over 15 years.

“We are excited to see Utah’s talented workforce being utilized by Snap Inc. to continue their innovative approach to technology,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Their presence in Utah will be a positive addition to our already thriving ‘Silicon Slopes.”

Snap Inc. may earn up to 20 percent of the new state taxes they will pay over the 15-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 Snap Inc., the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $2,537,030. Each year as Snap Inc. 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 the local community to determine the best location for its expansion. Exact location will be announced at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov

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 edwards@utah.gov.

About Snap Inc.
Snap Inc. is a camera company. We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate. Our products empower people to express themselves, live in the moment, learn about the world, and have fun together.

Board Motion Text

Approve Snap Inc., for an EDTIF post-performance refundable tax credit of up to $2,537,030 which represents 20% of the $12,685,151 of new state revenue, which may be earned over 15 years.

Total EDTIF incentive not to exceed $2,537,030 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 15 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 15 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

eShares, Inc. dba Carta

Board Approved Date: 11/09/2017
Type: EDTIF
Term: 5
Number of Jobs: 464
New State Wages: $122,687,203
New State Revenue: $5,735,389
Capital Investment: $5,700,000
Maximum Cap Incentive: $1,147,078
Web Address: https://carta.com/

Press Release

CARTA SELECTS UTAH FOR FUTURE EXPANSION

November 09 2017 – 12:32 pmNews Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Charly Kevers
406-646-6227
Charly.kevers@carta.com

Carta Selects Utah For Future Expansion

SALT LAKE CITY (Nov. 9, 2017)—The Governor’s Office of Economic Development (GOED) today announced that eShares Inc., doing business as Carta, will expand operations to Utah, adding up to 464 jobs, $5.7 million in new state revenue and an estimated $5.7 million in capital investment.

“Utah’s universities provide some of the finest education and training in the country and as a result produce some of the top talent in the fintech and technology industries,” said Val Hale, executive director of GOED. “Carta is growing quickly and is eager to tap into Utah’s talented workforce to support its rapid growth and innovation.”

Carta is pioneering the category of ownership management by making it simple for companies of all stages to turn their employees into owners. Their platform allows companies – from seed stage to public – to manage ownership electronically with the participation of their shareholders, employees, auditors and legal counsel. As an SEC-registered transfer agent, they help companies issue, value, and transfer securities. Carta’s powerful reporting and administrative tools keep public and private in compliance with the latest SEC and IRS regulations. Carta’s mission is to simply create more owners.

“We are excited to be partnering with Salt Lake City and GOED to bring 464 jobs to the Beehive State,” said Henry S. Ward, CEO of Carta.

Carta will create up to 464 jobs over the next five 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 $122,687,203. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,735,389 over five years.

“Utah’s continued success in the finance and technology industries have fostered the growth of fintech in Utah,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Carta’s investment in Utah is another sign that there is a positive outlook on fintech growth within the state.”

Carta may earn up to 20 percent of the new state taxes they will pay over the five-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 Carta, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,147,078. Each year as Carta 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 the local community to determine the best location for its expansion. Exact location will be announced at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov

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 edwards@utah.gov.

About Carta
Carta is pioneering the category of ownership management by making it simple for companies of all stages to turn their employees into owners. The company was founded by Henry Ward in 2012 in Mountain View, CA and has since grown to 300 employees across the US. Carta has raised $67M to date from Union Square Ventures, Spark Capital, Social Capital, SV Angel, Original Capital and Menlo Ventures. For more information, visit https://carta.com/.

Board Motion Text

Approve eShares, Inc., dba Carta, for an EDTIF post-performance refundable tax credit of up to $1,147,078 which represents 20% of the $5,735,389 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $1,147,078 EDTIF post-performance refundable tax credit.

Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

TaskEasy, Inc.

Board Approved Date: 11/09/2017
Type: EDTIF
Term: 5
Number of Jobs: 191
New State Wages: $50,826,118
New State Revenue: $5,378,949
Capital Investment: $3,500,000
Maximum Cap Incentive: $806,842
Web Address: https://www.taskeasy.com/

Press Release

TASKEASY CHOOSES TO EXPAND IN UTAH

November 09 2017 – 12:33 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Vince McCullam
Director of Marketing
435-730-6443
vince.mccullam@taskeasy.com

TaskEasy Chooses To Expand In Utah

SALT LAKE CITY (Nov. 9, 2017)—The Governor’s Office of Economic Development (GOED) today announced that Utah-based TaskEasy will expand in the state, adding up to 191 jobs, $5.3 million in new state revenue and an estimated $6.5 million in capital investment.

“TaskEasy is experiencing massive growth and is expanding into new strategic markets across all 50 states,” said Val Hale, executive director of GOED. “We are pleased that they’ve chosen to stay in Utah. We are excited about the jobs this expansion will create and the company’s contribution in making Utah a premier destination for business.”

TaskEasy makes ordering lawn maintenance as easy as shopping online. TaskEasy delivers lawn care services direct to customers through their mobile app and website. As the first company to apply the services-on-demand model nationwide for lawn maintenance and multi-site property management, TaskEasy’s proprietary platform establishes a fair market price and supports guaranteed, quality service for homeowners, property managers, and landscape contractors. Now in over 10,000 cities and in all 50 states, TaskEasy is established as the largest and most respected authority in the automated lawn care industry.

“TaskEasy was founded in the uniquely entrepreneurial culture of Utah, and starting in this environment has really helped support our growth,” says Karl Sowa, COO/CMO of TaskEasy. “We’re pleased to double-down on our growth here in Salt Lake City, and this state of Utah investment will help us achieve our job creation goals even faster.”

TaskEasy will create up to 191 jobs over the next five 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 $50,826,118. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,378,949 over five years.

“We always love seeing Utah companies grow in the state,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “TaskEasy’s growth will continue to have a positive impact on Utah’s economy.”

TaskEasy may earn up to 15 percent of the new state taxes they will pay over the five-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 TaskEasy, the GOED Board of Directors approved a post-performance tax credit rebate not to exceed $806,842. Each year as TaskEasy 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 the local community to determine the best location for its expansion. Exact location will be announced at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov

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 edwards@utah.gov.

About TaskEasy

TaskEasy makes exterior maintenance as easy as shopping online. With the click of a button, TaskEasy delivers lawn care services direct to customers. As the first company to apply the services on-demand model nationwide for home exterior maintenance and multi-site property management, TaskEasy’s proprietary platform establishes a fair market price and supports guaranteed, quality service for homeowners, property managers, and landscape contractors. For more information, visit TaskEasy.com.

Board Motion Text

Approve TaskEasy, Inc. for an EDTIF post-performance refundable tax credit of up to $806,842 which represents 15% of the $5,378,949 of new state revenue, which may be earned over 5 years.

Total EDTIF incentive not to exceed $806,842 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Stryker Corporation

Board Approved Date: 10/12/2017
Type: EDTIF
Term: 10 years
Number of Jobs: 540
New State Wages: $192,201,004
New State Revenue: $16,966,358
Capital Investment: $100,000,000
Maximum Cap Incentive: $3,393,272
Web Address: https://www.stryker.com/us/en/index.html

Press Release

STRYKER CHOOSES UTAH FOR FUTURE GROWTH

October 12 2017 – 10:27 am

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Jon Zimmer
Director of Public Relations
201-749-8822
Jon.zimmer@stryker.com

Stryker Chooses Utah for Future Growth

SALT LAKE CITY (Oct. 12, 2017)—The Governor’s Office of Economic Development (GOED) today announced Stryker will expand in the state, adding up to 540 jobs, $16.9 million in new state revenue and an estimated $100 million in capital investment.

“World-class companies like Stryker elevate Utah’s life science industry in the global market,” said Val Hale, executive director of GOED. “We are grateful for Stryker’s continued investment in the community and look forward to the many economic opportunities it will provide.”

Founded by renowned orthopedic surgeon Dr. Homer Stryker in 1941, Stryker is a global leader in medical technology. Today, the company employs more than 33,000 worldwide. The company’s current location in Salt Lake City manufactures neurovascular products, and the expansion will increase the product portfolio to include orthopedic, spinal and endoscopy product manufacturing.

The expansion will also increase research and development operations, employing many engineers, and will host a medical device physician training and certification program. Stryker, which consistently broadens its medical product portfolio and services, will continue to put Utah on the map as a life science hub.

“Stryker has been operating in the Salt Lake City area since 2011. During that time, we’ve benefited from the talented workforce and first-rate education, research, and healthcare facilities in the area,” says Mark Paul, president of Stryker’s neurovascular division. “We are excited to continue our expansion of Stryker’s operations and partner with state and local government in the future.”

Stryker will create up to 540 jobs over the next 10 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 $192,201,004. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $16,966,358 over 10 years.

“Stryker has cemented itself as a leader in global innovation and medical device manufacturing,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “With their continued expansion in Utah, Stryker adds to an already recognized and established life sciences and medical device manufacturing hub.”

Stryker may earn up to 20 percent of the new state taxes they will pay over the 10-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 Stryker, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $3,393,272. Each year as Stryker 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)
business.utah.gov
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 edwards@utah.gov.

Board Motion Text

Approve Stryker Corporation, for and EDTIF post-performance refundable tax credit of up to $3,393,272 which represents 20% of the $16,966,358 of new state revenue, which may be earned over 10 years.

Total EDTIF incentive not to exceed $3,393,272 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 10 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

AvidXchange

Board Approved Date: 09/08/2017
Type: EDTIF
Term: 5 years
Number of Jobs: 218
New State Wages: $47,046,117
New State Revenue: $1,769,236
Capital Investment: $3,500,000
Maximum Cap Incentive: $359,247
Web Address: https://www.avidxchange.com

Press Release

AVIDXCHANGE TO EXPAND IN UTAH

September 08 2017 – 9:23 am

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Jen Ittenbach
AvidXchange Communications
704-971-8106
jittenbach@avidxchange.com

AvidXchange to Expand in Utah

SALT LAKE CITY (Sept. 8, 2017)—The Governor’s Office of Economic Development (GOED) today announced AvidXchange, Inc. will expand its Utah operation, adding up to 218 jobs to the community, nearly $1.8 million in new state revenue and $3.5 million in capital investment.

“Utah’s labor market is attractive to innovative companies like AvidXchange, and we look forward to the company’s contributions to the state’s fintech sector,” said Val Hale, executive director of GOED. “We see it happen again and again: Once a company experiences Utah firsthand, they know it’s one of the best locations for their growth.”

AvidXchange acquired Utah-based Piracle Inc. in 2015 and has maintained employees in the state since then. Headquartered in Charlotte, North Carolina, the company selected Utah for its West Site expansion to better serve a wider customer base. AvidXchange is a leading provider of accounts payable and payment automation solutions for midmarket businesses with more than 6,000 customers nationwide. The company’s automation software increases control and visibility in the invoice payment process to reduce processing time, maximize efficiency and lower processing costs for payables.

“AvidXchange is thrilled to expand our operations in our Salt Lake City location and support the economic development in the state of Utah. As we grow as a company, it is imperative to us that we have a large presence throughout the United States to ensure that we can continue to provide great support for our customer base throughout the country,” said Michael Praeger, CEO and co-Founder of AvidXchange. “Utah is a great hub for technology and innovation, and AvidXchange looks forward to being a larger part of the tech community and creating a positive impact on the local economy with the creation of over 200 jobs.”

AvidXchange will create up to 218 jobs over the next five 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 $47,046,117. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,796,236 million over five years.

“AvidXchange is another great company taking advantage of Utah’s strengths in finance and technology,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We are grateful for the role the company will play in growing fintech in the state.”

AvidXchange may earn up to 20 percent of the new state taxes they will pay over the five-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 AvidXchange, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $359,247. Each year as AvidXchange 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 the local community to determine the best location for the project. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About AvidXchange™
AvidXchange™ revolutionizes the way companies pay their bills. Serving more than 5,500 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction. AvidXchange has been recognized as one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years, ranked among Deloitte’s Fast 500 this past year, and recently was named of the top 100 technology companies in North America by Red Herring. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for eight consecutive years. For more information, contact us at 800.560.9305 or info@avidXchange.com.

Board Motion Text

Approve AvidXchange, for an EDTIF post-performance refundable tax credit of up to $359,247 which represents 20% of the $1,796,236 of new state revenue, that may be earned over 5 years.

Total EDTIF incentive not to exceed $359,247 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Pluralsight

Board Approved Date: 09/08/2017
Type: EDTIF
Term: 10 Years
Number of Jobs: 2464
New State Wages: $1,421,599,490
New State Revenue: $86,190,587
Capital Investment: $371,770,433
Maximum Cap Incentive: $21,547,647
Web Address: https://www.pluralsight.com/

Press Release

PLURALSIGHT CHOOSES TO EXPAND AT HOME

September 08 2017 – 9:27 am

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

DJ Anderson
Vice President, Communications
415-706-5720
dj@pluralsight.com

Pluralsight Chooses to Expand at Home

SALT LAKE CITY (Sept. 8, 2017)—The Governor’s Office of Economic Development (GOED) today announced Utah-based Pluralsight will expand in the state, adding approximately 2,400 jobs, $86.2 million in new state revenue and an estimated $371.7 million in capital investment.

“Pluralsight is a Utah business success story, and we are proud to support the expansion of homegrown companies,” said. Gov. Gary R. Herbert. “As a major player in Silicon Slopes, Pluralsight will continue to benefit from the state’s strong business environment and talent. We look forward to their future growth.”

Founded in 2004, Pluralsight offers on-demand, digital technology learning tools, including more than 6,000 expert-authored technology courses, adaptive skill tests, custom curriculums for individuals and businesses, and live mentoring. In 2016, the company expanded its product offering to serve large enterprises. Since that expansion, Pluralsight serves 40 percent of Fortune 500 companies, helping close the technology skills gap that is prevalent among many companies worldwide.

“Pluralsight’s remarkable growth resulted in several worldwide locations and opportunities for expansion outside of Utah,” said Val Hale, executive director of GOED. “We’re pleased they’ve decided to keep their headquarters in the state and look forward to their continued success.”

The company has been profitable since its inception with a compounded annual revenue growth rate of over 80 percent for the last five years. Pluralsight’s hiring has increased substantially since 2015. To accommodate this growth, the company plans to expand in Utah and is currently assessing locations for a new, state-of-the-art campus.

“What began in Utah will stay in Utah,” said Aaron Skonnard, CEO and co-founder, of Pluralsight. “Silicon Slopes’ deep talent pool for software engineers and other technical jobs is thriving. That’s why we plan to keep investing in this community. We’ve loved our home in Farmington and are looking forward to creating a new, much larger home south of Salt Lake City.”

Pluralsight will create up to 2,464 jobs over the next 10 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 $1,421,599,490. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $86,190,587 million over 10 years.

“We congratulate Pluralsight on their phenomenal success, and look forward to working with them to select a permanent site in the coming months,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah.

Pluralsight may earn up to 25 percent of the new state taxes they will pay over the 10-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 Pluralsight, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $21,547,647. Each year as Pluralsight meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

The company is working to determine the best location for its new headquarters. During the exploration and building phase of its new headquarters, the company will accommodate its extensive growth by moving many software engineering and other technical functions from its Farmington and Lehi locations to a new location in South Jordan next month. All other functions will remain in Farmington until construction is finished on its new headquarters. The location of Pluralsight’s headquarters will be announced at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Pluralsight
Pluralsight is an enterprise technology learning platform that delivers a unified, end-to-end learning experience for businesses across the globe. Through a subscription service, companies are empowered to move at the speed of technology, increasing proficiency, innovation and efficiency. Founded in 2004 and trusted by Fortune 500 companies, Pluralsight provides members with on-demand access to a digital ecosystem of learning tools, including adaptive skill tests, directed learning paths, expert-authored courses, interactive labs and live mentoring. For more information, visit pluralsight.com.

Board Motion Text

Approve Pluralsight, LLC for an EDTIF post-performance refundable tax credit of up to $21,547,647 which represents 25% of the $86,190,587 of new state revenue, that may be earned over 10 years.

Total EDTIF incentive not to exceed $21,547,647 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 25% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 25% & of qualified new incremental state tax revenues over 10 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
- Should the company not meet the criteria in years 1-5, the company will not be eligible for EDTIF incentive in years 6-10
- Should the company meet the hiring requirements in years 1-5 they will automatically be eligible for the remaining 5 years of the incentive.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented to and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Earnest, Inc.

Board Approved Date: 08/10/2017
Type: EDTIF
Term: 5 years
Number of Jobs: 500
New State Wages: $63,622,881
New State Revenue: $14,017,108
Capital Investment: $5,625,000
Maximum Cap Incentive: $2,803,422
Web Address: https://www.earnest.com/

Press Release

EARNEST TO JOIN UTAH’S FINTECH SECTOR

August 10 2017 – 10:22 am

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Eva Pullano
Earnest, Inc.
212-564-3665
press@earnest.com

Earnest to Join Utah’s Fintech Sector

SALT LAKE CITY (Aug.10, 2017)—The Governor’s Office of Economic Development (GOED) today announced Earnest, Inc. will expand in Utah, adding up to 500 jobs to the community and $5.6 million in capital investment over the next five years.

“We welcome Earnest to Utah, where they will join the ranks of many cutting-edge companies disrupting the financial services industry and defining the banking of tomorrow,” said Val Hale, executive director of GOED. “The company will benefit from Utah’s innovative business environment, which has produced a thriving financial technology sector. We are excited by what the future holds for this partnership.”

This marks the first major expansion for the San Francisco-based private financial services company. Earnest currently has 150 employees located at its headquarters. The new Utah operation will employ team members across credit and client operations, sales and marketing, engineering and management positions.

Earnest’s mission is to provide financially responsible borrowers with better access to credit through low-interest, hyper-personalized, no-fee loans. The company’s holistic, data-driven approach to underwriting more accurately prices financially responsible, high-quality borrowers at the low rates they deserve, reducing the current barriers and costs to credit faced by millions. Earnest looks beyond traditional markers of creditworthiness to consider factors such as income, savings, education, employment and credit history. Services include personal loans, student loan refinancing and home loans.

“We’re excited to announce that our second location will be in Utah,” said Louis Beryl, CEO and co-founder of Earnest. “Utah has become a thriving hub for both technology and financial services companies, with a deep talent pool across multiple areas that is complementary to what we see in San Francisco. Expanding to Utah is an important next step as we continue working to build the modern bank for the next generation.”

Earnest will create up to 500 jobs over the next five 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 $63,622,881. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $14,017,108 million over five years.

“Earnest’s decision to expand to Utah further strengthens the growing fintech industry in the state,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We welcome Earnest and hope they take full advantage of our competencies in IT and financial services.”

Earnest may earn up to 20 percent of the new state taxes they will pay over the five-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 Earnest, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $2,803,422. Each year as Earnest 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 the local community to determine the best location for the project. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Earnest
Earnest is a technology company using data science, smarter design, and exceptional service to rebuild financial services. Founded in 2013 on the belief that financially responsible people deserve better options and access to credit, Earnest’s lending products are built for a new generation seeking to reach life’s milestones. The company’s mission is to democratize access to high-quality financial services.

Earnest is headquartered in San Francisco and backed by Maveron, Battery Ventures, Adams Street Partners, Andreessen Horowitz, Accomplice Ventures, Wildcat Venture Partners, First Round Capital, and others. For more information, please visit earnest.com or follow the team on Facebook, Twitter, and the Earnest Blog.

Board Motion Text

Approve Earnest, for an EDTIF post-performance refundable tax credit of up to $2,803,422 which 20% of the $14,017,108 of new state revenue, that may be earned over for 5 years.

Total EDTIF incentive not to exceed $2,803,422 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.

Adobe

Board Approved Date: 07/13/2017
Type: EDTIF
Term: 20 years
Number of Jobs: 1260
New State Wages: $2,276,503,256
New State Revenue: $85,837,527
Capital Investment: $90,000,000
Maximum Cap Incentive: $25,751,258
Web Address: http://www.adobe.com/

Press Release

ADOBE TO EXPAND IN UTAH

July 13 2017 – 12:03 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

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)
business.utah.gov
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 edwards@utah.gov.

Board Motion Text

Approve Adobe Systems, Inc. for a $25,751,258 EDTIF post-performance refundable tax credit which represents an amount equal to 30% of new state revenue for 20 years.

Total EDTIF incentive not to exceed $25,751,258 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 30% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 30% & of qualified new incremental state tax revenues over 20 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 20
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.
Disbursements under this incentive will only be claimed after the successful completion of the company’s existing incentive.

Podium

Board Approved Date: 06/08/2017
Type: EDTIF
Term: 5 years
Number of Jobs: 426
New State Wages: $124,689,998
New State Revenue: $5,421,960
Capital Investment: $10,000,000
Maximum Cap Incentive: $1,084,392
Web Address: https://www.podium.com

Press Release

Podium Poised to Grow in Silicon Slopes

June 08 2017 – 1:09 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Nico Dato
Podium VP of Marketing
801-758-0580
press@podium.com

Podium Poised to Grow in Silicon Slopes

SALT LAKE CITY (June 8, 2017)—The Governor’s Office of Economic Development (GOED) today announced Podium, Inc. will expand in Utah, adding up to 426 jobs to the community and an estimated $10 million in capital investment.

“Podium is a homegrown Utah company, and we congratulate them on their success and rapid growth,” said Val Hale, executive director of GOED. “Our infrastructure, resources and quality of life support long-term business success, and we are pleased that Podium has made the decision to continue to grow in Utah.”

Founded in 2014, Podium provides technology that makes the interactions between local businesses and consumers simple and convenient. The platform enables communication via familiar channels like text message to drive online discovery, answer general questions about the business, and collect in-depth customer feedback and online reviews.

“We’re excited at the opportunity to increase employment and expand operations here in Utah,” said Eric Rea, CEO and co-founder at Podium. “Not only do businesses have the governmental support through business-friendly policies, but an expanding pool of local talent means access to essential resources for maintaining momentum. At Podium, we are committed to grounding our rapid growth in Utah and contributing to the local economy for the long term.”

Podium will create up to 426 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $124,689,998. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,421,960 over five years.

“Podium represents another great example of Utah’s ability to start and grow successful IT companies,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We are excited and congratulate them for their decision to continue that growth within the state of Utah.”

Podium may earn up to 20 percent of the new state taxes they will pay over the five-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 Podium, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,084,392. Each year as Podium 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 the local community to determine the best location for the project. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.
About Podium
Podium makes each interaction between businesses and consumers simple and convenient to increase visibility, improve business operations, and drive purchase decisions. Podium serves over 80,000+ users across nearly 10,000 businesses and is redefining the modern relationship between businesses and customers. Headquartered in Lehi, Utah, and founded in 2014, Podium has received funding from Accel, Summit Partners, GV (formerly Google Ventures), and Y Combinator. To learn more, visit www.podium.com or contact us at press@podium.com.

Board Motion Text

Approve Podium, Inc. for a $1,084,392 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $1,084,392 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keeping operations in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for the company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital, or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Alliance Data Systems

Board Approved Date: 06/08/2017
Type: EDTIF
Term: 5 years
Number of Jobs: 105
New State Wages: $33,864,658
New State Revenue: $5,053,513
Capital Investment: $15,600,000
Maximum Cap Incentive: $758,027
Web Address: https://www.alliancedata.com

Press Release

Alliance Data to Expand Utah Operations

June 08 2017 – 1:09 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Rachel Stultz
Alliance Data
614-729-4890
rachel.stultz@alliancedata.com

Alliance Data to Expand Utah Operations

SALT LAKE CITY (June 8, 2017)—The Governor’s Office of Economic Development (GOED) today announced Columbus, Ohio-based Alliance Data will expand in Utah, adding hundreds of jobs to the community and an estimated $15.6 million in capital investment. Alliance Data has operated Comenity Capital Bank, headquartered in Utah, since 2003.

“Alliance Data is a major player in the state’s growing financial services industry,” said Val Hale, executive director of GOED. “Their further innovation and growth in the state of Utah will help businesses throughout the country.”

Alliance Data’s card services business is a leading provider of tailored marketing and loyalty solutions, delivered through branded credit programs that drive more profitable relationships between retailers and their card members. Alliance Data provides private label, co-brand, and business products to more than 145 of the world’s most recognizable brands.

“This investment is a reflection of the company’s expected future growth. The new site will enable us to accommodate more associates to better serve existing brand partners as demand for our solutions continues to increase,” said Sallie Komitor, chief customer officer of Alliance Data card services. “Utah’s collaborative culture and spirit of public and private sector partnership are clear, and we are pleased to continue investing in this community – in technology, facilities and associates, who are our most valuable assets. We appreciate the support of the state as we embark on this opportunity.”

Alliance Data will create up to 105 high-paying jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $33,864,658. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,053,513 over five years.

“We’re thrilled Alliance has decided to stay and grow in Utah,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “The added jobs and investment will further strengthen Utah’s place in the financial services industry.”

Alliance Data may earn up to 15 percent of the new state taxes they will pay over the five-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 Alliance Data, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $758,027. Each year as Alliance Data meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

The new 134,000-square-foot facility will be located at 12921 South Vista Station Boulevard, Draper, UT. Full project completion is estimated in Q1 2018.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.
About Alliance Data’s card services business
Alliance Data’s card services business is a leading provider of tailored marketing and loyalty solutions, delivered through branded credit programs that drive more profitable relationships between our brand partners and their cardmembers. We offer private label, co-brand, and commercial products to many of the world’s most recognizable brands across a multitude of channels.
We uphold our Know more. Sell more.® promise by leveraging unmatched customer insights, advanced analytics, and broad-reaching innovative capabilities. It’s how we deliver increased sales to our partners, build enduring loyalty to their brands, and provide more value to our cardmembers. Alliance Data’s card services business is a proud part of the Alliance Data enterprise. To learn more, visit www.KnowMoreSellMore.com or follow us on Twitter @Know_SellMore.

Board Motion Text

Approve ADS Alliance Data Systems, Inc. for a $758,027 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $758,027 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Amazon

Board Approved Date: 06/08/2017
Type: EDTIF
Term: 8 Years
Number of Jobs: 130
New State Wages: $85,532,234
New State Revenue: $28,403,534
Capital Investment: $200,000,000
Maximum Cap Incentive: $5,680,707
Web Address: https://www.amazon.com/

Press Release

GOED Approves Amazon Expansion in Utah

June 08 2017 – 1:02 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

GOED Approves Amazon Expansion in Utah

SALT LAKE CITY (June 8, 2017)—In its public meeting today at the Utah State Capitol, the Governor’s Office of Economic Development (GOED) Board approved Amazon for a post-performance incentive agreement to begin carrying out a new project in Utah.

Founded in 1994, Amazon is the largest Internet-based retailer in the world. The company will announce in the coming weeks details about the project location, scope and timeline.

The Amazon project will create several hundred jobs over the next eight years, and 130 of them qualify for an incentive agreement. The total wages of incentivized jobs in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $85,532,234. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $28,403,534 over eight years. The estimated capital investment of the project is expected to be $200 million.

Amazon may earn up to 20 percent of the new state taxes they will pay over the eight-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 Amazon, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $5,680,707. Each year as Amazon 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)
business.utah.gov
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 edwards@utah.gov

Board Motion Text

Approve Amazon Fulfillment Services, Inc. for a $5,680,707 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.

Total EDTIF incentive not to exceed $ EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 8 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Litehouse, Inc.

Board Approved Date: 05/11/2017
Type: EDTIF
Term: 8 years
Number of Jobs: 165
New State Wages: $44,922,713
New State Revenue: $1,733,815
Capital Investment: $40,000,000
Maximum Cap Incentive: $346,763
Web Address: https://www.litehousefoods.com/

Press Release

Litehouse to Expand Manufacturing in Southern Utah

May 11 2017 – 12:20 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Morgan Mittie
Litehouse
208-920-2070
mmittie@litehouseinc.com

Litehouse to Expand Manufacturing in Southern Utah

SALT LAKE CITY (May 11, 2017)—The Governor’s Office of Economic Development (GOED) today announced that Litehouse Inc. will expand its manufacturing operations in Hurricane, adding up to 165 jobs to the community and $40 million in capital investment.

“Litehouse will add quality jobs to the Hurricane community and the state’s manufacturing economy,” said Val Hale, executive director of the Governor’s Office of Economic Development. “Their expansion will benefit our business environment.”
Headquartered in Sandpoint, Idaho, Litehouse has been in the family business of creating delicious food for over 50 years. Today, the company produces and markets refrigerated food products such as salad dressing, cheese, sauces, and dips, with an ever-expanding product portfolio and national distribution. As of 2014, the company has been 100 percent employee-owned. The Utah facility expansion will continue to support dressing, dip and sauce production and their growing distribution needs throughout the United States.

“Our goal is to continue to add jobs to the communities that have helped us grow into a dominant leader in our industry” said Jim Frank, Litehouse CEO. “We are so pleased to announce our expansion in Hurricane and we look forward to being a strong partner to the community that has been so supportive of Litehouse.”

The Litehouse project will create up to 165 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the Washington County average wage. The projected new state wages over the life of the agreement are expected to be approximately $44,922,713. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,733,815 over eight years.

“Keeping the customers you have is the best recipe for success,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Congratulations to Litehouse Foods on their decision to expand in Hurricane.”

Litehouse Foods may earn up to 20 percent of the new state taxes they will pay over the eight-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 Litehouse, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $346,763. Each year as Litehouse Foods meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

“We’re happy that Litehouse is finding success and will be expanding their presence in Washington County,” said Jeriah Threlfall, executive director of St. George Area Economic Development. “We are not surprised they are succeeding. Litehouse is a great company and Hurricane City is an excellent place to do business.”

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Litehouse, Inc.
Litehouse, Inc. started in the Hope, Idaho restaurant of the Hawkins family over 50 years ago. Since that time, it has become the leader in refrigerated salad dressings, fruit and veggie dips, sauces, Instantly Fresh® Herbs, blue cheese, and cold pressed apple cider, manufacturing these delicious products at its three U.S. facilities based in Michigan, Utah and Idaho. Litehouse is proud to be 100% employee-owned and each one of the employee owners is proud to carry on the high standards of quality and innovation, living up to the slogan…Families Making Food for Families. For more information, visit www.LitehouseFoods.com, Facebook, Instagram, Pinterest and Twitter or contact Morgan Mittie, (208) 920-2070, mmittie@litehouseinc.com.

Board Motion Text

Approve Litehouse, Inc. for a $346,763 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.

Total EDTIF incentive not to exceed $346,763 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.

Electronic Power Systems

Board Approved Date: 05/11/2017
Type: EDTIF
Term: 7 years
Number of Jobs: 128
New State Wages: $38,869,950
New State Revenue: $8,373,904
Capital Investment: $11,600,000
Maximum Cap Incentive: $1,674,781

Press Release

EP Systems Selects Cache County for Manufacturing Site

May 11 2017 – 12:20 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Nathan Millecam
President & CEO
480-416-2624
Nathan.millecam@ep-sys.net

EP Systems Selects Cache County for Manufacturing Site

SALT LAKE CITY (May 11, 2017)—Electronic Power (EP) Systems and the Governor’s Office of Economic Development (GOED) today announced the aerospace battery manufacturing company will expand to Utah, adding up to 128 jobs to the community and $11.6 million in capital investment.

“EP Systems’ innovative technology is a natural fit for Utah’s aerospace industry,” said Val Hale, executive director of GOED. “Northern Utah has positioned itself as a global leader in aerospace, and EP Systems will thrive as a member of our world-class industrial and research community.”
EP Systems traces its roots to Los Angeles-based Phillips Machine & Weld. Beginning as a manufacturer and supplier of machined parts to aerospace companies such as Boeing and Northrop Grumman, the company ventured into energy storage systems for electronic vehicles. EP Systems’ product integrates key technologies such as lithium-ion batteries, converters, controllers, software and mechanical packaging for major industrial and aerospace markets. Its technology aims to address issues such as energy independence, carbon emissions and global security.

“We are happy to announce our expansion plans into the state of Utah,” said Nathan Millecam, CEO of Electric Power Systems. “We are excited to tap into the state’s industrious, innovative workforce, and build a world class Energy Storage System product line that makes the world safer, cleaner, and more mobile. We’d like to thank GOED and Logan City for their work in bringing us here, and look forward to joining and contributing to these wonderful communities.”

The EP Systems project will create up to 128 jobs over the next seven years. The total wages in aggregate are required to exceed 110 percent of the Cache County average wage. The projected new state wages over the life of the agreement are expected to be approximately $38,869,950. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $8,373,904 over seven years.

“We are excited to see EPS’s decision to relocate to Cache County,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “This project is a great example of Team Utah’s collaborative approach to winning projects. We appreciate our partnership with GOED, USTAR, Utah State University and community leaders and their hard work to make this project a reality.”

EP Systems 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 EP Systems, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,674,781. Each year as EP Systems meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

“EP Systems will be a wonderful addition to the very diverse group of technology businesses that we have in Logan and Cache County,” said Logan City Mayor H. Craig Peterson. “We’re excited to witness EP Systems growth, as well as its continued, mutually-beneficial collaboration with Utah State University. We’re pleased with the influx of new jobs, but particularly the significant addition of engineering positions this project brings and what that means in terms of new opportunities for our university graduates, as well as those seeking to make their way back to Logan.”

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.
About EP Systems
Electric Power (EP) Systems is a spin out of a 45 year old Aerospace Company, Phillips Aerospace, Headquartered in the greater Los Angeles area who specializes in the design, build, and qualification of complex electronic hardware. EP Systems was incorporated to give more organizational focus on the high growth Energy Storage Systems products for High reliability applications. Energy Storage Systems are complex systems that integrate key technologies such as Lithium Ion Batteries, Converters, Controllers, Software, and Mechanical Packaging. Our technology is an advanced, low cost, modular system being adopted in major Industrial, Aerospace, and Traction Markets. Our technology addresses major societal issues such as; Energy Independence, Carbon Emissions, Urban Mobility, and Global Security. For more information contact sales@ep-sys.net

Board Motion Text

Approve Electric Power Systems, LLC for a $1,674,781 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.

Total EDTIF incentive not to exceed $1,674,781 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Varo Money

Board Approved Date: 05/11/2017
Type: EDTIF
Term: 5 years
Number of Jobs: 331
New State Wages: $44,500,000
New State Revenue: $1,681,910
Capital Investment: $2,800,000
Maximum Cap Incentive: $336,382
Web Address: https://varomoney.com

Press Release

Varo Money to Open Utah Office

May 11 2017 – 1:10 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Aaron Valentine
Varo Money Operations
801-725-0965
aaron.valentine@varomoney.com

Varo Money to Open Utah Office

SALT LAKE CITY (May 11, 2017)—Varo Money and the Governor’s Office of Economic Development (GOED) today announced the financial technology company will expand to Utah, planning to add several hundred jobs to the community and $2.8 million in capital investment.

“Fintech is an important niche for Utah’s technology industry,” said Val Hale, executive director of GOED. “We look forward to Varo Money’s contributions to the state’s growth as a technology leader.”
Based in San Francisco, Varo Money is an “all-in-one” mobile banking platform aimed at helping credit-worthy millennials manage monthly expenses and accumulate savings. The service combines several money management features including a full financial picture, mobile banking with a Varo Visa® debit card issued by The Bancorp Bank, tools to help customers build savings, and lending solutions. Varo’s product is perfectly suited to help people improve their financial lives and is committed to servicing the needs of the Utah community. The Utah office will contain positions in banking operations and customer service and may at a later date also include risk management and technology functions.

“Varo Money is excited to leverage the great financial services and technology talent in the Wasatch Front market,” said Colin Walsh, co-founder and CEO of Varo Money. “The entrepreneurial spirit in the Salt Lake Valley will be a perfect fit with Varo’s culture. We look forward to growing in Utah.”

The Varo Money project will create up to 331 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $44,500,000. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,681,910 over five years.

“Varo Money’s decision to expand to Utah demonstrates the power of being in front of the right company at the right time,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We welcome Varo Money to our growing fintech community.”

Varo Money may earn up to 20 percent of the new state taxes they will pay over the five-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 Varo Money, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $336,382. Each year as Varo Money meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Varo Money is working closely with the local community to determine the best location for the expansion. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

Board Motion Text

Approve Varo Money, Inc. for a $336,382 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $336,382 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Collective Medical Technologies

Board Approved Date: 04/13/2017
Type: EDTIF
Term: 8 years
Number of Jobs: 587
New State Wages: $235,303,666
New State Revenue: $9,091,527
Capital Investment: $10,000,000
Maximum Cap Incentive: $1,818,305
Web Address: http://collectivemedicaltech.com/

Press Release

COLLECTIVE MEDICAL TECHNOLOGIES TO EXPAND IN UTAH

April 13 2017 – 11:57 am

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Mary Blair
Collective Medical Technologies
mary.blair@collectivemedicaltech.com

Collective Medical Technologies to Expand in Utah

SALT LAKE CITY (April 13, 2017)—Collective Medical Technologies, Inc. (CMT) and the Governor’s Office of Economic Development (GOED) today announced the Salt Lake City-based health technology company will expand in Utah, adding hundreds of new high-paying jobs to the community.

“CMT is an excellent example of a company that is an innovator in its industry,” said Val Hale, executive director of GOED. “In addition to creating a significant number of jobs for Utah residents, the company will contribute to the state’s growing technology sector.”
CMT is a Salt Lake City-based health technology developer dedicated to eliminating avoidable risk and friction from care delivery. CMT is building the largest geographically-contiguous real-time data network in the United States to enable payers and providers alike to deliver more timely and accurate patient care using real-time alerts and collaborative care management tools to reduce avoidable utilization. CMT’s network of thousands of physicians, nurses, case managers, and others spans hundreds of hospitals, health systems, clinics, plans, and more which collectively serve millions of patients nationwide.

“We are honored and grateful to receive an offer of support from the Governor’s Office of Economic Development,” said Chris Klomp, CEO of Collective Medical Technologies. “We are thrilled to partner with the state to continue to create attractive, high-paying jobs and further Utah’s reputation as a technology and innovation leader. Our entire team is passionate about building software that improves the lives of patients and the people who care for them. We bring that same level of passion and commitment to building our team and look forward to having many more values-oriented, driven innovators join us.”

The CMT project will create up to 587 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $235.3 million projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $9.1 million over eight years.

“CMT’s expansion represents yet another great win for the state’s burgeoning healthcare analytics industry,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We congratulate CMT on their success and are excited they have chosen to continue growing in Utah.”

CMT may earn up to 20 percent of the new state taxes they will pay over the eight-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 CMT, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,818,305. Each year as CMT meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

CMT is working closely with the local community to determine the best location for the expansion and plans to announce this at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov

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 edwards@utah.gov.

About Collective Medical Technologies

Collective Medical Technologies (CMT) is the leader in collaborative care management and is dedicated to eliminating avoidable risk by closing the provider communication gaps that undermine patient care. CMT uses real-time data, risk analytics, notifications, and shared care guidelines to prompt and guide provider decision making in a way that drives differential outcomes in terms of reduced ED utilization and inpatient readmissions. The result is a national network of thousands of Emergency Departments, primary care, behavioral health, ambulatory providers, health plans, ACOs, managed care organizations, and post-acute providers who collaborate to collectively deliver better care to millions of patients. Edie (a.k.a. PreManage ED) is endorsed by the American College of Emergency Physicians (ACEP) as a significant benefit for its physicians and their patients. Learn more at www.collectivemedicaltech.com and follow us on Twitter, Facebook, and LinkedIn.

Board Motion Text

Proposed Motion

Approve Collective Medical Technologies, Inc. for a $1,818,305 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.

Total EDTIF incentive not to exceed $1,818,305 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 8
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Company must demonstrate sufficient investment, capital or other financial resources to reasonably fulfill the projections included in the application.

Biomerics

Board Approved Date: 03/09/2017
Type: EDTIF
Term: 8 years
Number of Jobs: 380
New State Wages: $133,035,032
New State Revenue: $15,022,082
Capital Investment: $38,500,00
Maximum Cap Incentive: $3,004,416
Web Address: http://biomerics.com/

Press Release

BIOMERICS TO BUILD CORPORATE HQ IN UTAH

March 09 2017 – 12:00 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Aden Hirtle
Biomerics, Marketing Communications Manager
801-355-2705
ahirtle@biomerics.com

Biomerics to Build Corporate HQ in Utah

SALT LAKE CITY (March 9, 2017)—Biomerics and the Governor’s Office of Economic Development (GOED) today announced the medical device plastics manufacturer will build its corporate headquarters in Utah, adding up to 380 jobs to the community and an estimated $38.5 million in capital investment.

“Biomerics is a Utah success story and a major player in both manufacturing and life sciences industries,” said Val Hale, executive director of GOED. “We are grateful for their commitment to support the continued growth of these industries in the state.”

Biomerics specializes in the design, development and production of medical devices for diagnostic and interventional procedures for the cardiovascular, structural heart, cardiac rhythm management and vascular access markets. The investment will be used to build a new 200,000 square foot corporate headquarters. The company, formed in 2009, has grown into a leading supplier for the $250 billion dollar medical device industry. Biomerics has five locations, including a recent expansion in Minnesota.

“Biomerics looks forward to expanding in Utah,” said Travis Sessions, CEO of Biomerics. “Utah provides a unique business environment and community for the growth of the company. We are proud to be part of this community and appreciate the support of GOED and EDCUtah in this important decision.”
The Biomerics project will create up to 380 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $133,035,032. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $15,022,082 over eight years.

“Biomerics will bring additional strength, not only to the manufacturing industry in Utah, but also to the thriving life sciences industry in the state,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “We congratulate them and look forward to the innovative solutions they will provide to Utah’s vast medical device community.”

Biomerics may earn up to 20 percent of the new state taxes they will pay over the eight-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 Biomerics, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $3,004,416. Each year as Biomerics meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Biomerics is working closely with the local community to determine the best location for the expansion. Exact location will be announced at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Biomerics
Biomerics specializes in the design, development, and production of finished medical devices used in diagnostic and interventional procedures. Biomerics provides complete development and manufacturing solutions for customers in the cardiovascular, structural heart, cardiac rhythm management, electrophysiology, neurovascular, vascular access, and pain management markets. Headquartered in Salt Lake City, Biomerics has operations across three ISO-13485 compliant facilities.

Board Motion Text

Proposed Motion

Approve Biomerics, LLC for a $3,004,416 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.

Total EDTIF incentive not to exceed $ EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 8
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Mueller Industries

Board Approved Date: 01/12/2017
Type: EDTIF
Term: 20 Years
Number of Jobs: 125
New State Wages: $$ 31,291,115
New State Revenue: $$ 2,475,952
Capital Investment: $$18,900,000
Maximum Cap Incentive: $$495,190
Web Address: www.muellerindustries.com

Press Release

MUELLER INDUSTRIES TO OPEN COPPER MANUFACTURING IN IRON COUNTY

January 12 2017 – 12:33 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Jeff Martin
Chief Financial Officer
Mueller Industries
901-753-3200
jmartin@muellerindustries.com

Mueller Industries to Open Copper Manufacturing in Iron County

SALT LAKE CITY (Jan. 12, 2017)—Mueller Industries and the Governor’s Office of Economic Development (GOED) today announced the manufacturer will expand to Utah, adding up to 125 jobs to the community.

“I commend Mueller industries for its resourcefulness and investment in Iron County,” said Val Hale, executive director of GOED. “The company’s state-of-the-art facility and access to a skilled workforce from surrounding communities provide a strong foundation as it expands in Utah.”

Mueller Industries, founded in 1917, is a leading manufacturer in the copper and brass industries. Headquartered in Tennessee, company operations are located throughout the world. The Iron County operation would be dedicated primarily to copper tube products.

The Mueller Industries project will create up to 125 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $31,291,115. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,475,952 over eight years.

“We are pleased with Mueller Industries’ decision to build operations in Cedar City,” said Michael Flynn, chief marketing officer and acting chief of staff at the Economic Development Corporation of Utah. “Mueller Industries is a well-regarded company with a history of success. This is a great example of state and local teamwork to recruit new jobs to Utah.”

Mueller Industries may earn up to 20 percent of the new state taxes they will pay over the eight-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 Mueller Industries, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $495,190. Each year as Mueller Industries 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)
business.utah.gov
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 edwards@utah.gov.

About Mueller Industries
muellerindustries.com
Celebrating its 100th anniversary in 2017, Mueller Industries has built a well-earned reputation for offering the finest-quality plumbing, HVAC, refrigeration, and industrial products in the industry. Mueller is a leading manufacturer of a broad range of copper, brass, aluminum, and plastic products, including copper tube and fittings; line sets; brass and copper alloy rod, bar, and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; fabricated tubular products; and steel nipples. Mueller operations are located throughout the world.

Board Motion Text

Proposed Motion

Approve Mueller Copper Tube West Co, Inc. for a $495,190 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.

Total EDTIF incentive not to exceed $495,190 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 8
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Packsize International

Board Approved Date: 01/12/2017
Type: EDTIF
Term: 7 years
Number of Jobs: 354
New State Wages: $$125,290,823
New State Revenue: $$6,010,146
Capital Investment: $$9,200,000
Maximum Cap Incentive: $$1,202,029
Web Address: www.packsize.com

Press Release

PACKSIZE INTERNATIONAL SELECTS UTAH FOR GLOBAL HEADQUARTERS

January 12 2017 – 12:00 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Melissa Clyne
Corp. Communications & Marketing Director
Packsize International
801-440-2009
melissa.clyne@packsize.com

Packsize International Selects Utah for Global Headquarters

SALT LAKE CITY (Jan. 12, 2017)—Packsize International and the Governor’s Office of Economic Development (GOED) today announced the On Demand Packaging® company will expand its Utah operations, adding up to 354 jobs to the community and an expected $9.2 million in capital investment.

“Packsize is making an exceptional investment in our community,” said Val Hale, executive director of GOED. “The company’s commitment to the environment while improving business efficiency will have a positive impact for years to come. We’re proud they will call Utah home as they continue to expand internationally.”

Founded in Salt Lake City in 2002, Packsize creates an On Demand Packaging® system placed on-site for companies to save an average of 20 to 30 percent in corrugated packaging costs. The just-in-time Packsize system includes custom box-making hardware and software as well as other services to reduce corrugated inventory requirements, increase handling and transportation efficiencies, and minimize wasted shipping space. Packsize has operations in more than 25 countries, and notable domestic customers include Staples and Cabela’s.

“Utah’s bright entrepreneurial community and labor market make it attractive for Packsize to compete globally from here,” said Packsize CEO Hanko Kiessner. “We affirm our commitment to serving as a proud member of Utah’s growing community of companies that are participating in building the Industrial Internet of Things as part of the fourth industrial revolution, with a focus on sustainability and the circular economy.”

The Packsize project will create up to 354 jobs over the next seven years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $125,290,823. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $6,010,146 over seven years.

“Packsize’s innovative technology helps companies decrease waste and improve their bottom line,” said Michael Flynn, chief marketing officer and acting chief of staff at the Economic Development Corporation of Utah. “This win-win value proposition will allow them to continue to prosper for years to come. Having that future growth take place in Utah is a tremendous win for the state.”

Packsize International 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 Packsize, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,202,029. Each year as Packsize 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)
business.utah.gov
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 edwards@utah.gov.

About Packsize
packize.com
An award-winning supply chain and sustainable packaging industry leader in North America, Europe, and Asia-Pacific founded in 2002, Packsize® International offers right-sized packaging, on demand, for the corrugated marketplace. On Demand Packaging includes an expert mix of hardware, software, accessories, consumables, and services. By creating right-sized packages, businesses can enhance their brand reputation, the customer experience, and their bottom line.
These optimized box configurations also reduce corrugated inventory requirements, increase handling and transportation efficiencies, and minimize wasted space. Learn why leading brands embrace Smarter Packaging for a Healthy Planet®. For more information, please contact: Melissa Clyne, (801) 440.2009 or melissa.clyne@packsize.com.

Board Motion Text

Proposed Motion

Approve Packsize International, LLC for a $1,202,029 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.

Total EDTIF incentive not to exceed $1,202,029 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Lucid Software, Inc.

Board Approved Date: 12/08/2016
Type: EDTIF
Term: 5 years
Number of Jobs: 339
New State Wages: $$ 91,190,287
New State Revenue: $$ 3,631,346
Capital Investment: $$ 11,000,000
Maximum Cap Incentive: $$726,269
Web Address: https://www.golucid.co/

Press Release

UTAH-BASED LUCID SOFTWARE TO EXPAND AT HOME

December 08 2016 – 11:59 am

*attached contains the following:
News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Jackson Carpenter
Lucid Software Public Relations
435-659-1642
jackson@lucidchart.com

Utah-Based Lucid Software to Expand At Home

SALT LAKE CITY (Dec. 8, 2016)— Lucid Software and the Governor’s Office of Economic Development (GOED) today announced the Utah-based software company will expand in state, adding up to 339 jobs and $11 million in capital investment to the community.

“GOED is committed to the success of homegrown companies,” said Val Hale, executive director of GOED. “Our expanding tech industry is supported by multiple companies like Lucid Software that are established and headquartered here. Utah’s Silicon Slopes will continue to grow because of the state’s deep traditions of entrepreneurship and innovation.”

Founded in 2010, Lucid Software is headquartered in South Jordan. The company creates cloud-based applications designed to improve visual communication and collaboration within work environments. Lucidchart offers an intuitive and collaborative platform for building complex diagrams to improve productivity, while Lucidpress enables brand-compliant layout and design for organizations of all sizes. Now utilized by more than 9 million users, Lucid’s products are two of the most popular productivity apps available.

“We’re thrilled to be in Utah and truly believe that we couldn’t have picked a better location to build our business,” said Karl Sun, CEO of Lucid Software. “The state has done a fantastic job of creating an environment that businesses like Lucid want to call home. We’re excited to continue to grow right here in Silicon Slopes.”

The Lucid Software project will create up to 339 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $91,190,287. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $3,631,346 over five years.

“Lucid Software is a great example of a Utah company with homegrown talent succeeding and competing at the highest levels,” said Michael Flynn, chief marketing officer and acting chief of staff at the Economic Development Corporation of Utah. “We congratulate them on their success and are pleased they have chosen Utah as the site for their long-term growth.”

Lucid Software may earn up to 20 percent of the new state taxes they will pay over the five-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 Lucid Software, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $726,269. Each year as Lucid Software meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Lucid Software, working closely with the local community, has decided its expansion will be located in South Jordan. The new offices will occupy three floors of the new SoJo Station offices located on South Jordan Gateway.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Lucid Software
www.golucid.co
Lucid Software is a leading provider of cloud-based visual productivity applications. Lucidchart, a diagramming application, and Lucidpress, a design solution, are utilized in over 175 countries by more than 9 million users, including Comcast, NASA, Netflix, Target, and Xerox. Since the Utah-based company’s founding in 2010, Lucid Software has grown in revenue by over 100 percent each year and has received numerous awards for its business and workplace culture. For more information about Lucid Software, visit golucid.co.

Board Motion Text

Proposed Motion

Approve Lucid Software, Inc. for a $726,269 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $726,269 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

The WhiteWave Foods Co.

Board Approved Date: 11/10/2016
Type: EDTIF
Term: 6
Number of Jobs: 105
New State Wages: $ $27,207,296
New State Revenue: $ $5,009,392
Capital Investment: $ $70,000,000
Maximum Cap Incentive: $ $1,001,878
Web Address: http://www.whitewave.com/

Press Release

GOED BOARD APPROVES INCENTIVE FOR WHITEWAVE FOODS

November 10 2016 – 12:03 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Matthew Hargarten
Communications Director, WhiteWave Foods
303-635-4263
matt.hargarten@whitewave.com

GOED Board Approves Incentive for WhiteWave Foods

SALT LAKE CITY (Nov. 10, 2016)—The Governor’s Office of Economic Development (GOED) Board today approved a post-performance tax credit rebate for WhiteWave Foods, a global consumer packaged goods and beverage company. The project is expected to add up to 105 jobs and $70 million in capital investment to the community.

“Utah has a strong manufacturing community and is a prime distribution location,” said Val Hale, executive director of GOED. “We look forward to WhiteWave Foods’ growth and contributions.”

The WhiteWave Foods Company is a leading consumer packaged food and beverage company that manufactures, markets and sells branded plant-based foods and beverages, coffee creamers and beverages, premium dairy products and organic produce. The Company’s widely-recognized, leading brands distributed in North America include Silk®, So Delicious® and Vega™ plant-based foods and beverages, International Delight® and Land O’Lakes® coffee creamers and beverages, Horizon Organic® and Wallaby Organic® premium dairy products and Earthbound Farm® organic salads, fruits and vegetables.

The WhiteWave Foods project will create up to 105 jobs over the next six years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $27,207,296. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,009,392 over six years.

“WhiteWave’s product lines represent a growing trend toward organic and plant-based food products and helps put the state on the map in this burgeoning sector,” said Michael Flynn, chief marketing officer and acting chief of staff at the Economic Development Corporation of Utah.

WhiteWave Foods may earn up to 20 percent of the new state taxes they will pay over the six-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 WhiteWave Foods, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,001,878. Each year as WhiteWave Foods meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

WhiteWave Foods is working closely with the local community to determine the best location for the new operation. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

Board Motion Text

Proposed Motion

Approve The WhiteWave Foods Company for a $1,001,878 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 6 years.

Total EDTIF incentive not to exceed $1,001,878 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 6 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 6
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Womply

Board Approved Date: 11/10/2016
Type: EDTIF
Term: 5 years
Number of Jobs: 175
New State Wages: $ $41,325,000
New State Revenue: $ $1,952,888
Capital Investment: $ $100,000
Maximum Cap Incentive: $ $292,933
Web Address: http://www.womply.com/

Press Release

WOMPLY TO JOIN SILICON SLOPES

November 10 2016 – 12:30 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

info@womply.com

Womply to Join Silicon Slopes

SALT LAKE CITY (Nov. 10, 2016)—Womply and the Governor’s Office of Economic Development (GOED) today announced the small business data analytics company will open a Utah office, adding up to 175 high-paying jobs to the community.

“Womply is a Silicon Valley company that has identified an important niche market and is experiencing rapid growth,” said Val Hale, executive director of GOED. “Womply used a thorough vetting process to consider multiple markets for expansion and ultimately selected Utah for its high-caliber workforce. We congratulate the company on a wise decision.”

Founded in San Francisco in 2011, Womply uses technology and data to grow, protect and simplify small business. The company provides on a subscription basis a suite of business monitoring, analytics, and marketing tools that help merchants manage their businesses more easily and get more customers. For example, Womply provides complete monitoring and management of online reviews from sites such as Google and TripAdvisor. Womply is also the leading technology partner to the credit card processing industry.

“We are thrilled to be expanding into Utah County and to tap into the great pool of local talent,” said Cory Capoccia, president of Womply. “We aim to build a lasting presence in the area, and we are hiring aggressively for sales, operations, engineering and other critical roles to accelerate and support our already industry-leading growth.”

The Womply project will create up to 175 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $41,325,000. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,952,888 over five years. The project is expected to generate up to $100,000 in capital investment.

“We are excited to welcome Womply to Utah,” said Michael Flynn, chief marketing officer and acting chief of staff at the Economic Development Corporation of Utah. “This project represents another win in the ‘fin-tech’ industry and will bring more high paying jobs to the state. We are thrilled that Utah continues to make its mark in this growing industry.”

Womply may earn up to 15 percent of the new state taxes they will pay over the five-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 Womply, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $292,933. Each year as Womply meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Womply is working closely with the local community to determine the best location for the new operation. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Womply
Womply is one of the fastest growing merchant-focused companies in America. Our mission is to use technology and data to grow, protect and simplify small business. Every day we serve tens of thousands of merchants, across 400 plus business verticals, in every corner of America. Womply helps merchant-focused companies and organizations acquire, retain and monetize merchants. To learn more, visit www.womply.com or email info@womply.com.

Board Motion Text

Proposed Motion

Approve Oto Analytics dba Womply for a $292,933 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $292,933 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

PillPack

Board Approved Date: 10/13/2016
Type: EDTIF
Term: 5
Number of Jobs: 300
New State Wages: $ $50,057,832
New State Revenue: $ $2,053,229
Capital Investment: $ $32,000,000
Maximum Cap Incentive: $ $410,646
Web Address: https://www.pillpack.com/

Press Release

PILLPACK CHOOSES UTAH FOR EXPANSION

October 13 2016 – 12:37 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Geoff Swindle
Chief Business Officer, PillPack
geoff@pillpack.com

PillPack Chooses Utah for Expansion

SALT LAKE CITY (Oct. 13, 2016)—The Governor’s Office of Economic Development (GOED) and PillPack today announced the innovative pharmacy service will expand its Utah operations, adding hundreds of jobs and tens-of-millions in capital investment to the community.

“Utah is a strategic location for businesses aiming to increase national growth,” said Val Hale, executive director of GOED. “PillPack has grown rapidly and will benefit from the state’s location and also from our well-trained workforce.”

PillPack is a modern day pharmacy designed specifically for customers who are managing complex or chronic conditions and are on regular medication schedules. The service individually packages medications organized by time and day and conveniently delivers the medications directly to your home. PillPack takes a proactive approach to pharmacy by removing the friction of managing and sorting multiple medications. They are an accredited pharmacy that provides pharmacists on call 24 hours a day through email, phone or online chat.

“We’ve created a new type of pharmacy that makes it simple for people to manage their medications,” said Geoff Swindle, chief business officer of PillPack. “We are seeing rapid adoption of our products and services nationwide, and we want to align our growth plans with the progressive business environment the state has created. As a native of this state, I am personally excited to build a substantial presence in Utah.”

The PillPack expansion will create up to 300 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $50,057,832. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,053,229 over five years.

“PillPack is a highly innovative, fast-growing company with the means and ability to expand anywhere,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Their decision to put roots down in Utah is an endorsement of our robust life sciences industry, and of all the hard work that goes into making an announcement like this possible. We congratulate them on their decision, and welcome them to the state.”

PillPack may earn up to 20 percent of the new state taxes they will pay over the five-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 PillPack, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $410,646. Each year as PillPack meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

PillPack is working closely with the local community to determine the best location for the expansion. Exact location will be determined at a future date.
###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About PillPack
PillPack is a full-service pharmacy that delivers a better, simpler experience through convenient packaging, modern technology, and personalized service. PillPack has earned Verified Internet Pharmacy Practices Sites® accreditation through the National Association of Boards of Pharmacy®(NABP®). For more information, please visitPillPack.com or follow us @PillPack. Switching to PillPack takes about five minutes. New customers can sign up online at www.pillpack.com. PillPack accepts most prescription drug insurance plans, including most Medicare Part D plans.

Board Motion Text

Proposed Motion

Approve PillPack for a $410,646 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $410,646 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Connexion Point

Board Approved Date: 10/13/2016
Type: EDTIF
Term: 5
Number of Jobs: 221
New State Wages: $ $73,838,450
New State Revenue: $ $4,722,853
Capital Investment: $ $9,000,000
Maximum Cap Incentive: $ $944,571
Web Address: https://www.connexionpoint.com/

Press Release

CONNEXION POINT TO EXPAND UTAH HEADQUARTERS

October 13 2016 – 12:00 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
801-538-8811
edwards@utah.gov

Christina Sears
Connexion Point
Chief Education & Culture Officer
801-448-4471
christina@connexionpoint.com

Connexion Point to Expand Utah Headquarters

SALT LAKE CITY (Oct. 13, 2016)—The Governor’s Office of Economic Development (GOED) and Connexion Point today announced the technology-enabled healthcare services company will expand at its Utah headquarters, adding up to 221 jobs and an expected $9 million in capital investment.

“Homegrown companies like Connexion Point are innovating the healthcare industry and continue to put Utah on the map as a tech leader,” said Val Hale, executive director of GOED.

Founded in 2010, Connexion Point connects the healthcare industry and consumers through streamlined data and analytics to simplify healthcare processes. Combining a disruptive technology platform, industry leading data science, true web-scale technology and human capital resources, Connexion Point creates outcome based custom solutions, built on replicable and scalable components, that deliver results unmatched in the healthcare industry. Its clients include some of the largest health insurance payers and providers in the nation.

“This partnership with GOED enables us to accelerate our growth plan, expand our software as a service and analytics solutions, and further invest in our XE platform,” said Robert McMichael, president and CEO of Connexion Point.

The Connexion Point expansion will create up to 221 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $73,838,450. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $4,722,853 over five years.

Connexion Point may earn up to 20 percent of the new state taxes they will pay over the five-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 Connexion Point, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $944,571. Each year as Connexion Point 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)
business.utah.gov
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 edwards@utah.gov.

About Connexion Point
Founded in 2010, Connexion Point is a privately owned, Utah based, technology enabled healthcare services company that specializes in outcome based solutions. Connexion Point facilitates communication, throughout the lifecycle of the consumer, that connects the healthcare industry to consumers, and consumers to their healthcare. Combining a disruptive technology platform, industry leading data science, true web-scale technology, and human capital resources Connexion Point creates outcome based custom solutions, built on replicable and scalable components, that deliver unmatched results. Its clients include some of the largest health insurance companies in the nation. Headquartered in Salt Lake City, UT the company has regional offices in Florida, Texas, Tennessee, and Utah. It is ranked on the Inc. 500 and Inc. 5000 for the past three consecutive years, including ranking as the 86th fastest growing privately held company in the nation, 12th fastest growing in Healthcare, and 1st fastest growing in Utah. For more information, please contact: Christina Sears, (801) 448-4471 or christina@connexionpoint.com

Board Motion Text

Proposed Motion

Approve Connexion Point for a $944,571 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $944,571 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Snap Finance

Board Approved Date: 09/08/2016
Type: EDTIF
Term: 5 years
Number of Jobs: 142
New State Wages: $ $33,483,873
New State Revenue: $ $3,759,592
Capital Investment: $ $2,500,000
Maximum Cap Incentive: $ $563,939
Web Address: https://snapfinance.com/

Press Release

SNAP FINANCE TO EXPAND AT UTAH HEADQUARTERS

September 08 2016 – 12:33 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
(801) 538-8811 Office
(801) 755-3085 Cell
edwards@utah.gov

Michael O’Brien
Snap Finance
(801) 407-4162
mobrien@snapfinance.com

Snap Finance to Expand at Utah Headquarters

SALT LAKE CITY (Sept. 8, 2016)—The Governor’s Office of Economic Development (GOED) and Snap Finance today announced that the digital financing company will expand their customer service and corporate operations in Utah. The project will add up to 142 jobs to the community and produce an expected $2.5 million in capital investment.

“Supporting local business growth is one of the most important economic development investments we can make in the state of Utah,” said Val Hale, executive director of GOED. “This new addition strengthens our economy by offering residents diverse jobs in the growing financial-tech industry.”

Founded in Utah in 2012, Snap Finance provides lease-purchase financing on durable-goods for consumers across the country. Snap Finance has grown to hundreds of employees across the U.S. and will continue to grow at their headquarters location in West Valley City.

“We appreciate GOED and the state of Utah supporting our rapid expansion and longer-term commitment to the state,” said Matt Hawkins, CEO of Snap Finance. “We find Utah a compelling location with a favorable business climate. We are excited to build our team with both local and relocated talent.”

The Snap Finance expansion will create up to 142 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $33,483,873. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $3,759,592 over five years.

“We congratulate Snap Finance, a homegrown Utah success story, on their decision to expand in the state,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah.

Snap Finance may earn up to 15 percent of the new state taxes they will pay over the five-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 Snap Finance, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $563,939. Each year as Snap Finance meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Snap Finance is working closely with the local community to determine the best location for the expansion. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Snap Finance
Snap Finance is a digital finance company specializing in lease-purchase financing for consumer durable goods. Snap operates through a nationwide network of merchant partners to bring consumers an invitingly simple and easy way to finance purchases. Using technology and advanced analytics we strive to say “yes” when others cannot. For more information, please visit www.snapfinance.com.

Board Motion Text

Proposed Motion

Approve Snap Finance for a $563,939 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $563,939 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

UPS

Board Approved Date: 09/08/2016
Type: EDTIF
Term: 8
Number of Jobs: 195
New State Wages: $106,202,415
New State Revenue: $23,803,210
Capital Investment: $207,000,000
Maximum Cap Incentive: $4,760,642
Web Address: https://www.ups.com

Press Release

GOED BOARD APPROVES UPS EXPANSION PROJECT

September 08 2016 – 12:00 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
(801) 538-8811 Office
(801) 755-3085 Cell
edwards@utah.gov

GOED Board Approves UPS Expansion Project
The global shipping company is poised for growth in Utah

SALT LAKE CITY (Sept. 8, 2016)—The Governor’s Office of Economic Development today approved UPS for an incentive to build a regional package operations facility in Utah, adding up to 195 high-paying jobs and more than $200 million in capital investment.

“UPS has a strong presence in Utah with a large network of facilities and a productive workforce,” said Val Hale, executive director of GOED. “Our state provides a hard-to-beat strategic location for serving the Western U.S. We have a thriving workforce, and UPS will benefit from choosing Utah for this expansion.”

Founded in 1907, UPS delivers more than 18 million packages a day to more than 6.1 million customers in 220 countries worldwide. The company first began operations in Utah in 1975 and currently employs more than 3,500 workers across the state in package, heavy freight and contract logistics operations. The new facility will enhance the company’s services to surrounding states.

The UPS expansion will create up to 195 high-paying jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the county wage. The projected new state wages over the life of the agreement are expected to be approximately $106,202,415. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $23,803,210 over eight years.

“We are thrilled to have an exceptional employer like UPS choose to make such a substantial commitment to Salt Lake City and the state of Utah,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “This project highlights the power of partnerships on several levels and demonstrates what ‘Team Utah’ does best.”

UPS may earn up to 20 percent of the new state taxes they will pay over the eight-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 UPS, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $4,760,642. Each year as UPS meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

“As the ‘Crossroads of the West,’ Salt Lake City is a good fit for UPS to locate a facility to serve the needs of millions of customers,” said Jackie Biskupski, mayor of Salt Lake City. “Likewise, with its strong commitment to diversity, a culture of empowering employees, and a willingness to lead on sustainability issues, UPS is a good fit for Salt Lake City.”

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

The Governor’s Office of Economic Development (GOED) charter is based on Gov. 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 environment and tourist 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: Aimee Edwards, 801-538-8811 or edwards@utah.gov

Board Motion Text

Proposed Motion

Approve UPS for a $4,760,642 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.

Total EDTIF incentive not to exceed $4,760,642 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Salt Lake County average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 8
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Duncan Aviation

Board Approved Date: 07/14/2016
Type: EDTIF
Term: 15 Years
Number of Jobs: 700
New State Wages: $$389,092,501
New State Revenue: $$19,857,070
Capital Investment: $$53,000,000
Maximum Cap Incentive: $$5,957,121
Web Address: http://www.duncanaviation.aero/

Press Release

Duncan Aviation Expansion Moves One Step Closer

July 14 2016 – 12:02 pm

News Release
For Immediate Release

Contact:
Aimee Edwards, GOED Communications Director
801-538-8811
edwards@utah.gov

Lori Johnson, Duncan Aviation Marketing Communications Manager
402-479-1518
lori.johnson@duncanaviation.com

Duncan Aviation Expansion Moves One Step Closer
The company will make a significant investment in Utah County, pending a Provo City Council vote next week

SALT LAKE CITY (July 14, 2016)—The Governor’s Office of Economic Development (GOED), along with Duncan Aviation, is pleased to announce that the aircraft maintenance company is moving closer to expansion at its Provo location. The proposed expansion will add up to 700 jobs and include more than $50 million in capital investment over the coming years.

“This expansion will enhance Utah’s global presence, given Duncan Aviation’s unique corporate connections,” said Val Hale, executive director of GOED. “Duncan Aviation is a well-respected, family owned company that has invested in Utah for some time. They will continue to be a major reason Utah is no longer viewed as a ‘flyover state.’”

Duncan Aviation is the largest privately owned business jet support facility in the world. Founded in 1956 and headquartered in Lincoln, Nebraska, the business aircraft service company has two other full-service locations in Battle Creek, Michigan, and Provo. It maintains more than 20 other facilities in the U.S., supporting aviation needs of government and business operators worldwide. Today, Duncan Aviation has more than 2,100 employees. The Provo expansion marks significant growth for the company, where new jobs will include positions ranging from aviation engineers to machinists and managers.

“Six years ago, 14 Duncan Aviation team members ventured west to start Duncan Aviation’s newest heavy maintenance location,” said Bill Prochazka, chief operating officer of Duncan Aviation’s Provo location. “We were met with enthusiasm and professionalism from every direction through our discussions with the state, Utah County and Provo City. Today, we are 40 strong, on our way to 400 plus. It’s an exciting time to be in the business aviation maintenance, repair and overhaul (MRO) sector, and to be a part of this great company as we provide high quality and responsive service to corporate business jet operators from around the world.”

Duncan Aviation has indicated that the expansion will create up to 700 jobs over the next 15 years. The total wages in aggregate are required to exceed 110 percent of the Utah County average wage. The projected new state wages over the life of the agreement are expected to be approximately $389,092,501. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $19,857,070 over 15 years.

“Duncan Aviation is such an impressive organization, and the impact that this announcement will have on the state’s aerospace cluster is significant,” said Jeff Edwards, president & CEO of EDCUtah. “Economic development is a team sport, and without the unwavering commitment from so many people in Provo, Utah County, and the State we would not be celebrating today.”

Duncan Aviation may earn up to 30 percent of the new state taxes they will pay over the 15-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 Duncan Aviation, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $5,557,121. The board has also approved an Industrial Assistance Fund (IAF) grant of no more than $400,000 to help offset the cost of procuring pollution control device technology, as authorized under S.B. 186. Each year as Duncan Aviation meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Duncan Aviation was previously approved for a similar incentive agreement in 2008, prior to the recession. This is a renewal of the project. Duncan Aviation’s expansion plan is pending official vote and approval from Provo City Council July 19.

“From the first meeting with Duncan Aviation representatives nine years ago, Provo City has been impressed with the caliber and quality of this great company,” said Provo City Mayor John Curtis. “We are pleased that Duncan is expanding their existing facility here in Provo. The quality and number of jobs that Duncan will create in Provo will benefit our residents and surrounding communities in Utah Valley. We are especially appreciative of the efforts of former Mayor Lewis Billings and both past and present Provo Municipal Councils, the Provo School District, Utah County and the Central Utah Water Conservancy District to make this project possible.”

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov
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 environment and tourist 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: Aimee Edwards, 801-538-8811 or edwards@utah.gov.

About Duncan Aviation
Duncan Aviation is an aircraft service provider supporting the aviation needs of government and business operators and other service providers. Services include major and minor airframe inspections, engine maintenance, major retrofits for cabin and cockpit systems, full paint and interior services and preowned aircraft sales and acquisitions. Duncan Aviation also has international aircraft components solutions experts available 24/7/365 at +1 402.475.4125 who can handle any aircraft system problem with immediate exchanges, rotables, loaners or avionics/instrument/accessory repairs and overhauls. Complete service facilities are located in Lincoln, Neb., and Battle Creek, Mich. Additional locations include Provo, Utah, and more than 20 other facilities strategically located throughout the United States to provide customers with local support and the quickest response to avionics, engine and airframe Aircraft On Ground (AOG) situations.

For more information about any of Duncan Aviation’s services, call +1 402.475.2611 or visit www.DuncanAviation.aero.

Board Motion Text

Proposed Motion

Approve Duncan Aviation for a $5,957,121 EDTIF/IAF post-performance incentive comprised of both an EDTIF refundable tax credit and a $400,000 IAF grant. The total combined amount of the incentive represents an amount equal to 30% of new state revenue for 15 years.
The $400,000 IAF grant may be claimed as: 1) a one time IAF payment of $400,000 or 2) post performance annual payments to reimburse interest payments in accordance with the financing costs of the pollution control equipment up to the maximum capped amount of $400,000. Both options are contingent upon obtaining the necessary permitting from DEQ through receiving an NSR permit based on the installation of Best Available Control Technology and meeting other requirement associated with 2016 SB186, proof of purchase for the pollution control equipment, certificate of occupancy of the paint booth facility, and onsite inspection.
Total EDTIF incentive award not to exceed $5,557,121

EDTIF/IAF incentive not to exceed $5,957,121 EDTIF post-performance refundable tax credit.
Total EDTIF incentive not to exceed $5,557,121 EDTIF post-performance refundable tax credit.
EDTIF tax credit to be front loaded at 50% for the first three years.
Total incentive not to exceed 30% of qualified new incremental state tax revenues over 15 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Utah County average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 15 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Decorworx

Board Approved Date: 07/14/2016
Type: EDTIF
Term: 8 years
Number of Jobs: 164
New State Wages: $$29,291,381
New State Revenue: $$1,590,621
Capital Investment: $$11,500,000
Maximum Cap Incentive: $$318,124
Web Address: www.decorworx.com

Press Release

Decorworx to Expand in Cedar City

July 14 2016 – 12:32 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
(801) 538-8811 Office
(801) 755-3085 Cell
edwards@utah.gov

Shelly Dansie
Decorworx
(435)586-5616
shellyd@decorworx.com

Decorworx to Expand in Cedar City

SALT LAKE CITY (July 14, 2016)— Decorworx and the Governor’s Office of Economic Development (GOED) today announced that the store décor company will expand its operations in Utah, adding up to 164 jobs to the community and producing an expected capital investment of $11.5 million.

“It is rewarding to help a family-owned, homegrown company like Decorworx thrive in a national marketplace,” said Val Hale, executive director of GOED. “Supporting expansions like this is important to our communities.”

Founded in Cedar City 20 years ago, Decorworx specializes in customized décor that reflects a store’s brand and targeted demographics. The company’s aim is to enhance the shopping environment and produce greater success for their clients. Enjoying rapid national success, Decorworx is now a preferred vendor for multiple groups including Associated Foods Salt Lake, Affiliated Foods Midwest and Piggly Wiggly. This represents more than 10,000 independent grocery stores nationwide. Decorworx has received 12 national design awards and is a community-minded business. New positions would include sales, engineering, design and craftsmen.

“As a result of our talented employees, Decorworx has been openly received nationwide,” said Jeff Dansie, president of Decorworx. “We find daily inspiration from our lifestyle in Cedar City and the surrounding area. It enables us to create award winning stores and true success for our clients.”

Decorworx has indicated that the expansion will create up to 164 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the Iron County average wage. The projected new state wages over the life of the agreement are expected to be approximately $29,291,381. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,590,621 over eight years.

“We congratulate Cedar City and Iron County for this tremendous win,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Anytime a local company chooses to make additional investment in-state, it’s a validation of the quality of our labor force, the effectiveness with which we manage state and local governments, and the presence of strong public-private partnerships.”

Decorworx may earn up to 20 percent of the new state taxes they will pay over the eight-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 Decorworx, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $318,124. Each year as Decorworx meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Decorworx is working closely with the local community to determine the best location for the expansion. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Decorworx
decorworx.com
Our company is about our three core values: Exceptional Experience, Premier Image and On Time, Every Time. Creating innovative designs and installing breathtaking décor is our passion and we want to share our excitement and enthusiasm with you. Our award-winning Decorworx team has strengthened independent grocers across the country by customizing their store décor to reflect their story, specific brand and demographics. We realize that each of our clients has a distinct brand and a unique story, which is why all of our superior products are designed with each individual store in mind.

Board Motion Text

Proposed Motion

Approve Decorworx for a $318,124 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.

Total EDTIF incentive not to exceed $318,124 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% & of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 8
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Press Ganey

Board Approved Date: 06/09/2016
Type: EDTIF
Term: 5 years
Number of Jobs: 97
New State Wages: $$15,359,375
New State Revenue: $$2,981,166
Capital Investment: $$11,000,000
Maximum Cap Incentive: $$447,175
Web Address: http://www.pressganey.com/

Press Release

PRESS GANEY TO OPEN UTAH OFFICE

June 09 2016 – 12:31 pm

News Release
For Immediate Release

Contact:
Aimee Edwards
GOED Communications Director
(801) 538-8811 Office
(801) 755-3085 Cell
edwards@utah.gov

Kristina Markos
Aria Marketing for Press Ganey
617-332-9999 x308
kmarkos@ariamarketing.com

Press Ganey to Open Utah Office

SALT LAKE CITY (June 9, 2016)— Press Ganey and the Governor’s Office of Economic Development (GOED) today announced that the health care performance improvement company will open a production operation site in Utah, adding up to 97 jobs to the community and producing an expected capital investment of $11 million.

“Utah County is currently one of the state’s economic leaders and a prestigious company like Press Ganey will contribute to the state’s diverse and sustainable economy,” said Val Hale, executive director of GOED.

Press Ganey provides health care performance improvement solutions primarily through measurement, analytics and advisory services. Serving providers across the continuum of care, including hospitals, medical practices, and home care agencies, the company employs more than 1,000 people at six locations in the United States. The Utah office is intended to produce more than 40 million patient experience surveys annually.

“Utah offers a great environment for Press Ganey, as a health care firm, to operate in. Further, we appreciate the support we have received from the state in establishing this new location and look forward to our continued relationship,” said Patrick Ryan, CEO of Press Ganey. “We are pleased to support job creation and offer meaningful roles in the industry to the community.”

Press Ganey has indicated that the project will create up to 97 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the Utah County average wage. The projected new state wages over the life of the agreement are expected to be approximately $15,359,375. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,981,166 over five years.

“It’s gratifying when a world-class company like Press Ganey can find a home in a world-class location like Utah County,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We’d like to congratulate the company on their decision and look forward to working with them for years to come.”

Press Ganey may earn up to 15 percent of the new state taxes they will pay over the five-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 Press Ganey, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $447,175. Each year as Press Ganey meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Press Ganey is considering multiple Utah County locations for the project. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About Press Ganey
www.pressganey.com
Press Ganey Holdings (NYSE: PGND) is a leading provider of patient experience measurement, performance analytics and strategic advisory solutions for health care organizations across the continuum of care. Celebrating 30 years of experience, Press Ganey is recognized as a pioneer and thought leader in patient experience measurement and performance improvement solutions. Our mission is to help health care organizations reduce patient suffering and improve clinical quality, safety and the patient experience. As of January 1, 2016, we served more than 26,000 health care facilities.

Board Motion Text

Proposed Motion

Approve Press Ganey for a $447,175 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $447,175 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

SnowSports Industries America

Board Approved Date: 06/09/2016
Type: Economic Opportunity Grant
Maximum Cap Incentive: $$100,000
Web Address: www.snowsports.org

Press Release

SNOWSPORTS INDUSTRIES AMERICA FINDS NEW HOME IN UTAH

June 09 2016 – 12:00 pm

News Release
For Immediate Release

Contact:
Aimee Edwards, GOED Communications Director
801-538-8811
edwards@utah.gov

SIA Contact:
Kirsten Anderson, Mfa, Ltd Marketing & PR
212-528-1691
kanderson@mfaltd.com

SnowSports Industries America Finds New Home in Utah

SALT LAKE CITY (June 9, 2016)—The Governor’s Office of Economic Development (GOED) today announced SnowSports Industries America (SIA) will move their headquarters to Utah.

“Utah has earned increasing recognition as the North American magnet for outdoor recreation companies,” said Tom Adams, director of the Utah Office of Outdoor Recreation. “SnowSports Industries America is a widely-known and respected organization. The fact that they would choose to move their headquarters here is clear proof of our growing success in meeting the needs of many of the best snow sports brands in the industry. SIA will benefit greatly from easy access to the ‘Greatest Snow on Earth.’”

As part of the project, SIA will relocate a small number of its existing staff from McLean, Virginia to Utah. To assist with this job relocation, along with the hiring new employees in state, the GOED Board of Directors has approved a post-performance Industrial Assistance Fund (IAF) grant not to exceed $100,000.

“It’s important that the snow sports industry’s member-owned trade association be based in the mountains, and the proximity to our member base, partner organizations and industry stakeholders made Utah a natural selection,” said Nick Sargent, president of SIA. “We look forward to celebrating the undeniable benefits that the relocation will bring to the snow sports industry.”

SIA has indicated that the move will create up to 30 jobs over the next three years. The projected new state wages over the life of the agreement are expected to be $2,475,000. As part of SIA’s agreement with the board, the total wages in aggregate are required to exceed 150 percent of the county wage. The grant will be available to SIA incrementally as each hire and relocation is completed each year.

“Being home to an organization such as SIA further establishes Utah as the premier outdoor products location in North America,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We congratulate SIA on their decision to relocate to Utah and look forward to working with them to make Utah’s outdoor products industry the best in the world.”

They join the U.S. Ski and Snowboard Association, Vista Outdoor, Rossignol, Amer Sports, Armada Skis and Black Diamond—just a few of the companies and organizations headquartered in Utah.

SIA is considering multiple locations in Park City for their headquarters. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
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 edwards@utah.gov.

About SIA
http://www.snowsports.org/
Celebrating its 60th anniversary in 2014, SnowSports Industries America (SIA) is a non-profit trade association with a long history of working to support the snow sports industry. SIA works year-round with snow sports suppliers, retailers, resorts, reps and service providers to develop products and programs for their individual and collective businesses all with the mission of growing participation, participants and retail sales. Member-owned and industry-inspired, SIA also produces the largest trade show globally exclusive to snow and offers targeted insight, trends, and data through its research.

Board Motion Text

MOTION: Approve an Economic Opportunity Grant for SnowSports Industries America of up to $100,000 from the Industrial Assistance Fund. This grant is designed to be distributed over a 3 year period with $3,500 being granted per incremental new job, per year. The aggregate average wages of the new incremental jobs must pay at least 150% of the Summit County average wage.

Peek

Board Approved Date: 04/14/2016
Type: EDTIF
Term: 5 years
Number of Jobs: 100
New State Wages: $$17,248,103
New State Revenue: $$1,374,770
Capital Investment: $$3,000,000
Maximum Cap Incentive: $$206,215
Web Address: https://www.peek.com/

Press Release

PEEK JOINS UTAH’S IT AND OUTDOOR INDUSTRIES

April 14 2016 – 12:38 pm

News Release
For Immediate Release
April 14, 2016

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Josiah Filler, VP of Business Operations & BD
jfiller@peek.com
415-361-5564

Peek Joins Utah’s IT and Outdoor Industries
The nationally acclaimed travel tech company will open a regional office in the Beehive State

SALT LAKE CITY, UT—The Governor’s Office of Economic Development (GOED) announced today that Peek (www.peek.com) will open a regional office in Utah, adding up to 100 jobs.

“Peek’s business model combines IT and outdoor recreation, two industries in which Utah really excels,” said Val Hale, executive director of GOED. “It’s certainly exciting that we’ve attracted such a high-end company, though not surprising. Peek will be right at home here.”

Based in San Francisco, Peek is disrupting the $100 billion plus global activities industry. The platform combines Peek.com, an award-winning marketplace to book amazing activities, with Peek Pro (www.peekpro.com), the No. 1 tour operator software in the U.S. Whether it’s going ziplining, swimming with sharks or taking a cooking class, Peek connects people with everyday adventures. Hidden gems come from “Perfect Day” itineraries from tastemakers such as Tory Burch and Wolfgang Puck. Peek.com was named one of TIME’s 50 Best Websites, one of the world’s top-10 most innovative companies in travel by Fast Company, and the company has been featured in dozens of leading publications like Forbes magazine, Vogue and USA Today.

“We couldn’t be more excited about opening up this new office in Utah,” said Ruzwana Bashir, co-founder and CEO of Peek. “After extensive research and market diligence, it became incredibly clear that Utah provided the perfect mix of employee talent, technology DNA, and a hard-working culture to make this new operation a home run for our rapidly growing company.”

Peek has indicated that the expansion will create up to 100 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $17,248,103. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,374,770 over five years.

“One of the most exciting aspects of doing economic development is when we see truly innovative companies come to the state and enhance the ecosystem we already have,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Peek is a great example of this — a paradigm-changing company that can make both our IT and outdoor products industry clusters better. We’re so happy to have them in the state.”

Peek may earn up to 15 percent of the new state taxes they will pay over the five-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 Peek, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $206,215. Each year as Peek 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)
Web: business.utah.gov
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 environment and tourist 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 mgsullivan@utah.gov

About Peek
Web: www.peek.com
Peek makes the world’s tours & activities easily bookable — anytime, anywhere. Its industry-leading technology empowers operators to better manage and grow their businesses while Peek’s trusted marketplace and award-winning mobile app connect people with everyday adventures that create lasting memories. CNBC labeled Peek the “OpenTable for activities” and the New York Times called Peek.com “a site you want to visit again and again”. The company is backed by technology heavyweights, including Eric Schmidt (Google), Jack Dorsey (Twitter, Square), David Bonderman (TPG), Carl Sparks (Travelocity), and Pete Flint (Trulia).

Board Motion Text

Proposed Motion

Approve Peek Travel Inc. for a $206,215 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $206,215 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Salt Lake County average wage excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Entrata Property Solutions

Board Approved Date: 04/14/2016
Type: EDTIF
Term: 5 years
Number of Jobs: 191
New State Wages: $$38,135,356
New State Revenue: $$1,631,800
Capital Investment: $$6,000,000
Maximum Cap Incentive: $$326,360
Web Address: https://www.entrata.com/

Press Release

ENTRATA EXPANDS AT HOME

April 14 2016 – 12:06 pm

News Release
For Immediate Release
April 14, 2016

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Michelle Perroni, Entrata PR Manager
832-971-6230
mperroni@entrata.com

Entrata Expands at Home
The growing software company turns to its Utah roots as it develops its business division

SALT LAKE CITY, UT—Entrata and the Governor’s Office of Economic Development (GOED) announced today that the property management software company will expand in Utah, creating up to 191 jobs and $6 million in capital investment.

“Entrata has experienced exciting growth at multiple locations since they opened over a decade ago,” said Val Hale, executive director of the Governor’s Office of Economic Development. “I’m pleased to see they’ve chosen to expand within the business-friendly environment of their headquarters state and am certain they will see that pay off in years to come.”

Founded as Property Solutions International in Lehi in 2003, Entrata now employs 1,400 globally. The company is the nation’s largest provider of website portals and payment processing to the multifamily home industry and a leading developer of property management software tools. Entrata now serves more than 20,000 apartment communities in the United States.

“The economic climate and booming IT infrastructure of Silicon Slopes has been integral to the growth and development of our company since day one,” said Dave Bateman, Entrata CEO. “We’re proud to call Utah home and appreciate the support of our community as we continue to innovate and advance our technology in this great state.”

Entrata has indicated that the expansion will create up to 191 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $38,135,356. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,631,800 over five years.

“I’d like to congratulate Entrata on their Utah expansion,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “It’s gratifying when local companies, with the means and ability to go anywhere in the world, choose to stay in state. We appreciate Entrata trusting Utah with this opportunity.”

Entrata may earn up to 20 percent of the new state taxes they will pay over the five-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 Entrata, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $326,360. Each year as Entrata meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

As of this writing, Entrata is still evaluating multiple Utah locations for the expansion. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov
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 environment and tourist 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 mgsullivan@utah.gov

About Entrata
Founded in 2003, Entrata® is the most comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, the Entrata® platform currently serves more than 20,000 apartment communities nationwide, including 34 of the NMHC Top 50 Largest Managers. Entrata’s open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to www.entrata.com.

Board Motion Text

Proposed Motion

Approve Entrata Property Solutions for a $326,360 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $326,360 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Utah County average wage each excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

SoFi

Board Approved Date: 03/10/2016
Type: EDTIF
Term: 5 years
Number of Jobs: 400
New State Wages: $108,913,804
New State Revenue: $5,778,076
Capital Investment: $8,000,000
Maximum Cap Incentive: $1,155,615
Web Address: https://www.sofi.com/

Press Release

SOFI PICKS UTAH FOR REGIONAL OFFICE

March 10 2016 – 12:08 pm

News Release
For Immediate Release
March 10, 2016

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Laurel Toney, SoFi PR
720-435-8862
ltoney@sofi.com

SoFi Picks Utah for Regional Office

SALT LAKE CITY, UT—The Governor’s Office of Economic Development (GOED), along with modern finance companySoFi, announced today that the company will open a regional office in Utah, adding up to 400 jobs to the community.

“SoFi is an exciting disruptive company in both finance and technology,” said Val Hale, executive director of GOED. “Utah has a strong financial sector and booming IT industry, and I believe SoFi will be right at home here. We look forward to the significant impact the company will have not only on our economy but the local community as well.”

Headquartered in San Francisco, SoFi works with financially responsible people to help them achieve their money, career and relationship goals. To date, the company has lent more than $8 billion in mortgages, student loan refinancing and personal loans to over 125,000 members. It also offers wealth management services and benefits that can’t be found at traditional lenders, such as career services and entrepreneur support. SoFi’s Utah office will employ professionals in a number of functional areas and complement the firm’s workforce in its Bay Area, New York, Washington, D.C. and Helena, Montana offices.

SoFi has indicated that the project will create up to 400 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $108.9 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5.8 million over five years.

“I’m very happy to welcome SoFi to Utah,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “They’ll be a fantastic addition to the state’s dynamic financial services industry and a great complement to the excellent companies already doing business in the state. We’d like to thank CBRE for making us aware of this opportunity and making this win possible.”

SoFi may earn up to 20 percent of the new state taxes they will pay over the five-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 agreement with SoFi, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,155,615. Each year as SoFi meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

As of this writing, SoFi is considering multiple Utah locations for their regional office. Exact location will be determined at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov
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 environment and tourist 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 mgsullivan@utah.gov

About SoFi
SoFi is a modern finance company fueling the shift to a bankless world. Our radical approach delivers unprecedented services for lending and wealth management. We’ve replaced the impersonal, transactional bank experience with a long-term partnership, enabling our members to realize the full potential of their money, careers and relationships. Our members constantly push the limits of what life has to offer. Whether looking to refinance their student loans, buy their dream home, or simply seek advice as they ascend in their careers, SoFi provides the best products and tools to match their ambitions and propel them to new levels of financial greatness. For more information, visitSoFi.com and check out these fast facts.

Board Motion Text

Proposed Motion

Approve SoFi for a $1,155,615 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $1,155,615 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Salt Lake County average wage excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Honeyville, Inc.

Board Approved Date: 02/11/2016
Type: EDTIF
Term: 8 years
Number of Jobs: 115
New State Wages: $35,982,547
New State Revenue: $2,601,306
Capital Investment: $23,000,000
Maximum Cap Incentive: $520,261
Web Address: http://honeyville.com/

Press Release

HONEYVILLE INC. TO GROW IN THE BEEHIVE STATE

February 11 2016 – 12:06 pm

News Release
For Immediate Release
Feb. 11, 2016

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Wayne Watkins, Executive Vice President
(435) 494-4200
waynew@honeyville.com

Honeyville Inc. to Grow in the Beehive State
The food products company will expand its manufacturing operations

SALT LAKE CITY, UTAH—The Governor’s Office of Economic Development (GOED), along with Honeyville Inc., is pleased to announce that the Utah-based food products company will expand its manufacturing within the state, generating 115 jobs and an expected capital investment of $23 million.

“Any expansion of the state’s manufacturing industry is cause for celebration, as that’s a major driver in our economy,” said Val Hale, GOED executive director. “But it’s especially exciting to see such major growth happening for a local, family-owned company.”

Honeyville Inc. started in the 1950s in Parowan, Utah. Founder Lowell Sherratt Sr. eventually moved his business to the small town of Honeyville—earning the company its name. Beginning primarily with grain production, Honeyville has since expanded under the direction of Lowell Sherratt Jr., the founder’s son, and now specializes in private label co-packing, mixing/blending, grain milling, heat-treatment, wholesale ingredient distribution and consumer products. Honeyville supplies food producers, retailers, restaurants and consumers. Headquartered in Utah, Honeyville Inc. also has operations in California, Arizona and Ohio.

“Honeyville has experienced significant growth and after careful consideration has found Utah to be the ideal state for expanding its operations,” said Ed Hemphill, Honeyville Inc. president. “Utah has an outstanding workforce, has established a balanced regulatory environment and is a great location for employees to thrive and enjoy a high quality of life. Utah is also an excellent location to effectively serve several western states.”

Honeyville Inc. has indicated that the expansion will create up to 115 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $35,982,547. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,601,306 over eight years. The project is expected to generate up to $23 million in capital investment.

“We are always excited to see more jobs coming to the state, especially through a great homegrown company like Honeyville Inc.,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Utah is the best place to start, grow, and expand a business. Nobody knows that better than the companies who have experienced that first hand.”

Honeyville Inc. may earn up to 20 percent of the new state taxes they will pay over the eight-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 Honeyville Inc., the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $520,261. Each year as Honeyville Inc. 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)
Web: business.utah.gov
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 environment and tourist 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 mgsullivan@utah.gov

About Honeyville Inc.
Honeyville, Inc., a family owned company founded in 1951, has more than 60 years in the food industry. Its facilities – located in Utah, Arizona, California and Ohio – are highly-rated facilities with SQF Level 2 (NSF) facility certifications and additional 3rd party certifications in kosher, halal, organic, gluten-free products and non-GMO. Honeyville specializes in grain milling, heat-treatment, mixing/blending, private label co-packing, and wholesale ingredient distribution. For more information visit www.honeyville.com/services or call (909) 243-1048.

Board Motion Text

Proposed Motion

Approve Honeyville for a $520,261 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.

Total EDTIF incentive not to exceed $520,261 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 20% of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Weber County average wage excluding company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 8 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Health Equity

Board Approved Date: 12/12/2015
Type: EDTIF
Term: 6 years
Number of Jobs: 200
New State Wages: $66,597,253
New State Revenue: $2,497,397
Capital Investment: $10,000,000
Maximum Cap Incentive: $569,907
Web Address: healthequity.com

Press Release

HEALTHEQUITY TO GROW ITS UTAH HEADQUARTERS

December 10 2015 – 11:58 am

News Release
For Immediate Release
Dec. 10, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Cody Dingus, HealthEquity Vice President of Marketing
801-633-5466
cdingus@healthequity.com

HealthEquity to Grow its Utah Headquarters
The Draper company will add jobs to the community as it grows to support new accounts

SALT LAKE CITY, UT—The Governor’s Office of Economic Development (GOED), along with HealthEquity, Inc., is pleased to announce the company will expand at its Utah headquarters, adding an estimated 200 jobs over the next six years.

“We congratulate HealthEquity on their continued growth,” said Val Hale, executive director of GOED. “We’re always thrilled when successful companies not only start but also stay here. As more company leaders acknowledge Utah’s business-friendly environment, they see their investment truly pays off.”

Founded in 2002, HealthEquity is a leader in health savings solutions. The company serves 70 of the nation’s top health plans, over 27,000 employers and 1.6 million HSAs. Additionally, HealthEquity recently acquired the majority of The Bancorp’s Health Savings Account (HSA) portfolio, which included approximately 160,000 accounts and $390 million in deposits.

“HealthEquity is honored to call Utah home,” said Jon Kessler, HealthEquity president and CEO. “This great state offers a highly skilled and educated talent pool, proactive communities and a government that promotes business. These amenities have been central to our continued growth.”

HealthEquity has indicated that the expansion will create up to 200 jobs over the next six years. The total wages in aggregate are required to exceed 110 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $66,597,253. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,849,585 over six years. The project is expected to generate up to $6.75 million in capital investment.

“EDCUtah would like to congratulate HealthEquity on their headquarters expansion in Draper,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “These types of jobs continue to bolster what is already the greatest economy in the country and ensure that 200 additional Utah families can prosper.”

HealthEquity may earn up to 20 percent of the new state taxes they will pay over the six-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. The GOED Board of Directors has approved HealthEquity for a post-performance tax credit rebate not to exceed $569,917. Each year as HealthEquity meets the criteria in its agreement with the state, it will earn a portion of the total tax credit rebate.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 environment and tourist 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 mgsullivan@utah.gov

About HealthEquity
Web: healthequity.com

Founded in 2002, HealthEquity is one of the nation’s oldest and largest dedicated health savings custodians. The company’s innovative technology platform and tax-advantaged accounts help members build health savings, while controlling health care costs. HealthEquity services more than 1.6 million health savings accounts for 70 health plan partners and employees at approximately 27,000 companies across the United States.

Board Motion Text

Proposed Motion
Approve Health Equity for a $569,907 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 6 years.
 Total EDTIF incentive not to exceed $569,907 EDTIF post-performance refundable tax credit.
 Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
 Total incentive not to exceed 20% of qualified new incremental state tax revenues over 6 years with a contractual recapture provision for any excess funds paid to the company.
 Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
 Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the county average wage excluding company contributed health insurance.
 Must commit to keep operation in Utah for the length of the incentive period, 6 years.
 Incentives are site specific and subject to local incentive participation.
 Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
 Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

RAM Company

Board Approved Date: 12/10/2015
Type: EDTIF
Term: 8 years
Number of Jobs: 139
New State Wages: $25,618,891
New State Revenue: $1,864,405
Capital Investment: $372,881
Maximum Cap Incentive: $11,000,000
Web Address: http://ramcompany.com/wordpress/

Press Release

RAM COMPANY GEARS UP FOR SIGNIFICANT EXPANSION

December 10 2015 – 1:04 pm

News Release
For Immediate Release
Dec. 10, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Brian McCann, RAM Company
435-673-4603
brianm@ramcompany.com

RAM Company Gears Up for Significant Expansion
The manufacturer will expand its St. George facility to better serve customers nationwide

SALT LAKE CITY, UT—The Governor’s Office of Economic Development (GOED), along with RAM Company, is pleased to announce that the Washington County manufacturer will expand its St. George operations, generating over 100 jobs and an expected capital investment of $11 million.

“Nearly two-thirds of incented companies have Utah ties prior to receiving an incentive,” said Val Hale, executive director of GOED. “Our most important economic growth happens within our state. We are committed to providing programs that help boost growth for home-grown companies like RAM and look forward to RAM’s continued success.”

Founded in 1975, RAM has executed a diverse portfolio in aerospace design, engineering and manufacturing, supplying products including solenoids, solenoid valves, and check and relief valves. The company has supplied parts for various top-level customers including many in the aerospace industry. Notwithstanding a rich history of involvement in space programs, approximately 80 percent of RAM’s production is now exclusively dedicated to aerospace.

“RAM is proud to be recognized as an important part of Washington County’s economy,” said Kevin Ganowsky, RAM Company president. “St. George has been our home for 40 years, and we are excited to continue to grow our business in southern Utah.”

RAM has indicated that the expansion will create up to 139 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the Washington County average wage. The projected new state wages over the life of the agreement are expected to be approximately $25,618,891. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,864,405 over eight years. The project is expected to generate up to $11 million in capital investment.

“In economic development, like in all business, our best clients are our existing clients,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “EDCUtah would like to thank RAM Company for continuing to invest in the state, and for selecting Washington County for this tremendous opportunity.”

RAM may earn up to 20 percent of the new state taxes they will pay over the eight-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 RAM, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $372,881. Each year as RAM meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
Separate local incentives are also under negotiation.

“RAM is an important part of our city’s economic fabric,” said St. George City Mayor Jon Pike. “We’re thrilled to see them earn so much success and are pleased with their decision to continue growing at home. This is a great win for both their company and our community.”

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 environment and tourist 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 mgsullivan@utah.gov

Board Motion Text

Proposed Motion
Approve RAM Company for a $372,881 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.
 Total EDTIF incentive not to exceed $372,881 EDTIF post-performance refundable tax credit.
 Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
 Total incentive not to exceed 20% of qualified new incremental state tax revenues over 8 years with a contractual recapture provision for any excess funds paid to the company.
 Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
 Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the average county wage excluding company contributed health insurance.
 Must commit to keep operation in Utah for the length of the incentive period, 8 years.
 Incentives are site specific and subject to local incentive participation.
 Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
 Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Stadler Rail

Board Approved Date: 12/10/2015
Type: EDTIF
Term: 15 years
Number of Jobs: 1001
New State Wages: $575,819,608
New State Revenue: $40,275,601
Capital Investment: $30,000,000
Maximum Cap Incentive: $10,068,900
Web Address: http://www.stadlerrail.com/en/

Press Release

STADLER RAIL MAKES ITS FIRST MOVE FOR U.S. MANUFACTURING EXPANSION

December 10 2015 – 10:28 am

News Release
For Immediate Release
Dec. 10, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Marina Winder, Secretary General and Head of Communications & PR,
0041 71 626 31 57
marina.winder@stadlerrail.com

Stadler Rail Makes its First Move for U.S. Manufacturing Expansion
The international company has chosen Utah as a starting point for its 15-year plan

SALT LAKE CITY, UT—Stadler Rail, along with the Governor’s Office of Economic Development (GOED), is pleased to announce that Stadler U.S. Inc. will open a temporary manufacturing and assembly facility in Utah as part of the first phase of a 15-year plan to expand the company’s North American manufacturing. Stadler Rail is in the process of selecting a U.S. manufacturing location. Utah, which is in the running for the permanent location, will serve as a temporary location in the meantime.

“We find time and again that the very best way to sell anyone—business or individual—on Utah is to simply bring them here,” said Val Hale, executive director of GOED. “Stadler Rail is a leading company in global manufacturing, and I believe they’ll quickly see that Utah has everything they need to effectively serve their North American market. I applaud the GOED Board of Directors for their proactive decisions on this project and look forward to building a strong relationship with this impressive company.”

Stadler Rail Group, headquartered in Bussnang, Switzerland, is an independent manufacturer of rail vehicles. Known for leading out on cutting-edge products, their latest development is the KISS electric double decker multiple unit train. Stadler Rail continues to improve rail vehicles’ environmental impact, technological performance and overall passenger comfort. The company has served Europe for many years and recently opened Stadler U.S. Inc. in New Jersey.

“We are delighted that Utah is able to provide such a great location for the final assembly of our trains for the TEXRail order,” said Peter Spuhler, owner and CEO of Stadler Rail Group. “Conditions here are ideal, and we are confident that this represents important progress in our U.S. business. The two-phase plan enables us to manufacture trains for the TEXRail order under optimum conditions and, based on orders received, to extend and further expand our activities in the USA. Coming from Switzerland, we also feel right at home in the beautiful Utah mountains, and are very envious of the amount of snow that falls in the region.”

“The Utah facilities meet our requirements for fulfilling the TEXRail order and any further options,” said Martin Ritter, CEO of Stadler U.S. “I am delighted to have the chance to establish Stadler’s initial U.S. site here. In our cooperation with the authorities I have witnessed what is, in my view, exemplary promotion of economic development. This really makes the entry into the U.S. market much easier for us.”

Stadler Rail has indicated that if they choose Utah as a permanent location for their North American manufacturing, the company’s expansion would create up to 1,000 jobs over the next 15 years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are then expected to be approximately $575,819,608. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, would be an estimated $40,275,601 over 15 years. The project could generate up to $30 million in capital investment.

“I’m very excited to see Utah selected as the temporary location for Stadler’s new manufacturing operation,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “From our initial conversation with the company over a year ago it was obvious they are a special organization. I’d like to commend all of ‘Team Utah’ for working together to make this announcement possible.”

If Stadler Rail selects Utah for its permanent location, the company may earn up to 25 percent of the new state taxes it will pay over the 15-year life of the agreement in the form of a post-performance incentive. As part of the proposed contract with Stadler Rail, the GOED Board of Directors has approved a post-performance incentive not to exceed $10,068,900. This amount includes both an Economic Development Tax Increment Finance (EDTIF) tax credit rebate and an Industrial Assistance Fund (IAF) grant of $500,000. The first half of the IAF grant is for necessary rail-related upgrades, with the other half of the funding available for facility upgrades upon permanent selection of the Utah location. Once Stadler Rail enters a contract with the state, it will be able to earn a portion of the total tax credit rebate each year that it meets the criteria of the contract.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 environment and tourist 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 mgsullivan@utah.gov

About Stadler Rail

Stadler Rail Group, system supplier of customer-specific solutions for rail vehicle construction, has locations in Switzerland (Altenrhein, Bussnang, Winterthur and Biel), in Germany (Berlin-Pankow, Berlin-Reinickendorf and Velten), in Poland, Hungary, the Czech Republic, Italy, Austria, the Netherlands, Belarus, Algeria and in the USA. The Group has a workforce of around 6000 people. The best-known vehicle series from Stadler Rail Group are the articulated multiple-unit train GTW (600 trains sold), the Regio-Shuttle RS1 (497 trains sold), the FLIRT (1128 trains sold), the double-decker multiple-unit train KISS (216 trains sold) and the high-speed train EC250 (29 trains sold) in the railway segment, and the Variobahn (407 vehicles sold) and the Tango (159 vehicles sold) in the tram segment. The Metro is another addition for the commuter rail market (13+24 vehicles sold). Furthermore, Stadler Rail manufactures metre-gauge trains, passenger carriages and locomotives and is the world’s leading manufacturer of rack-and-pinion rail vehicles. For more information please contact: Marina Winder, Secretary General and Head of Communications & PR, 0041 71 626 31 57 or marina.winder@stadlerrail.com

Board Motion Text

Proposed Motion
A. Approve Stadler Rail for a $10,068,900 EDTIF / IAF post-performance incentive comprised of both an EDTIF refundable tax credit and a $500,000 IAF grant. The total combined amount of the incentive represents an amount equal to 25% of new state revenue for 15 years.
B. The IAF grant shall be utilized as matching grants for facility upgrades and shall be payable in two installments of $250,000:
1. The first matching IAF grant shall be payable to Stadler upon its occupancy of a temporary Utah facility and upon demonstrated evidence that Stadler has improved such temporary facility with at least $250,000 of rail-related upgrades.
2. The second matching IAF shall be payable to Stadler upon its occupancy of a permanent Utah facility and upon demonstrated evidence that Stadler has improved such permanent facility
with at least $250,000 of rail-related upgrades. This incentives offer is contingent on Stadler Rail moving into its permanent facility and making such rail-related upgrades within 5 years.
C. Total EDTIF incentive award not to exceed $9,568,919.
 EDTIF incentive not to exceed $9,568,919 EDTIF post-performance refundable tax credit.
 Annual EDTIF incentive amount based on 23.76% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
 Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
 Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Salt Lake County or Tooele County average wage each excluding company contributed health insurance.
 Must commit to keep temporary operation in Utah for the length of the incentive period, 2 -3 years to qualify for initial EDTIF period and the first matching IAF Grant.
 Must commit to keep permanent / long term operation in Utah for the remaining length of the incentive period, 12-13 years, to qualify for remaining EDTIF term and the second matching IAF grant.
 Must commit to designating Utah as its United States headquarters.
 Incentives are site specific and subject to local incentive participation.
 Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Selle Royal USA dba Crank Brothers

Board Approved Date: 11/12/2015
Type: EDTIF
Term: 7 years
Number of Jobs: 65
New State Wages: $16,195,500
New State Revenue: $1.360,515
Capital Investment: $4,081,000
Maximum Cap Incentive: $272,103
Web Address: http://www.selleroyal.com/

Press Release

SELLE ROYAL TO OPEN NEW FACILITY IN UTAH

November 12 2015 – 1:41 pmNews Release
For Immediate Release
Nov. 12, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Gaspare Licata, General Manager of Selle Royal North America
949-342-0056
gaspare@crankbrothers.com

Selle Royal to Open New Facility in Utah
The bicycle products manufacturing company will join Ogden’s cycling scene

SALT LAKE CITY, UTAH—The Governor’s Office of Economic Development (GOED), along with Selle Royal group, is pleased to announce that Selle Royal group will be opening a new facility in Utah, with a plan to generate 65 jobs in the next 7 years.

“Utah is truly a global hub for outdoor products,” said Val Hale, executive director of GOED. “It’s wonderful to see an established international company like Selle Royal group recognize this and join the ranks. We look forward to the contributions they will make to our outdoor recreation industry.”

Founded in Italy in 1956, Selle Royal group is an innovative leader in bicycle parts manufacturing, focused on bicycle saddles and footwear, with iconic brands like Fizik and Brooks. The company acquired Crank Brothers in 2008, expanding its product base to mountain bike parts like pedals, wheels, tools and pumps. Selle Royal group employs more than 1,000 people worldwide, distributing in over 70 countries with a predominant position among professional athletes.

“Our group is made of product-driven brands,” said Gaspare Licata, general manager of Selle Royal North America. “We have the ambition with this investment to be able to develop the greatest products in the bicycle industry. The state of Utah, and Ogden in particular, is becoming a great area for outdoor industry, and we think we can attract great talent here. We thank the city of Ogden for being such a committed partner to build this important pillar for the growth of our group.”

Selle Royal group has indicated that the expansion will create up to 65 jobs over the next seven years. The total wages in aggregate are required to exceed 110 percent of the Weber County average wage. The projected new state wages over the life of the agreement are expected to be approximately $16,195,500. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,360,515 over seven years. The project is expected to generate up to $4 million in capital investment.

“We are excited to have Selle Royal group join the thriving cycling manufacturing industry in Ogden,” said Jeff Edwards, President and CEO of the Economic Development Corporation of Utah. “Being surrounded by the beautiful Wasatch Mountains and other successful cycling companies will provide Selle Royal group an ideal place to expand and grow their North American presence.”

Selle Royal group 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 Selle Royal group, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $272,103. Each year as Selle Royal group meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

###

Gaspare Licata and Roberto Rossi of Selle Royal stand with representatives from GOED, EDCUtah and Ogden City.

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov
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 environment and tourist 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 mgsullivan@utah.gov

About Selle Royal Group
Web: selleroyal.com
Selle Royal group is composed of:
• Selle Royal S.p.A: its head office is located at Pozzoleone (VI), Italy, where manufacturing Fizik and Selle Royal saddles takes place;
• Brooks England Ltd, the first bicycle saddle producer in history has been founded in 1866 and acquired by Selle Royal group in 2002. In maintaining the tradition and philosophy of the brand, saddles continue to be made at the Brooks facilities in Smethwick (Birmingham) with the best leathers,
• Crank Brothers, Inc.: has been founded in Laguna Beach (CA) in 1996 and purchased by Selle Royal group in 2008. The company designs and develops innovative mountain bike parts and accessories as pedals, tools, pumps, wheels, dropper posts etc. The company has his logistics hub in Taiwan (Crank Brothers Taiwan)
• Selle Royal USA, Inc.: A distribution company registered in Illinois (USA) for the distribution of products in the North America
• Selle Royal China: the Selle Royal Asian facility produces Selle Royal branded and private label bicycle saddles and accessories mostly for the OEM business.

Board Motion Text

Proposed Motion
Approve Selle Royal USA for a $272,103 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.
 Selle Royal must designate Ogden, Utah as their US Headquarters and consolidate all operations in this location.
 Total EDTIF incentive not to exceed $272,103 EDTIF post-performance refundable tax credit.
 Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
 Total incentive not to exceed 20% of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
 Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
 Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Weber County average wage.
 Must commit to keep operation in Utah for the length of the incentive period, 7 years.
 Incentives are site specific and subject to local incentive participation.
 Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Eldon James

Board Approved Date: 10/08/2015
Type: EDTIF
Term: 6 Years
Number of Jobs: 115
New State Wages: $34,358,217
New State Revenue: $5,080,138
Capital Investment: $5,000,000
Maximum Cap Incentive: $762,021
Web Address: http://www.eldonjames.com/index.html

Board Motion Text

Proposed Motion
Approve Eldon James for a $762,021 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 6 years.
 Total EDTIF incentive not to exceed $762,021 EDTIF post-performance refundable tax credit.
 Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
 Total incentive not to exceed 15% of qualified new incremental state tax revenues over 6 years with a contractual recapture provision for any excess funds paid to the company.
 Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
 Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 110% of the Utah County average wage excluding company contributed health insurance.
 Must commit to keep operation in Utah for the length of the incentive period, 6 years.
 Incentives are site specific and subject to local incentive participation.
 Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
 Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Kihomac

Board Approved Date: 08/13/2015
Type: EDTIF
Term: 5 years
Number of Jobs: 70
New State Wages: $14,916,129
New State Revenue: $816,362
Capital Investment: $9,000,000
Maximum Cap Incentive: $121,525
Web Address: https://kihomac.com/

Press Release

KIHOMAC’S EXPANSION TO BOOST UTAH’S AEROSPACE INDUSTRY

August 13 2015 – 11:41 am

Press Release
For Immediate Release
August 13, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Scot Merrihew, Chief Operating Officer
801-593-7088×121
Scot.merrihew@kihomac.com

KIHOMAC’s Expansion to Boost Utah’s Aerospace Industry
Expansion will grow company’s aerospace support capabilities

SALT LAKE CITY, UTAH—KIHOMAC, along with the Governor’s Office of Economic Development (GOED) Board, announced today that KIHOMAC will consolidate and expand its aerospace composite and metal manufacturing operations in Utah, generating up to 70 new advanced jobs.

Utah’s aerospace community provides composites and manufacturing support to many world-leading aerospace companies, developing parts and technologies for everything from the F-16 to the Boeing 787. KIHOMAC’s rapid prototyping and production of aerospace metal and composite assemblies have thrived within the state’s robust aerospace sector.

“Utah is a world leader in aerospace and defense,” said Val Hale, executive director of GOED. “High quality companies like KIHOMAC bolster that reputation and our ability to provide world class products to the aerospace industry.”

KIHOMAC provides engineering, reverse engineering, prototyping, manufacturing and composite manufacturing to multiple aerospace companies and government entities. It currently contracts with Air Force, Navy and Marine Corps customers at Hill Air Force Base in Utah and across the country. The expansion will combine and streamline all operations and services into one Utah location, allowing the company to produce everything from A-10 flight control surfaces and F-16 vertical stabilizers to Navy hovercraft rudder assemblies. New positions will include composites engineers, program managers, skilled technicians, quality control inspectors, machinists and more.

“We are very excited with the plan to expand our Utah operations,” said Ki Ho Kang, president and CEO of KIHOMAC. “The state of Utah and city of Layton have been great partners. With a business friendly environment and the availability of a skilled and dedicated workforce, they have enabled the company to grow and invest back into the local community.”

KIHOMAC has indicated that its expansion will be creating up to 70 jobs in the next five years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the county wage. The projected new state wages over the life of the agreement are expected to be $14,916,129. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $816,362 over five years. The expansion will include a 125,000 square foot facility and represents more than $10 million in new capital investment by the company, in addition to the $5 million already invested in the existing equipment and facilities

“KIHOMAC has been a significant part of Utah’s aerospace industry for years, and we are excited to see them continue to grow in the state,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah.

As part of the contract with KIHOMAC, the GOED Board of Directors has approved up to a maximum tax credit of $122,454 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate, which is 15 percent of the new state taxes KIHOMAC will pay over the five-year life of the agreement. Each year as KIHOMAC 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)
Web: business.utah.gov

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 environment and tourist 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 mgsullivan@utah.gov

About KIHOMAC
Web: kihomac.com

Since our founding in 2003, KIHOMAC has established an outstanding track record of support for the requirements of our US Government customers, as evidenced by our portfolio of “Exceptional” rater Contractor Performance Assessment Reporting System reports. Now, with over 250 employees, we have expanded our capabilities to include systems engineering services, reverse manufacturing and custom fabrication, engineering analyses, and sustainment solutions for aerospace vehicles. Our ISO 9001:2008 and AS9100C certified prototype engineering and fabrication capability addresses customer manufacturing needs that require high engineering content and specialty manufacturing equipment. The center is optimized to cover all elements of the design, manufacturing, fabrication and assembly value stream for the low-rate-high-mix sector. This is essential for producing high tolerance tooling and high quality metal and composite parts.

Board Motion Text

Proposed Motion

Approve Kihomac for a $121,525 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $121,525 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Davis County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Solar City

Board Approved Date: 07/31/2015
Type: EDTIF
Term: 10-15 years
Number of Jobs: 4000
New State Wages: $2,438,130,484
New State Revenue: $110,768,773
Capital Investment: $94,000,000
Maximum Cap Incentive: $44,852,933
Web Address: http://www.solarcity.com/

Press Release

SOLARCITY POWERS UTAH’S ECONOMY WITH UP TO 4,000 JOBS

July 31 2015 – 12:31 pm

News Release
For Immediate Release
July 31, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Molly Canales, SolarCity Communications
650-963-5674
press@solarcity.com

SolarCity Powers Utah’s Economy with up to 4,000 Jobs
Solar energy company will build regional headquarters in the state

SALT LAKE CITY, UTAH—Together with the Governor’s Office of Economic Development (GOED), SolarCity (Nasdaq: SCTY) announced today that it will open a regional corporate headquarters in Utah, resulting in up to 4,000 jobs and $94 million in capital investment over the next 10 years.

“SolarCity’s choice of Utah for its regional headquarters is a reflection of the vibrant growth of alternative energy companies in the state,” said Val Hale, executive director of GOED. “The creation of thousands of jobs over the coming decade is likely only a beginning.”

Founded in 2006, SolarCity has more than 200,000 residential customers throughout 18 states. SolarCity now installs approximately one out of every three solar systems in the U.S., but less than 0.1 percent of electricity in the U.S. comes from solar power. This shows the massive market potential for expansion. The company, which currently employs more than 12,000 nationwide, has chosen Utah to house its regional corporate headquarters and support functions. Open positions will be in the areas of human resources, finance, legal, accounting, marketing, sales and more.

“We’ve chosen Utah as a regional headquarters because of its educated workforce and affordable cost of living for those in the professional roles we will create in the Beehive State,” said Brendon Merkley, executive vice president of customer operations at SolarCity, and an alumnus of Brigham Young University. “In addition to creating many skilled labor and technical roles, the growing solar industry also has increased demand for professional services and supporting functional roles.”

SolarCity has indicated that wages, excluding medical benefits, for the up to 4,000 new employees hired over the coming 10 years, 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 approximately $2.4 billion. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be over $110.8 million over 10 years. The establishment of the regional headquarters is expected to generate an estimated $94 million in capital investment.

“Utah is well-positioned to help SolarCity grow its regional corporate headquarters in the U.S.,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “This is a win for the state’s alternative energy industry.”

SolarCity may earn up to 25 percent of the new state taxes they will pay over the 10-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 SolarCity, the GOED Board of Directors has approved a post-performance tax credit rebate of $24,441,053.

In addition to the 10 year incentive, if the company generates a minimum of 4,500 jobs and meets additional criteria, SolarCity may earn an extension to the agreement for another five years. This could earn the company an incremental incentive increase of $20,411,880. Each year as SolarCity meets certain criteria, it will earn a portion of the total tax credit incentive. SolarCity may also earn a post-performance Industrial Assistance Fund relocation grant of up to $200,000 as it relocates management personnel.

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About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov
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 environment and tourist 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 mgsullivan@utah.gov

About SolarCity
SolarCity (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 18 states. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.

Board Motion Text

Proposed Motion

Approve SolarCity for a $24,441,053 EDTIF post-performance refundable tax credit which represents an amount equal to 25% of new state revenue for 10 years.
Approve SolarCity for an extension of up to $20,411,880 EDTIF post-performance refundable tax credit which represents an amount equal to 25% of new state revenue for years 11-15. Eligibility in years 11-15 is contingent upon:

SolarCity’s hiring of 4,500 employees by 2025 and maintaining that level of employment for each of years 11-15.
SolarCity’s aggregate average wage, without benefits, exceeding 125% of the County Average in each of years 11-15.
SolarCity’s Utah campus must maintain the designation as Solar City’s Western U.S. Headquarters

Approve SolarCity for an Industrial Assistance Fund relocation grant for up to $200,000. This represents up to $4,000 per employee for up to 50 employees relocated to support this project.

Total incentive of $45,052,933 not to exceed 30% of new state revenue over 15 years.

Total EDTIF incentive including the extension period for years 11-15 not to exceed $44,852,933 EDTIF post-performance refundable tax credit.
Total IAF relocation incentive not to exceed $200,000.
To qualify for the EDTIF extension in years 11-15, the Company must:
- employ 4,500 incremental employees by 2025 and maintain that level of employment through out each year of the extension period;
  - the aggregate average wage, without benefits, must exceed 125% of the County Average in each of years 11-15.
- SolarCity’s Utah campus must maintain the designation as Solar City’s Western U.S. Headquarters Annual EDTIF incentive amount based on 25% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year in years 1-10.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria and at 100% for each project year in years 11-15.
Annual EDTIF incentive amount based on 25% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Utah County or Salt Lake County average wage.
Must commit to keep operation in Utah for the length of the incentive period, including any extension.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Vivint Solar

Board Approved Date: 07/31/2015
Type: EDTIF
Term: 10-15
Number of Jobs: 3143
New State Wages: $1,088,371,798
New State Revenue: $49,389,474
Capital Investment: $91,000,000
Maximum Cap Incentive: $26,163,906
Web Address: http://www.vivintsolar.com/announcement

Press Release

VIVINT SOLAR’S FUTURE IS BRIGHT

July 31 2015 – 12:23 pm

News Release
For Immediate Release
July 31, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Casey Briggs, Vivint Public Relations Manager
801-229-6443
pr@vivintsolar.com

Vivint Solar’s Future is Bright
Company’s expansion will create more than 3,000 jobs

SALT LAKE CITY, UT—Vivint Solar, Inc. (NYSE:VSLR), along with the Governor’s Office of Economic Development(GOED), announced today that the solar energy company will continue to expand its operations in Utah, with the anticipation that over the next 10 years it will generate more than 3,000 jobs in conjunction with an estimated $91 million in additional capital investment within the state.

“It’s always exciting to see a homegrown company become so successful,” said Val Hale, executive director of GOED. “GOED’s mission is not only to recruit new businesses to the state but to also promote the expansion of Utah businesses. We are pleased with Vivint Solar’s contributions to the state’s energy industry.”

Launched in 2011, Vivint Solar designs, installs, leases and provides monitoring services for its residential rooftop solar energy system customers. As of the end of the first quarter of 2015, Vivint Solar had installed more than 40,000 distributed solar energy systems on the homes of residential customers throughout the United States. This rapid growth has led Vivint Solar to have 1,200 Utah employees and more than 2,300 out-of-state employees. Vivint Solar recently announced that it has signed a definitive agreement to be acquired by SunEdison (NYSE: SUNE), the largest renewable energy development company in the world, for $2.2 billion.

“Vivint Solar is proud to be headquartered in Utah,” said Greg Butterfield, CEO of Vivint Solar. “Utah has cultivated a hardworking, innovative workforce and we are excited to continue to expand our operations in the Beehive State.”

Vivint Solar has indicated that average wages for jobs created in the state of Utah, excluding the value of health and medical benefits, are expected to exceed 125 percent of the Utah County average wage. The projected new state wages over the life of the agreement are expected to be approximately $1.1 billion. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be approximately $49.4 million over 10 years. Vivint Solar’s continued growth is expected to generate an estimated $91 million in additional capital investment over the same time period.

“Vivint Solar was started right here in Utah and is an important contributor to our vibrant alternative energy industry,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We are excited to see them continue to grow in the state.”

Vivint Solar may earn up to 25 percent of the new state taxes they will pay over the 10-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 Vivint Solar, the GOED Board of Directors has approved a post-performance tax credit rebate of $12,347,369.

In addition to the 10 year incentive, if the company generates a minimum of 3,143 jobs and grows to 4,342, meeting 100 percent of projected hiring in years 11 through 15, Vivint Solar may earn an extension to the agreement for another five years. This could earn the company an incremental incentive increase of $13,816,537. Each year as Vivint Solar meets the criteria, it will earn a portion of the total tax credit rebate. Vivint Solar may also earn a post-performance Industrial Assistance Fund relocation and training grant of up to $200,000 as it relocates management and trains its expanding personnel.

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Editor’s Note: For questions regarding investment, please contact Vice President of Investor Relations Rob Kain at ir@vivintsolar.com or 801-234-7066.

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 environment and tourist 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 mgsullivan@utah.gov

About Vivint Solar
Vivint Solar is a leading provider of distributed solar energy – electricity generated by a solar energy system installed at a customer’s location – to residential, commercial and industrial customers in the United States. Vivint Solar’s customers pay little to no money upfront, receive significant savings relative to utility generated electricity and continue to benefit from guaranteed energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems to make things easy for its customers. For more information, visit www.vivintsolar.com or follow @VivintSolar.

Note on Forward-looking Statements
This press release contains forward-looking statements as defined within the meaning of the federal securities laws, including statements regarding Vivint Solar’s growth plans and growth prospects and the expected benefits associated with growth of the company’s business. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to the availability of additional financing on acceptable terms; changes in retail price of traditional utility generated electricity; changes in electric utility policies and regulations; the availability of rebates, tax credits and other incentives that affect the pricing of our offering, including regulations related to net metering; changes in regulations, tariffs and other trade barriers and tax policy affecting the company and its industry; our ability to manage our recent and future growth effectively, including attracting, training and retaining sales personnel and solar energy system installers; the availability and price of solar panels and other system components; and the other risks identified in the registration statements and reports that Vivint Solar files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.vivintsolar.com. Vivint Solar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Board Motion Text

Proposed Motion

Approve Vivint Solar for a $12,347,369 EDTIF post-performance refundable tax credit which represents an amount equal to 25% of new state revenue for 10 years.
Approve Vivint Solar for an extension of up to $13,816,538 EDTIF post-performance refundable tax credit which represents an amount equal to 25% of new state revenue for years 11-15. Eligibility in years 11-15 is contingent upon:

Vivint Solar hiring 100% of the projected employees outlined in the fiscal impact questionnaire for each individual year for the years 11-15.
Vivint Solar’s aggregate average wage, without benefits, be at a minimum of 125% of the County Average in each of years 11-15.

Approve Vivint Solar for an Industrial Assistance fund training and relocation matching grant for up to $200,000. This matching grant represents up to $2,000 per employee for up to 100 employees associated with this expansion.

Total incentive of $26,363,906 not to exceed 30% of new state revenue over 15 years.

Total EDTIF incentive including the extension period for years 11-15 not to exceed $26,163,906 EDTIF post-performance refundable tax credit.
Total IAF training and relocation incentive not to exceed $200,000.
To qualify for the EDTIF extension in years 11-15, the Company must:
- Meet new qualified employment projections, at the stated wage % at 100% for each of the project years 11-15.
  - the aggregate average wage, without benefits, must exceed 125% of the County Average in each of years 11-15.
- Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year in years 1-10.
- Must meet new qualified employment projections, employee headcount at the stated wage % criteria and at 100% for each project year in years 11-15.
- Annual EDTIF incentive amount based on 25% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
- Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Utah County average wage.
- Must commit to keep operation in Utah for the length of the incentive period, including any extension.
- Incentives are site specific and subject to local incentive participation.
- Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
- Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.
- Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Health Catalyst

Board Approved Date: 06/11/2015
Type: EDTIF
Term: 5 years
Number of Jobs: 291
New State Wages: $67,335,447
New State Revenue: $3,530,889
Capital Investment: $7,600,000
Maximum Cap Incentive: $706,178
Web Address: https://www.healthcatalyst.com/

Press Release

HEALTH CATALYST IS KEEPING THE JOBS AT HOME

June 11 2015 – 12:49 pm

News Release
For Immediate Release
June 11, 2015

Contact:
Michael Sullivan
GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Todd Stein
Amendola Communications for Health Catalyst
916-346-4213
tstein@acmarketingpr.com

Health Catalyst is Keeping the Jobs at Home
Salt Lake City-based company’s expansion will create nearly 300 jobs

SALT LAKE CITY, UTAH—Health Catalyst, along with the Governor’s Office of Economic Development (GOED), announced today that the company will expand at its headquarters location in Salt Lake City. The expansion is expected to create 291 jobs.

“It’s always wonderful to see a home-grown company succeed like this,” said Val Hale, executive director of GOED. “Health Catalyst makes significant contributions to both our IT and health care industries, and we are proud to support their continued growth.”

Health Catalyst, a health care data warehousing, analytics and outcomes improvement organization, was founded in Salt Lake City in 2008. The tech company develops IT systems and services that help some of the nation’s largest health care organizations improve the quality of patient care while lowering costs. Health Catalyst customers include more than 200 hospitals and 2,000 clinics nationwide that together serve over 50 million patients. The growing company will be hiring for multiple positions including data architects, clinical data analysts, process improvement consultants and business intelligence developers.

“Health Catalyst, like its founders, grew up in Salt Lake City, which combines a vibrant technology sector with one of the nation’s leading laboratories for health care improvement,” said Dan Burton, CEO of Health Catalyst. “We feel the region is one of the best places in the U.S. today to operate as a health care technology company, and we’re grateful that GOED is working with private companies like Health Catalyst to nurture an even stronger environment for innovation and job growth.”

Health Catalyst has indicated that its expansion will create up to 291 jobs over the next five years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $67,335,447. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be approximately $3,530,889 over five years. The expansion will generate an expected capital investment of $7.6 million.

“We congratulate Health Catalyst on their decision to expand their rapidly growing operations in Utah,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “This major investment in Utah reflects our strong commitment to the business community and is a result of the cooperative effort of Utah’s economic development community.”

As part of a contract with Health Catalyst, the GOED Board of Directors has approved up to a maximum tax credit of $706,178 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentives, which is 20 percent of the new state taxes Health Catalyst will pay over the five-year life of the agreement. Each year, as Health Catalyst meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov

About Health Catalyst
Web: www.healthcatalyst.com

Health Catalyst is a mission-driven data warehousing and analytics company that helps healthcare organizations of all sizes perform the clinical, financial, and operational reporting and analysis needed for population health and accountable care. Our proven enterprise data warehouse (EDW) and analytics platform helps improve quality, add efficiency and lower costs in support of more than 50 million patients for organizations ranging from the largest US health system to forward-thinking physician practices. For more information, visit https://www.healthcatalyst.com, and follow us on Twitter, LinkedIn and Facebook.

Board Motion Text

Proposed Motion

Approve Health Catalyst for a $706,178 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $706,178 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.

Prime Inc.

Board Approved Date: 06/11/2015
Type: EDTIF
Term: 5 years
Number of Jobs: 129
New State Wages: $$36,146,090
New State Revenue: $$2,083,405
Capital Investment: $$40,000,000
Maximum Cap Incentive: $$312,511
Web Address: http://www.primeinc.com/

Press Release

TOP TRUCKING COMPANY ROLLS INTO UTAH

June 11 2015 – 1:00 pm

News Release
For Immediate Release
June 11, 2015

Contact:
Michael Sullivan
GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Clayton Brown
Prime Inc. Marketing Director
417-866-0001
cbrown@primeinc.com

Top Trucking Company Rolls into Utah
Prime Inc. chooses Salt Lake City as western hub for fleet management

SALT LAKE CITY, UTAH—Prime Inc., along with the Governor’s Office of Economic Development (GOED), announced today that Prime will open new operations in Utah, creating more than 100 new jobs and more than $40 million in capital investment.

“We’re thrilled to welcome a company of this caliber to the state,” said Val Hale, executive director of GOED. “Prime Inc., like many companies before them, has discovered that Utah is a choice location for western U.S. operations. Beyond location, we also look forward to showing Prime how our nation-leading business environment can support its growth.”

Prime Inc., a trucking company founded in 1970, is headquartered in Springfield, Missouri. It is one of the largest trucking companies in the world, serving both the United States and Canada. The company’s fleet includes nearly 6,000 trucks and more than 11,000 trailers. Known for investing in their employees, Prime offers fully benefited positions in fleet management, dispatching and mechanics. The company also provides multiple training and certification programs for employees. The new Utah location will serve as a western hub for company operations.

“We are excited to announce the expansion of our western regional operations in one of the most beautiful cities in America, Salt Lake City,” said Robert Low, founder and CEO of Prime Inc. “We value the strong partnership and support within the community because it will enhance our growth. Salt Lake City is integral to our operational growth initiatives. We plan to build our facilities with our associates—our most important asset—in mind. With the best truck drivers on America’s roads today supported by an exceptional hiring base available in the Salt Lake City area, Prime anticipates great success in this venture.”

Prime Inc. has indicated that their expansion will create up to 129 jobs over the next five years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $36,146,090. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be approximately $2,083,405 over five years. The expansion will generate an expected capital investment of $40 million.
“Prime Inc.’s decision to establish a new facility in Salt Lake City, the crossroads of the West, will give them much greater access to their western U.S. clients,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “Salt Lake City’s central location for distribution will put Prime Inc. within a one- to two-day drive to half of the nation’s population.”

As part of a contract with Prime Inc., the GOED Board of Directors has approved up to a maximum tax credit of $312,511 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentives, which is 15 percent of the new state taxes Prime Inc. will pay over the five-year life of the agreement. Each year, as Prime Inc. meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov

About Prime, Inc.
Web: www.primeinc.com

Founded in 1970 by Robert Low, Prime, Inc. is North America’s most successful refrigerated, flatbed, tanker and logistics trucking company. Headquartered in Springfield, MO, Prime’s personnel, equipment and technology remains on the cutting edge of the transportation industry, and the company’s growth remains steady and well managed. For more information please contact: Clayton Brown, 417-866-0001 or cbrown@primeinc.com

Board Motion Text

Proposed Motion

Approve Prime Inc for a $312,511 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $312,511 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5

Procter & Gamble

Board Approved Date: 05/14/2015
Type: EDTIF
Term: 20 years
Number of Jobs: 200
New State Wages: $$197,854,508
New State Revenue: $$37,155,384
Capital Investment: $$400,000,000
Maximum Cap Incentive: $$11,146,615
Web Address: http://www.pg.com/en_US/index.shtml

Press Release

BOX ELDER, UTAH, P&G MANUFACTURING FACILITY TO EXPAND

May 14 2015 – 1:28 pm

News Release
For Immediate Release
May 14, 2015

Contact:
Michael Sullivan
GOED
801-538-8811
mgsullivan@utah.gov

Jeff LeRoy
Procter & Gamble
513-983-0466
leroy.jh@pg.com

Box Elder, Utah, P&G Manufacturing Facility to Expand
Will bring more than $400 million in capital investment and up to 200 jobs.

SALT LAKE CITY, UTAH —The Governor’s Office of Economic Development Board announced today that the board has reviewed and approved an incentive for The Procter & Gamble Company to expand its operation in the Bear River City area of Box Elder County. This expansion is expected, over the coming years, to bring $400 to $500 million in capital investment, along with up to 200 jobs.

“This expansion is a significant boost for our state’s manufacturing sector, as well as the local communities where they operate,” said Gov. Gary R. Herbert. “Procter & Gamble has invested greatly in Utah because we strive to maintain an innovative and business-friendly environment. We hope more and more businesses will take notice.”

P&G operates a paper products manufacturing facility in Box Elder County. The expansion will create up to an additional 200 jobs over the next 20 years. The total wages, including medical benefits, in aggregate are expected to exceed 100 percent of the Box Elder County wage. The projected new state wages over the life of the agreement are expected to be approximately $197.9 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be approximately $37.2 million over 20 years. The expansion is expected to generate between $400 to $500 million in capital investment in the new plant.

“This facility is an important part of P&G’s U.S. manufacturing footprint, and its expansion is a strategic part of P&G’s North American Supply Network Re-design,” said Yannis Skoufalos, P&G’s global product supply officer. “We are extremely grateful to all state and local officials, including Governor Herbert, for their support.”

As part of the contract with P&G, the GOED Board of Directors has approved up to a maximum tax credit of $11,146,615 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 30 percent of the new state taxes P&G will pay over the 20-year life of the agreement. Each year as P&G meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

“Procter & Gamble’s decision to expand its existing state-of-the-art facility in Box Elder County will continue to serve as a catalyst for quality job growth and increased capital investment in Utah,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah (EDCUtah.) “It is very exciting to see a global leader like P&G select Utah for a second time to grow their business.”

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About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov

About Procter & Gamble
P&G serves nearly five billion people around the world with its brands. The Company has one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Duracell®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, Wella® and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.

Board Motion Text

Proposed Motion

Approve Procter & Gamble for a $11,146,615 EDTIF post-performance refundable tax credit which represents an amount equal to 30% of new state revenue for 20 years.

EMC Corporation

Board Approved Date: 05/14/2015
Type: EDTIF
Term: 10 years
Number of Jobs: 700
New State Wages: $$365,290,554
New State Revenue: $$15,492,763
Capital Investment: $$62,000,000
Maximum Cap Incentive: $$3,873,191
Web Address: http://www.emc.com/index.htm

Press Release

EMC TO EXPAND ITS UTAH OPERATIONS AGAIN

May 14 2015 – 1:20 pm

News Release
For Immediate Release
May 14, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Christine Carosella, EMC Public Relations
508-249-1855
Christine.carosella@emc.com

EMC to Expand its Utah Operations Again
The company’s latest expansion will create 700 jobs.

SALT LAKE CITY, UTAH —EMC Corporation, along with the Governor’s Office of Economic Development (GOED) Board, announced today that EMC will expand its operations in Draper, creating 700 jobs and an estimated $62 million in capital investment. The announcement came as part of a special board meeting held at the Capitol.

“Utah’s booming IT sector has gained national attention and continues to be an integral part of our economy,” said Gov. Gary R. Herbert. “EMC has been a major partner in building Utah’s Silicon Slopes, and we are grateful for their positive impact. We look forward to their future contributions.”

EMC, a leading provider of information technology focused on cloud computing, big data analytics, and security, operates one of eight global “Centers of Excellence” in Draper. The company’s Utah facility, selected for both location and access to a skilled workforce, provides a variety of IT and client services, including serving U.S. federal agencies and global customers.

“EMC is excited to continue our journey in Draper,” said Vance Checketts, Vice President and General Manager of EMC’s Utah operations. “We are extremely pleased with the progress the company has seen during the last several years, and the strong partnership we have formed with both community and government leaders. EMC prides itself on being an employer of choice, not only globally, but locally as well, and it was an honor to be recognized by Utah Business Magazine as a ‘Best Large Company to Work For.’ We look forward to continuing to strengthen our relationship with the community.”

EMC’s expansion plans to create 700 jobs in the next 10 years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the county wage. The projected new state wages over the life of the agreement are expected to be approximately $207.5 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $9.1 million over 10 years. The expansion is expected to generate an estimated $62 million in capital investment.

“Utah has experienced intense growth in the tech industry in recent years and EMC has been a significant part of that expansion,” said Jeff Edwards president and CEO of the Economic Development Corporation of Utah (EDCUtah.) “EMC could have chosen to go anywhere in the world but picked Utah. Their commitment to creating strong career opportunities in Utah has helped the state become one of the leading markets for tech talent growth.”

As part of the contract with EMC, the GOED Board of Directors has approved up to a maximum tax credit of $3,873,191 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 25 percent of the new state taxes EMC will pay over the 10-year life of the agreement. Each year as EMC meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov

About EMC

EMC Corporation is a global leader in enabling businesses and service providers to transform their operations and deliver IT as a service. Fundamental to this transformation is cloud computing. Through innovative products and services, EMC accelerates the journey to cloud computing, helping IT departments to store, manage, protect and analyze their most valuable asset — information — in a more agile, trusted and cost-efficient way. Additional information about EMC can be found at www.EMC.com.

Board Motion Text

Proposed Motion

Approve EMC Corporation for a $3,873,191 EDTIF post-performance refundable tax credit which represents an amount equal to 25% of new state revenue for 10 years.

Visit Salt Lake Economic Opportunity Grant

Board Approved Date: 05/14/2015
Type: Economic Opportunity Grant
Maximum Cap Incentive: $$271,290
Web Address: http://www.visitsaltlake.com/

Board Motion Text

Motion:

Extend the current Economic Opportunity Contract for 2015 to cover the incremental costs of adding tent space to the 3 existing tents, in an amount not to exceed $271,290. Participation is contingent on receiving binding commitments from both Salt Lake County and Salt Lake City that each entity will participate in the incremental tent costs at their full pro-rata amounts.

Connolly

Board Approved Date: 04/09/2015
Type: EDTIF
Term: 5 years
Number of Jobs: 145
New State Wages: $$48,266,900
New State Revenue: $$2,601,754
Capital Investment: $$385,000
Maximum Cap Incentive: $$520,351
Web Address: http://www.connolly.com/Pages/ConnollyHomePage.aspx

Press Release

CONNOLLY IHEALTH TECHNOLOGIES CHOOSES UTAH FOR WESTERN OPERATIONS

April 09 2015 – 1:40 pm

News Release
For Immediate Release
April 9, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Anne Marcus, Connolly iHT Communications Manager
203-423-1456
Anne.marcus@connolly.com

Connolly iHealth Technologies Chooses Utah for Western Operations
The global payment integrity firm is expected to add 145 jobs to the community

SALT LAKE CITY—Connolly iHealth Technologies, along with the Governor’s Office of Economic Development (GOED), announced today that it will open an office in Utah in May to serve its health care clients in the western United States. This represents an expansion of the company’s operations in the state, as an office serving retail industry customers is already in place. The new project will provide up to 145 long-term financial services jobs to the Salt Lake community.

“Utah has always been home to pioneers—and Connolly iHT is an exceptional example of pioneering,” said Val Hale, executive director of GOED. “Their health care division is truly innovative and will be a great boost to our cutting-edge financial services industry in the state.”

Connolly iHealth Technologies is a leader in payment integrity solutions, helping more than 100 retail and health care companies contain costs, lower administrative burdens and increase efficiencies.

“Connolly iHT’s purpose is to create value by delivering superior results in payment integrity and insight driven solutions,” said CEO Doug Williams. Connolly iHT serves 20 of the top 25 health care payers in the U.S., and nine of the top 10 U.S. retailers. The company generated $3 billion in annual savings for clients over the past two years while processing more than two trillion transactions annually.

Connolly iHT’s health care division is experiencing robust growth, adding clients and expanding its scope of services, which has spurred the need for an expansion westward.

“Recruiting efforts in our new market are off to an excellent start,” said Cory Deagle, VP of Connolly iHT audit operations for Salt Lake City. “We are very excited by the opportunity to build our next large office in Salt Lake City. We have been able to identify terrific candidates in the local market. All indications are that Connolly iHT’s required skillset is a great match for the skilled workforce in Salt Lake City.”

Connolly iHT has indicated that their new facility will create up to 145 jobs over the next five years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $48.3 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be more than $2.6 million dollars over five years. The new Connolly iHT office has the potential to result in an expected capital investment of $385,000.

“We are pleased to see Connolly iHT join Utah’s strong financial industry,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We also expect them to become a vital part of our health care industry. It’s a win-win.”

As part of a contract with Connolly iHT, the GOED Board of Directors has approved up to a maximum tax credit of $520,351 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentives, which is 20 percent of the new state taxes Connolly iHT will pay over the five-year life of the agreement. Each year, as Connolly iHT meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

Open positions at the company can be found by going on the company’s website www.connolly.com and visiting the Careers page.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov
About Connolly iHealthTechnologies
Connolly: www.connolly.com
iHealth Technologies: www.ihealthtechnologies.com
Created by the merger of Connolly and iHealth Technologies in 2014, Connolly iHT receives and processes around 2 trillion payment transactions annually to more than 100 clients in the retail and health care industries. In its health care division, Connolly iHT reviews $370 billion in paid medical claims each year. In its retail division Connolly iHT provides services to 9 of the top ten U.S. retailers.

Board Motion Text

Proposed Motion

Approve Connolly for a $520,351 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $520,351 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5
Incentives are site specific and subject to local incentive participation.

CHG Healthcare

Board Approved Date: 04/09/2015
Type: EDTIF
Term: 10 years
Number of Jobs: 503
New State Wages: $$219,032,817
New State Revenue: $$8,533,834
Capital Investment: $$9,281,086
Maximum Cap Incentive: $$1,706,767
Web Address: www.chghealthcare.com/

Press Release

AS HEALTHCARE EXPANDS IN UTAH, SO WILL CHG HEALTHCARE SERVICES

April 09 2015 – 1:33 pm

News Release
For Immediate Release
April 9, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Spencer Sutherland, CHG Healthcare Services
801-930-3876
spencer.sutherland@chghealthcare.com

As Healthcare Expands in Utah, So Will CHG Healthcare Services
The Salt Lake City-based healthcare staffing company will expand in Utah, adding up to 500 jobs

SALT LAKE CITY—CHG Healthcare Services and the Governor’s Office of Economic Development (GOED) announced today that CHG will expand their operations in Utah. The company will build a new headquarters in the Salt Lake area, adding up to 500 jobs to the community and producing an expected capital investment of $9.2 million.

“CHG has been a staple to the community for many years,” said Val Hale, executive director of GOED. “We are thrilled that they see the value in expanding their headquarters location. Our highly-skilled workforce and business-friendly environment will readily support the company’s future growth and success.”

CHG Healthcare Services began in Salt Lake City in 1979 when the company introduced the idea of locum tenens, or temporary physicians, as a solution for rural communities. Over the last 36 years, the company has become the largest provider of locum tenens staffing and has broadened its services to include both temporary and permanent placement of physicians, nurses and other healthcare professionals. Greater access to healthcare, an aging population and other factors are increasing demand for qualified physicians and healthcare providers. From its seven office locations, CHG provides temporary and permanent healthcare staffing services to hospitals, medical groups and medical facilities in all 50 states.

“Utah has always been a great state for our business. Over the years, we have worked with great civic and business leaders and have had the privilege to employ some of the area’s best people,” said Michael Weinholtz, chairman of CHG. “We’re excited about our expansion and the opportunity to continue to create jobs and give back to the community.”

CHG Healthcare Services has indicated that their expansion will create up to 500 jobs over the next 10 years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $219,032,817. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $8,533,834 over 10 years.

“CHG is a great win for Utah,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “As one of the largest providers of healthcare staffing in the country, CHG will be a major player in the state’s healthcare business and help us attract other valuable companies in the industry.”

As part of a contract with CHG Healthcare Services, the GOED Board of Directors has approved up to a maximum credit of $1,706,767 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes CHG Healthcare Services will pay over the 10-year life of the agreement. Each year as CHG meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov

About CHG Healthcare Services
Founded in 1979, CHG Healthcare Services is a leader in healthcare staffing and the nation’s largest provider of locum tenens services. Through its trusted brands — CompHealth, Weatherby Healthcare, RNnetwork and Foundation Medical Staffing — the company provides temporary and permanent placement of physicians, allied health professionals and nurses to healthcare facilities across the United States. CHG prides itself on having a values-driven culture that focuses on Putting People First. The company is known for its award-winning culture and benefits and has been named one of FORTUNE magazine’s “100 Best Places to Work” for six consecutive years. To learn more about CHG’s workplace culture, visit http://www.chgpulse.com.

Board Motion Text

Approve CHG Healthcare for a $1,706,767 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years.

Total EDTIF incentive not to exceed $1,706,767 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10
Incentives are site specific and subject to local incentive participation.

Prosper

Board Approved Date: 03/12/2015
Type: EDTIF
Term: 5 years
Number of Jobs: 539
New State Wages: $$118,653,204
New State Revenue: $$4,628,767
Capital Investment: $$10,000,000
Maximum Cap Incentive: $$925,753
Web Address: https://www.prosper.com/

Press Release

PROSPER MARKETPLACE SELECTS UTAH FOR SALES HEADQUARTERS

March 12 2015 – 3:03 pm

News Release
For Immediate Release
March 12, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Sarah Cain, Prosper Marketplace
415-593-5474
scain@prosper.com

Prosper Marketplace Selects Utah for Sales Headquarters
The innovative marketplace lending company is expected to create more than 500 jobs

SALT LAKE CITY, UT—Prosper Marketplace, along with the Governor’s Office of Economic Development(GOED) announced today that the loan and investing company will build its sales division headquarters in Utah. The project is expected to create more than 500 jobs in the community.

“Prosper Marketplace is a leading marketplace lending company in the cutting-edge ‘FinTech’ industry, which fuses two of Utah’s strongest economic clusters,” said Val Hale, executive director of GOED. “Both our IT and financial services industries will benefit from the presence of such an innovative company. We look forward to future growth.”

Prosper Marketplace operates a lending platform through its wholly-owned subsidiary, Prosper Funding (Prosper). The Prosper platform has funded more than $2.5 billion loans to date. Prosper allows people to invest in each other in a way that is financially and socially rewarding. On their platform, borrowers list loan requests between $2,000 and $35,000 and individual investors invest as little as $25 in each loan listing they select. Prosper then handles the servicing of the loan on behalf of the matched borrowers and investors.

Marketplace lending gives borrowers low interest rates and an alternative to traditional bank financing, while investors benefit from fewer middlemen and high yield returns. Among new jobs created would be roles for software engineers, business analysts, sales and marketing, loan underwriting, and finance and administrative roles at every level of the associate management hierarchy.

“We’re looking forward to expanding our presence in the state of Utah and bringing jobs to the state in the exciting FinTech sector,” said Aaron Vermut, CEO of Prosper Marketplace.

Prosper Marketplace has indicated capital investment of up to $10 million. The company expects to create more than 500 jobs over the next five 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 approximately $118 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $4.6 million over five years.

“Prosper’s decision demonstrates that Utah is clearly the best place to expand sales operations,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We appreciate their commitment to bring new jobs to the state and help grow our economy.”

As part of the contract with Prosper Marketplace, the GOED Board of Directors has approved up to a maximum tax credit of $925,753 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Prosper Marketplace will pay over the five-year life of the agreement. Each year as Prosper Marketplace meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov
About Prosper
Prosper Funding LLC (Prosper), headquartered in San Francisco, is a leading online marketplace for consumer credit. Prosper connects people who want to borrow money with people who want to invest money. With a commitment to providing world-class customer service, the convenience of applying online day or night, and none of the lengthy applications or wait times associated with traditional avenues, Prosper offers people a superior way to borrow money at fair rates. Over the past six years, more than $2.5 billion in personal loans have originated through the Prosper platform, helping people around the U.S. consolidate credit card debt and finance major purchases. Learn more about borrowing and investing through Prosper at www.prosper.com. “Prosper Marketplace,” founded in 2005, is the parent company of Prosper Funding LLC. All personal loans are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC. All Prosper personal loans are unsecured, fully amortizing personal loans. Notes offered by Prospectus

Board Motion Text

Proposed Motion

Approve Prosper for a $925,753 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $925,753 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Utah County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5

Black Diamond

Board Approved Date: 02/12/2015
Type: EDTIF
Term: 7 years
Number of Jobs: 160
New State Wages: $$48,404,121
New State Revenue: $$2,354,980
Capital Investment: $$7,760,000
Maximum Cap Incentive: $$353,247
Web Address: http://blackdiamondequipment.com/en/utah/retail-store.html

Press Release

BLACK DIAMOND IS HERE TO STAY

February 12 2015 – 12:09 pm

News Release
For Immediate Release
February 12, 2015

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Walter Wilhelm
Black Diamond, Inc.
801-278-5552
walter.wilhelm@bdel.com

Black Diamond is Here to Stay
As the company continues to re-shore manufacturing operations, they will also continue to call Salt Lake City home.

SALT LAKE CITY, UT—Black Diamond Equipment and the Governor’s Office of Economic Development (GOED) announced today that Black Diamond will expand their manufacturing operations in Utah, adding up to 160 jobs to the community and producing an expected capital investment of $7.7 million.

“We are more than happy to support companies that are working to bring more jobs home,” said Val Hale, executive director of GOED. “We are especially excited that Black Diamond has selected Utah for their re-shoring and native expansion. The outdoor recreation cluster is near and dear to our hearts in this state, and we are grateful for the contribution Black Diamond makes.”

Black Diamond Equipment is a manufacturer of specialized outdoor equipment for climbing, skiing and mountain sports, and they are right at home in Utah’s outdoor industry. The company has global offices in Sweden, Austria, Switzerland and China. They are owned by Black Diamond, Inc., which also owns POC Sports. The company will relocate the jobs of POC Sports North American headquarters from Colorado to Utah.

“As Black Diamond celebrated its 25th anniversary in business, the same foundational tenets that brought us to Utah when we founded the company remain resolute today,” said Peter Metcalf, Black Diamond CEO and founder.

“As the global leader in the design and manufacture of paradigm-changing products for the sports we serve, we require a location that resides on the asset side of our balance sheet. After looking elsewhere, and in working with GOED, we have decided it is in the best interest of the company, its employees, and the State of Utah, for Black Diamond to grow in Utah. With Utah’s brand-defining outdoor landscapes, Utah is clearly the best place to consolidate our global manufacturing operations and invest in bringing new jobs to the state as we re-shore operations.”

Black Diamond has indicated that the expansion will create up to 160 jobs over the next seven years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $48,404,121. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,354,980 over seven years.

“When Black Diamond decided to bring manufacturing back to the U.S., they could have gone anywhere, but they chose to make a continued investment in Utah because of their proven record of success in the state,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “It is evidence that Utah can compete not only on a national level but a global level. We believe other outdoor product companies will follow Black Diamond’s lead and take a closer look at the state.”

As part of the contract with Black Diamond, the GOED Board of Directors has approved up to a maximum tax credit of $353,247 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 15 percent of the new state taxes Black Diamond will pay over the seven-year life of the agreement. Each year as Black Diamond meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov

About Black Diamond
www.blackdiamondequipment.com

Black Diamond Equipment is a manufacturer of equipment and clothing for climbing, skiing and mountain sports. By consistently building innovative, standard-setting products and actively preserving the mountain/canyon environment, Black Diamond Equipment has assumed a leadership role in the international outdoor community. For more information on Black Diamond Equipment, visit BlackDiamondEquipment.com.

Board Motion Text

Proposed Motion

Approve Black Diamond for a $353,247 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 7 years.

Total EDTIF incentive not to exceed $353,247 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% & of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.

Garfield County

Board Approved Date: 02/12/2015
Type: Economic Opportunity
Maximum Cap Incentive: $up to $10,000

Board Motion Text

The Rural Development office recommends an Economic Opportunity grant for Garfield County for the purpose of developing a comprehensive Economic Development Strategic Plan. The grant will only be issued if the following criteria are met:

The EDA must match the contribution
Garfield County must match the funds
Garfield County must come back one year later (February, 2016) and present its findings to the board.

MOTION: Approve an Economic Opportunity Grant for Garfield County of $10,000.

Advice Media

Board Approved Date: 01/08/2015
Type: EDTIF
Term: 5 years
Number of Jobs: 100
New State Wages: $$17,571,355
New State Revenue: $$1,385,348
Capital Investment: $$1,000,000
Maximum Cap Incentive: $$207,802
Web Address: advicemedia.com

Press Release

News Release

For Immediate Release

January 8, 2015

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Kathy Mussio

Advice Media/Atlas Insight

732-610-1750

kmussio@atlasinsight.com

Advice Media Plans Expansion in Park City

The rapidly growing IT company will continue to invest in Summit County

Salt Lake City, UTAH—The Governor’s Office of Economic Development (GOED) and Advice Media announced today the company will expand its operations in Summit County, creating up to 100 new jobs.

“We are pleased that Advice Media has chosen to expand in Utah,” said Val Hale, executive director of GOED. “They have been and will continue to be a valuable contributor to the growth of the state’s IT cluster and the increasing prominence of Utah’s Silicon Slopes.”

Based in Park City and with a growing office in the Philippines, Advice Media is a professional team consisting of writers, programmers, graphic artists and digital marketing experts delivering leading solutions for online publishing and marketing.

Advice Media deals primarily with providing digital marketing services for healthcare practices. Due to rising fixed costs for healthcare practices, demand for the company’s services is on the rise. As part of the expansion, Advice Media will continue to provide employees 1-2 hour weekly trainings in transferrable skills, plus a twice-a-year, 3 day intensive training.

“Summit County is a fantastic place to work, live and raise a family,” said Shawn Miele, CEO of Advice Media. “All of our employees love being here. As an organization, we are excited to create year-round, high-paying jobs and lifetime career paths in what has traditionally been a local economy largely focused on seasonal employment. We are incredibly excited to be part of the growth in Utah’s Silicon Slopes and thank the State of Utah and the Governor’s office for the help they are providing to us.”

Advice Media has indicated that they will be creating 100 new jobs over the next five years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Summit County average wage. The projected new state wages over the life of the agreement are expected to be approximately $17,571,355. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,385,348 over five years. The expansion has the potential to result in an expected capital investment of $1 million.

“Congratulations to Advice Media on announcing their plans to expand operations in Park City,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We are excited that they continue to experience so much success in Summit County. Their decision to add 100 additional new jobs is great news for the local community and the state as a whole.”

As part of the contract with Advice Media, the GOED Board of Directors has approved up to a maximum tax credit of $207,802 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 15 percent of the new state taxes Advice Media will pay over the five-year life of the agreement. Each year as Advice Media meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov.

About Advice Media

Web: advicemedia.com

Advice Media has been building and managing market leading websites since 1998. Headquartered in Park City, UT with a growing office in the Philippines, we are the powerhouse behind informational websites like ImplantInfo.com, LipoSite.com and FaceForum.com and have become a digitial marketing go-to for more than 400 clients. Advice Media has a long-term, proven track record of designing websites and online strategies that appeal to consumers, perform well in search engine results and bring customers through your doors. For more information, email questions@advicemedia.com.

Board Motion Text

Proposed Motion

Approve Advice Media for a $207,802 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Total EDTIF incentive not to exceed $207,802 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15% & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 100% of the Summit County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

Armada Skis

Board Approved Date: 12/18/2014
Type: EDTIF
Term: 8 years
Number of Jobs: 56
New State Wages: $$31,718,981
New State Revenue: $$1,774,597
Capital Investment: $$500,000
Maximum Cap Incentive: $$354,919
Web Address: http://armadaskis.com/

Press Release

News Release
For Immediate Release
December 11, 2014

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Hans Smith, Founder
Armada Skis
949-642-6714
media@armadaskis.com

Home of the Greatest Snow on Earth Now Home to Armada Skis
Innovative ski product company joining outdoor industry in Utah

Salt Lake City, UTAH — Together with the Governor’s Office of Economic Development (GOED), Armada Skis, Inc. (Armada) announced it will relocate its headquarters to Summit County.

Armada was founded in 2002 by a dedicated group of professional skiers. The Company designs, markets and distributes innovative and premium quality alpine skis, poles, technical outerwear, clothing, accessories and related products. Armada is a family and athlete owned business. The company has become the leading privately held ski company in North America and is the reference for modern skiing and the mountain lifestyle.

“In Utah we greatly value the outdoor industry and believe it will be an important source of future growth for the state as companies like Armada Skis choose to locate here,” said Val Hale, executive director of GOED. “We feel fortunate to open our arms and welcome Armada Skis to our family of outdoor products companies.”

“Armada is excited about relocating to Utah. We would like to thank edcUTAH, GOED, and the Summit County Council for their support in our planned relocation,” said Erik Snyder, CEO of Armada Skis. “The combination of Utah’s business environment and abundance of world class skiing make Summit County the ideal home for Armada’s future.”
The Utah location will house Armada’s Global Headquarters including a research and development center, warehousing/distribution, and showroom. Armada will produce and test its prototypes at the new location. Armada Skis’ products are distributed in more than 40 countries and the Headquarters in Utah will be central to the entire operation.

Armada Skis has indicated that they will be creating 56 new jobs over the next eight years. The total wages, including medical benefits, in aggregate are expected to exceed 100 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $31,718,981. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,774,597 over eight years. The new Armada Skis facility has the potential to result in an expected capital investment of $500,000.

“Armada’s decision to move to Utah is a huge benefit to our state’s outdoor products industry,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah (EDCUtah.) “For a ski company like Armada the big draw to Utah is our climate: both our great environmental climate and our strong business climate.”

As part of a contract with Armada Skis, the GOED Board of Directors has approved up to a maximum tax credit of $354,919 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Armada Skis will pay over the eight-year life of the agreement. Each year as Armada Skis meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov

About Armada Skis
Web: www.armadaskis.com
Founded in 2002, Armada Skis, Inc. (Armada) is distributed globally in over 40 countries and embodies the cutting edge of the sport: athlete driven, design obsessed, and technologically superior. It has become the reference for modern skiing and the mountain lifestyle. Armada’s independence allows for a single-minded focus on the product, assuring that the skis and apparel exceed expectations. Armada has offices in Innsbruck, Austria and Calgary, Canada and is excited about its new corporate headquarters that is relocating to Park City, Utah.

Board Motion Text

Approve Armada Skis for a $354,919 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 8 years.
• Total EDTIF incentive not to exceed $354,919 EDTIF post-performance refundable tax credit.
• Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
• Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 100% of the Summit County average wage each including company contributed health insurance.
• Must commit to keep operation in Utah for the length of the incentive period, 8 years.
• Incentives are site specific and subject to local incentive participation.

AAA

Board Approved Date: 12/11/2014
Type: EDTIF
Term: 7 years
Number of Jobs: 290
New State Wages: $$112,946,673
New State Revenue: $$5,750,969
Capital Investment: $$20,000,000
Maximum Cap Incentive: $$862,645
Web Address: www.aaa.com

Press Release

News Release
For Immediate Release
December 11, 2014

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

AAA Expands Operations in Utah
New member support center brings jobs and more customer service to Utah AAA members

Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) met today and has extended an incentive offer to AAA in consideration for the company’s plan to create up to 580 additional jobs over the next 7 years as they look to begin their first member support operations in Utah.

It is anticipated that the project will result in a capital investment of $20 million and a minimum of 290 new, full time jobs that qualify well above the 125% required threshold as well as another ancillary 290 full time positions that are not included in the incentive calculation.

“Having AAA here in Utah is a win for all parties involved since the tourism industry is such a key part of our economy.” said Val Hale, GOED executive director. “More high-quality jobs will be created—helping to further economic growth, AAA customers will have better service, and AAA will contribute in a meaningful way to ‘Life Elevated® for those people who are serviced by our friendly and productive workforce.”

Established in 1900, AAA offers a wide array of automotive, travel, insurance and financial services. In North America, AAA operates 44 motor clubs with more than 1,100 offices, serving more than 53 million members throughout the United States and Canada.

As the third-largest regional member club of the national organization, AAA serves more than 4 million members in Northern California, Nevada and Utah.

“Utah is on the rise and continues to attract outstanding companies like AAA,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah (EDCUtah.) “AAA is a globally recognized brand that will play a vital role in Utah’s ability to grow its economy.”

AAA has indicated that they plan to create up to 580 over the next 7 years. For 290 of those jobs, the total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the county average wage. The remaining 290 full time jobs that are below the requirement are not included in the incentive calculation. The projected new state wages over the life of the agreement are expected to be up to $112,946,673. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be up to $5,750,969 over 7 years.

As part of a contract with AAA, the GOED Board of Directors has approved up to a maximum tax credit of $862,645 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 15 percent of the new state taxes AAA will pay over the 7-year life of the agreement. Each year as AAA 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)
Web: business.utah.gov

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 mgsullivan@utah.gov

About AAA
Web: www.aaa.com

Established in 1900, AAA offers a wide array of automotive, travel, insurance and financial services. In North America, AAA is a not-for-profit, fully tax-paying federation of 44 motor clubs with more than 1,100 offices, serving more than 53 million Members throughout the United States (35 clubs) and Canada (nine clubs).

As the third-largest regional Member club of the national organization, we serve more than 4 million Members in Northern California, Nevada and Utah.

Board Motion Text

Approve AAA for an $862,645 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 7 years.
• Total EDTIF incentive not to exceed $862,645 EDTIF post-performance refundable tax credit.
• Incentives provided post-performance upon review and verification by GOED.
• Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
• Average annual compensation of new employees in Utah (not each new position, this is an aggregate annual number) to be at least 125% of the Davis County average wage each including company contributed health insurance.
• Must commit to keep operation in Utah for the length of the incentive period, 7 years.

JSI Store Fixtures

Board Approved Date: 12/11/2014
Type: EDTIF
Term: 6 years
Number of Jobs: 83
New State Wages: $$15,981,064
New State Revenue: $$3,723,343
Capital Investment: $$1,050,000
Maximum Cap Incentive: $$558,501
Web Address: www.jsistorefixtures.com

Press Release

News Release
For Immediate Release
December 11, 2014

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Ken Bush, Executive VP & COO
JSI Store Fixtures
207-943-7400
kbush@jsistorefixtures.com

JSI Store Fixtures to Expand into Utah
Supermarket display company to manufacture equipment for the western states

Salt Lake City, UTAH — JSI Store Fixtures, Inc. a market-leading designer and manufacturer of high-quality merchandising displays for the supermarket industry, along with the Utah Governor’s Office of Economic Development (GOED), announced plans today to open a facility in Utah County and create 87 jobs over the next five years.

“I’m confident JSI Store Fixtures, will find a talented and productive workforce in Utah,” said Val Hale, executive director of the Governor’s Office of Economic Development. “Dedicated to a responsible of use of natural resourses the company fits very nicely into our states commitment to an elevated quality of life. Now, it will be better able to grow not just regionally but nationally as it services its western clients from Utah.”

“The new Payson, UT facility gets us closer to our target customers in the western US, helping us to reduce freight costs, provide much shorter lead-times and lessening our environmental impact,” said Terry Awalt, president of JSI Store Fixtures.

The company whose headquarters is in Milo, Maine has a product offering which consists of display fixtures, patented foam products and refrigerated displays focused on the store perimeter. JSI’s products are designed to showcase “fresh” merchandise in the produce, bakery, floral, wine and other high-traffic sections of the store perimeter. JSI’s fixtures are predominantly constructed from wood (approximately 80%), but JSI’s advanced manufacturing capabilities also allow it to manufacture products made from metal, laminates, plexi-glass and vacuumformed plastic.

JSI was conceived in 1991 as a family business with one philosophy in mind; to design and offer its customer’s quality displays that merchandise product better, resulting in higher retail sales. JSI has indicated that they will be creating 87 new jobs over the next five 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 approximately $15.9 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $3.7 over five years. The company expects to invest more than $1 million in the manufacturing facility.

“We are thrilled to welcome JSI Store Fixtures to the state,” said Jeff Edwards, president and CEO, Economic Development Corporation of Utah (EDCUtah.) “I am extremely excited that yet another world class company has chosen to bring their operations to the state.”

As part of a contract with JSI Store Fixtures, the GOED Board of Directors has approved up to a maximum tax credit of $558,501 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 15 percent of the new state taxes JSI will pay over the five-year life of the agreement. Each year as JSI meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

Those interested in seeking employment with JSI should visit jsistorefixtures.com.

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About the Utah Governor’s Office of Economic Development (GOED)
Web: business.utah.gov

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 mgsullivan@utah.gov

About JSI Store Fixtures

JSI Store Fixtures began in 1991 as a family business with one philosophy in mind; to design and offer its customer’s quality displays that merchandise product better, resulting in higher retail sales. The company whose headquarters is in Milo, Maine has a product offering which consists of display fixtures, patented foam products and refrigerated displays focused on the store perimeter. For more information, visit jsistorefixtures.com.

Board Motion Text

Approve JSI Store Fixtures for a $558,501 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 6 years.
• Total EDTIF incentive not to exceed $558,501 EDTIF post-performance refundable tax credit.
• Incentives provided post-performance upon review and verification by GOED.
• Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
• Average annual compensation of new employees in Utah (not each new position, this is an aggregate annual number) to be at least 125% of the Utah County average wage each including company contributed health insurance.
• Must commit to keep operation in Utah for the length of the incentive period, 20 years.

Maritz CX

Board Approved Date: 12/11/2014
Type: EDTIF
Term: 7 years
Number of Jobs: 425
New State Wages: $$268,110,000
New State Revenue: $$10,270,795
Capital Investment: $$1,250,000
Maximum Cap Incentive: $$2,054,159
Web Address: www.maritzcx.com

Press Release

News Release
Immediate Release

December 11, 2014

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Laura Kvinge, MaritzCX
801.467.9263
media@maritzcx.com

MaritzCX Plans to Expand Customer Experience Company Headquarters in Utah
World-class technology and research company plans to create 425 additional jobs

Salt Lake City, UTAH — The Utah Governor’s Office of Economic Development (GOED) has extended an incentive offer to MaritzCX in consideration for the company’s plan to expand its global customer experience (CX) technology business and create up to 425 additional jobs in Utah over the next seven years.

“We are pleased that the world-class technology and research company, MaritzCX, chose to expand here in Utah,” said Val Hale, GOED executive director. “The continued growth of technology in Utah is astounding. Businesses know Utah is the right location because of the collaborative relationship between the private sector and government leaders, and because of the talented Utah workforce.”

MaritzCX is the recently-announced customer experience technology company that brings together the award-winning software innovation of Allegiance with the market research expertise of Maritz Research. With an unmatched combination of four key elements: CX software, data and research science, deep vertical market expertise, and managed program services, MaritzCX will deliver the world’s broadest end-to-end CX software platform and services business.

“The CX market is moving quickly and the skilled and well-educated Utah workforce will be integral to our growth,” said Carine Clark, current president and CEO of Utah-based Allegiance and future president and CEO of MaritzCX. “We help organizations drive growth and profitability by improving customer retention, conversion, and lifetime value. We do this by ingraining CX intelligence and actions systems in the DNA of business operations – helping them see, sense and act on the experiences of every customer, at every touch point. It is really gratifying that the state of Utah believes in MaritzCX and supports our vision.”

“This is a huge win for Utah,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “Not only does this expansion reflect the quality workforce that Utah has to offer, but it is also a direct reflection on Utah’s presence as a leading technology hub in the US.”

MaritzCX plans to create up to 425 new positions over the next seven 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 $268,110,000. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be up to $10,270,795 over seven years.

As part of a contract with MaritzCX, the GOED Board of Directors has approved up to a maximum tax credit of $2,054,159 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes MaritzCX will pay over the seven-year life of the agreement. Each year as MaritzCX 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)
Web: business.utah.gov
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 mgsullivan@utah.gov

About MaritzCX LLC
Web: www.maritzcx.com
MaritzCX believes organizations should be able to see, sense and act on the experiences and desires of every customer, at every touch point, as it happens. The company helps organizations increase customer retention, conversion and lifetime value by ingraining customer experience intelligence and action systems into the DNA of business operations. MaritzCX is the combination of the Allegiance award-winning CX platform and Maritz Research strategic consulting services. For more information, visit www.maritzcx.com.

Board Motion Text

Approve MaritzCX for a $2,054,159 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.
• Total EDTIF incentive not to exceed $2,054,159 EDTIF post-performance refundable tax credit.
• Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
• Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake County average wage each including company contributed health insurance.
• Must commit to keep operation in Utah for the length of the incentive period, 7 years.
• Incentives are site specific and subject to local incentive participation.

Young Living Essential Oils, LLC

Board Approved Date: 12/11/2014
Type: EDTIF
Term: 7 years
Number of Jobs: 445
New State Wages: $$174,461,476
New State Revenue: $$43,769,871
Capital Investment: $$89,000,000
Maximum Cap Incentive: $$8,753,974
Web Address: www.youngliving.com

Press Release

News Release

For Immediate Release

December 11, 2014

Contact:

Michael Sullivan, GOED Communications Director

(801) 538-8811

mgsullivan@utah.gov

Andrea Neipp

Director of Brand Awareness, Young Living Essential Oils

(801) 418-8781

aneipp@youngliving.com

Young Living Essential Oils Continues to Grow in Utah

Utah born company expected to create 445 jobs over seven years

Salt Lake City, UTAH — Young Living Essential Oils, along with the Utah Governor’s Office of Economic Development (GOED), announced plans today to expand its presence in the state and create 445 jobs over seven years.

“The success experienced by Young Living Essential Oils is a testament to the friendly business environment the state offers to home grown businesses,” said Governor Gary R. Herbert. “More than two decades ago the business started because of a demand for organic essential oils. Now, it is growing not just regionally or nationally, but internationally.”

“Young Living has deep roots in Utah,” said Travis Ogden, Young Living Chief Operating Officer. “As the birthplace and headquarters of Young Living, Utah has always been our company’s home and we are excited to continue growing here and creating hundreds of new jobs.”

Young Living Essential Oils was started in Riverton, Utah in 1993 by Gary Young. Fueled by a growing demand for pure essential oils, Young Living designed and built the largest, most technologically advanced distillery for the production of essential oils in North America. The company has grown from a single herb farm to become the world leader in essential oils and wellness solutions with operations worldwide.

Young Living Essential Oils, LLC has indicated that they will be creating 445 new jobs over the next seven 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 approximately $174,461,476. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $43,769,871 over seven years. The new Young Living Essential Oils global headquarters, manufacturing and distribution facility have the potential to result in an expected capital investment of $82 million.

As part of a contract with Young Living Essential Oils, LLC, the GOED Board of Directors has approved up to a maximum tax credit of $8,753,974 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Young Living Essential Oils will pay over the seven-year life of the agreement. Each year as Young Living Essential Oils meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

Those interested in seeking employment with Young Living Essential Oils, LLC should go to http://www.youngliving.com/en_US/company/careers.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Young Living Essential Oils

Young Living Essential Oils, LLC is the world leader in essential oils with a strict Seed to Seal process to produce pure essential oil products for every individual, family, and lifestyle. This process ensures that all products are genuine, free of synthetic chemicals, and pure. This commitment stems from the company’s twenty year stewardship towards the earth and its people. For more information, visit www.youngliving.com, or contact Andrea Neipp, (801) 418-8781 or aneipp@youngliving.com.

Board Motion Text

Approve Young Living Essential Oils LLC for a $8,753,974 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.
– Total EDTIF incentive not to exceed $8,753,974 EDTIF post-performance refundable tax credit.
– Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
– Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Utah County average wage each including company contributed health insurance.
– Must commit to keep operation in Utah for the length of the incentive period, 7 years.
– Incentives are site specific and subject to local incentive participation.

Vista Outdoors

Board Approved Date: 11/13/2014
Type: EDTIF
Term: 7 Years
Number of Jobs: 90
New State Wages: $125,160,000
New State Revenue: $6,723,802
Capital Investment: $10,000,000
Maximum Cap Incentive: $1,344,760

Press Release

News Release

For Immediate Release

November 13, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Amanda Covington, VP Communications

ATK

703-412-3231

amanda.covington@atk.com

ATK Selects Utah as Home Base for Proposed Spin-off Company, Vista Outdoor

Vista Outdoor will create 90 highly compensated jobs at new Utah headquarters

Salt Lake City, UTAH — ATK (NYSE: ATK), along with the Governor’s Office of Economic Development (GOED), announced today the decision to locate its proposed spin-off company’s corporate headquarters in Utah. The company, Vista Outdoor Inc., is considering several sites for its new, consolidated headquarters, including Salt Lake, Davis and Weber Counties.

In April 2014, ATK’s Board of Directors unanimously approved a plan to create two independent, public companies, which involves the spin-off of ATK’s sporting business to a new, publicly traded company, Vista Outdoor. The company will be a leading global designer, manufacturer and marketer in the growing outdoor sports and recreation markets. ATK currently owns 30 widely known and respected outdoor brands in the industry, including Federal Premium, Bushnell, Primos, BLACKHAWK! and Savage Arms.

“The addition of Vista Outdoor to Utah will bring new, high-paying jobs to an industry that is highly important to the state,” said Val Hale, executive director of GOED. “The Outdoor Industry Association’s latest economic report indicated that for every dollar that consumers spend on outdoor gear and recreational vehicles, they will spend four times that using the product.”

Vista Outdoor will have manufacturing operations and facilities in approximately 10 states, including Gold Tip in Orem, Utah, along with international sales and sourcing locations. The company will employ approximately 5,800 skilled workers worldwide.

“ATK is pleased to partner with the State of Utah as it establishes a new, global headquarters for Vista Outdoor,” said Mark DeYoung, ATK president and chief executive officer (CEO). DeYoung, a Utah native, has been named as the chairman and CEO for Vista Outdoor. “Utah’s talented and well-educated workforce, high quality of life, appeal to outdoor enthusiasts, and increasing position as hub for outdoor recreation companies support our decision to establish and consolidate the headquarters for this new and exciting company.”

“EDCUtah is excited that Vista Outdoors has made the decision to locate their new global headquarters in Utah,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We expect Vista will quickly become an important part of the outdoor product industry in the state.”

Vista Outdoor intends to create approximately 90 new jobs over the next seven 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 approximately $125,160,000. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $6,723,802 over seven years. The new Vista Outdoor facility has the potential to result in an expected capital investment of $10 million.

As part of a contract with Vista Outdoor, the GOED Board of Directors has approved up to a maximum tax credit of $1,344,760 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Vista Outdoor will pay over the seven-year life of the agreement. Each year as Vista Outdoor meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

ATK Sporting Group Portfolio of Brands

Alliant Powder

American Eagle

Bee Stinger

BLACKHAWK!

Blazer

Bollé

Bushnell

Butler Creek

CCI

Cébé

Champion

Eagle

Federal Cartridge

Federal Premium

Fusion

Gold Tip

GunMate

Gunslick Pro

Hoppe’s

Millett

Night Optics USA, Inc.

Outers

Primos

RCBS

Savage Arms

Savage Range Systems

Serengeti

Simmons

Speer

Stevens

Stoney Point

Tasco

Uncle Mike’s

Weaver

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About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

About ATK

ATK is an aerospace, defense, and outdoor sports and recreation company with operations in 21 states, Puerto Rico, and internationally. For information about the proposed transaction, as well as news and information on ATK, visit www.atk.com.

Board Motion Text

Approve Vista Outdoors for a $1,344,760 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $1,344,760 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Average annual compensation of new employees in Utah (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake, Davis, or Weber County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Subject to local incentive.

Traeger Pellet Grills

Board Approved Date: 10/09/2014
Type: EDTIF
Term: 7 Years
Number of Jobs: 164
New State Wages: $$44,613,465
New State Revenue: $$2,517,687
Maximum Cap Incentive: $$503,537
Web Address: www.traegergrills.com

Press Release

News Release

For Immediate Release

October 9, 2014

Contact:

Michael Sullivan, GOED Communications Director

(801) 538-8811

mgsullivan@utah.gov

Jeremy Andrus, CEO

Traeger Pellet Grills

(415) 577-9979

jandrus@traegergrills.com

Traeger Pellet Grills Expansion Fuels Utah’s Economy

Traeger Pellet Grills is expected to create 164 jobs in seven years

Salt Lake City, UTAH — Together with the Utah Governor’s Office of Economic Development (GOED), Traeger Pellet Grills announced it will expand its Utah operation to meet increased demand.

“Traeger Pellet Grills is a growing company, and we are glad it has selected Utah to help it continue on its positive growth trajectory,” said Q. Val Hale, executive director of GOED. “Utah has a strong outdoor lifestyle industry that is only made stronger by the expansion of companies like Traeger.”

“Building on our brand roots and strong operations in Oregon, we are excited to expand our presence here in Utah. We would like to thank GOED for their hardwork and support, and we look forward to adding to the State’s growth,” said Jeremy Andrus, CEO of Traeger Pellet Grills.

Traeger Pellet Grills was founded in 1985 in Oregon. Traeger designs, markets and distributes wood pellet grills across the U.S. and Canada. The company sells its products through a dealer network, online and through a direct sales force at select retailers, trade shows, fairs, rodeos and other outdoor events.

Known for its ease of use, versatility and great tasting wood-fired cooking, Traeger is America’s leading alternative outdoor grill. Traeger Pellet Grills also owns mills that manufacture natural wood pellets to fuel the grills.

“EDCUtah is pleased to see Traeger Grills expansion in Utah. Traeger could have grown anywhere; it’s exciting to see that they have chosen Utah for their expansion because of the success they have already experienced in the state,” says Jeff Edwards, president and CEO of Economic Development Corporation of Utah.

Traeger Pellet Grills has indicated that they will be creating 164 new jobs over the next seven 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 approximately $44,613,465. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2,517,687 over seven years.

As part of a contract with Traeger Pellet Grills, the GOED Board of Directors has approved up to a maximum tax credit of $503,537 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Traeger Pellet Grills will pay over the seven-year life of the agreement. Each year as Traeger Pellet Grills meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Traeger Pellet Grills

Since its humble start in Oregon in the 1990’s, Traeger Wood Pellet Grills have been the outdoor cooking choice of food enthusiasts. For years, the grills were offered in limited quantities and geographic areas. However, as people began to taste the food cooked on a Traeger, word spread about the unique flavors only Traeger natural wood pellets can provide. Backed by the same original principles and values along with advanced technology, Traeger is committed to providing: A quality grill that is easy to use, a commitment to superior workmanship, natural and safe wood pellets which provide amazing, rich flavors, one grill that has six uses: a family can use daily to grill, bake, smoke, slow cook, braise, and barbeque, great taste, every time, and exceptional value. If there is one thing you will recognize with a Traeger is taste. No matter what type of food, no matter the quality of cut, a Traeger makes it delicious. That’s why we always say, “Stop grilling, START TRAEGER’ing!”

Board Motion Text

Approve Traeger Grills for a $503,537 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $503,537 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Average annual compensation of new employees in Utah (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake or Utah County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Subject to local incentive.

Viracon

Board Approved Date: 09/11/2014
Type: EDTIF
Term: 10 years
Number of Jobs: 300
New State Wages: $118,628,714
New State Revenue: $7,091,966
Capital Investment: $2,200,000
Maximum Cap Incentive: $1,418,393
Web Address: www.viracon.com

Press Release

News Release

For Immediate Release

September 11, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Kevin Anez, Director of Marketing and Product Management

Viracon

507-444-3490

kanez@viracon.com

Viracon Sees Utah’s Business Environment as a Window of Opportunity for Growth

The largest producer of architectural glass for high-rise buildings reinvests in Utah

Salt Lake City, UTAH — Viracon, along with the Governor’s Office of Economic Development (GOED), announced plans today to reopen and invest in an existing facility in Washington County.

Viracon manufactures and sells high performance architectural glass. Operating since 1970, Viracon’s target market is buildings with 10 or more stories. The company currently maintains an estimated market share greater than two thirds for the tallest buildings in North America.

“Utah’s manufacturing industry is growing every day, which is evident by Viracon coming to Utah,” said Val Hale, executive director of GOED. “We look forward to building upon our existing relationship with a company that provides architectural glass to many of the iconic buildings that cover America’s cityscapes.”

As demand has increased for Viracon’s product, the company has identified Utah as the place it would like to grow. The company has chosen to reopen a facility in St. George that was a casualty of the construction industry’s severe recession. Viracon will invest an estimated $2.2 million in the existing facility for improved equipment and coating capabilities.

“Demand for commercial architectural glass has risen sharply in the last six months,” says Viracon President Kelly Schuller. “We are excited to welcome back the St. George team and look forward to strengthening customer service by taking this major step to increase our capacity. The reopening of St. George allows us to better align our overall capacity with levels of demand that are higher than we have seen in several years.”

The growth of Viracon in one of Utah’s rural communities will bring a vibrant economic opportunity to Washington County.

“We couldn’t be more pleased to have Viracon return to our community,” said Mayor Jon Pike. “Viracon was an employer of choice and a solid corporate citizen prior to shutting their St. George facility due to the national recession. I am sure the company will quickly resume their reputation in Washington County. The reopening of the plant will provide many needed and appreciated jobs. The City Council and I are excited to welcome Viracon back to Utah’s Dixie.”

Viracon has indicated that they will be creating 300 new jobs over the next 10 years. The total wages, including medical benefits, in aggregate are expected to exceed 100 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $118,628,714. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $7,091,966 over 10 years. The updated Viracon facility has the potential to result in an expected capital investment of $2.2 million.

“Viracon’s decision to re-open their plant in St. George sooner than anticipated is great news for southern Utah,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We look forward to their continued success in the state.”

As part of a contract with Viracon, the GOED Board of Directors has approved up to a maximum tax credit of $1,418,393 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Viracon will pay over the 10-year life of the agreement. Each year as Viracon meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

Viracon is an affirmative action employer and thus actively recruits disabled persons and veterans. All recruiting, hiring, training, promotion, compensation and other employment-related programs are provided to all qualified people who meet valid job requirements on an equal opportunity basis without regard to disabilities. Those interested in applying to work at Viracon should go to http://www.viracon.com/page/employees.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Viracon, Inc.

Viracon, the nation’s leading single-source architectural glass fabricator, is based in Owatonna, Minnesota, and has facilities in Statesboro, Georgia, St. George, Utah and Nazaré Paulista, Brazil. Viracon produces high-performance glass products, including tempered, laminated, insulating, silk-screened, digital printing, and high-performance coatings, for North American and international markets. The company is a subsidiary of Apogee Enterprises, Inc. (NASDAQ: APOG). Apogee, headquartered in Minneapolis, isa leader in technologies involving the design and development of value-added glass products and services. For more information, visit www.viracon.com.

Like Viracon on Facebook: www.facebook.com/viraconglass

Follow Viracon on Twitter: www.twitter.com/viraconglass

Board Motion Text

Approve Viracon for a $1,418,393 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years.
Incentives provided post-performance upon review and verification by GOED.
EDTIF incentive not to exceed $1,418,393 EDTIF post-performance refundable tax credit.
Must commit to keep operation in Utah for length of the incentive period, 10 years.
Subject to local incentive.

Oemeta

Board Approved Date: 09/11/2014
Type: EDTIF
Term: 7 years
Number of Jobs: 58
New State Wages: $12,664,553
New State Revenue: $567,233
Capital Investment: $5,250,000
Maximum Cap Incentive: $113,447
Web Address: http://www.oemeta.com/

Press Release

News Release

For Immediate Release

September 11, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Andrew Leech, CEO/President, Oemeta Inc.

201-720-2829

csrusa@oemeta.com

“Green” Metalworking Fluid Manufacturing Company to Come to Utah

Oemeta, a German-based company founded in 1916, will build its first U.S. site in Utah

Salt Lake City, UTAH — Together with the Governor’s Office of Economic Development (GOED), Oemeta announced it will build a high-tech manufacturing plant in Salt Lake County to support growing demand in the western region.

“The addition of Oemeta to Utah’s growing list of manufacturing companies hits home two major points,” said Val Hale, executive director of GOED. “Utah is actively recruiting foreign firms to invest in the state and is increasingly aware of bringing environmentally friendly companies here. We are honored to be the chosen location for Oemeta’s first U.S. expansion.”

“Oemeta is truly excited for the opportunity to partner with Utah in establishing our first U.S.based facility in Salt Lake county,” said Andrew Leech, president and CEO of Oemeta Inc. “We look forward to continuing work with the Governor’s Office of Economic Development, in our commitment to incorporating the value of more environmentally friendly processes in industrial machining.”

Oemeta is the preeminent green chemistry leader in industrial machining for companies including BMW and Audi. Oemeta’s cutting edge bio-based technology has a proven performance track record, while being safer and more environmentally friendly than traditional petrochemicals. Oemeta products are approved officially “green” by the U.S. Department of Agriculture.

Oemeta has indicated that they will be creating 58 new jobs over the next seven 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 seven year life of the agreement are expected to be approximately $12,664,553. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $567,233 over seven years. The new Oemeta facility has the potential to result in an expected capital investment of $5,250,000.

“Utah continues to attract high-tech companies from around the world thanks to our low taxes, sound regulations and skilled workforce,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We congratulate Oemeta on their smart decision to expand to the state.”

As part of a contract with Oemeta, the GOED Board of Directors has approved up to a maximum tax credit of $113,447 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Oemeta will pay over the seven-year life of the agreement. Each year as Oemeta meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Oemeta

Oemeta is a third-generation family-owned and -managed company. Our products are renowned for their high quality and reliability. Our focus on water-based cooling lubricants and application expertise has made us a leader in this specialist field. Our development process, tailored to our customers’ specific requirements, leads to solutions and products that set standards in the metalworking industry. Product inventions such as the two-component cooling fluid and multi-function oils have led to lasting improvements and cost savings in the production processes of automotive and metal manufacturing industries.

Oemeta came into being during an eventful period in European history. In 1916, at the height of the First World War, we started production in Berlin of ‘drilling oils’ for metal working, as they were then known. Our company name, perhaps not obvious at first sight, was derived from the words ‘Oel’ and ‘Metall’ (oil and metal) and is the name by which the company is known up to this day.

By 1921 the production capacity at the original Berlin site was already insufficient and consequently production was moved to Bötzow, located to the west of the city. At the same time, the product range was expanded to include grinding wheels. However in 1993, following a reassessment of the core business of Oemeta, this sector was sold. Since then, the focus of the business has been the manufacture and marketing of industrial lubricants.

The Second World War inevitably had an impact on Oemeta. The company was confiscated and the production facility dismantled. The shareholders, along with some of the employees, moved to a location near Stuttgart and re-established Oemeta in 1949. This was not without difficulties. The restrictions imposed by the occupying powers led to a dispersal of the business specialisms. Grinding wheels were produced at a site in Mannheim, whereas permission to manufacture cutting fluids could only be obtained in Hamburg.

Eventually a search began for a location that could accommodate all of our activities. An existing business with appropriate production conditions was found in Uetersen, the ‘town of roses,’ 30 kilometres northwest of Hamburg. This site was duly purchased, and Oemeta moved to Uetersen in 1953.

Board Motion Text

Approve Oemeta for a $113,447 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.
Incentives provided post-performance upon review and verification by GOED.
EDTIF incentive not to exceed $113,447 EDTIF post-performance refundable tax credit.
Must commit to keep operation in Utah for length of the incentive period, 7 years.
Subject to local incentive.

Overstock

Board Approved Date: 08/14/2014
Type: EDTIF
Term: 10
Number of Jobs: 333
New State Wages: $300,843,588
New State Revenue: $11,406,215
Capital Investment: $2,650,645
Maximum Cap Incentive: $2,281,243
Web Address: overstock.com

Press Release

News Release

For Immediate Release

August 14, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Kirstie Burden, Public Relations Manager

Overstock.com

801-947-3116

PR@Overstock.com

Overstock.com Announces Plans to Bring Hundreds of IT Jobs to Utah

Technology-based retail company with award-winning customer service expands in Utah

Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) and Overstock.com announced today the company will grow its employee base by bringing 333 additional jobs to Salt Lake County. These IT positions, that in the past have been contracted out of state, will be brought back to Utah over the next 10 years.

“Overstock.com’s decision to bring hundreds of IT jobs to Utah showcases the confidence the company has in Utah’s top-notch workforce,” said Governor Gary R. Herbert. “Utah is known as a software and IT hub thanks to the continued investment and growth of companies like Overstock.com.”

“Overstock.com has benefited enormously from being headquartered in Utah,” said company CEO Patrick Byrne. “The state’s strong economy and a workforce that is educated and tech-savvy have been key factors in our growing to a $1.5 billion company. We look forward to hiring many more qualified IT professionals in Utah as we continue to grow and invest in this state.”

Founded in 1999, Overstock.com is a public company and online retailer offering discount brand name, non-brand name and closeout merchandise, including furniture, home décor, bedding and bath housewares, jewelry, watches, apparel, designer accessories, electronics and computers, sporting goods and many other products. The company also sells hundreds of thousands of current run books, magazines, CDs, DVDs and video games. Overstock.com’s website offers customers an opportunity to shop for bargains conveniently, while offering suppliers an alternative sales channel.

Overstock.com has indicated that it will be creating 333 new jobs over the next 10 years. The total wages, including medical benefits, in aggregate are expected to be at least 200 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $300,843,588. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $11,406,215 over 10 years. The Overstock.com expansion has the potential to result in an expected capital investment of $2,650,645.

“Utah’s competitive tax structure, highly skilled workforce and unparalleled quality of life provide a premier foundation for success for quality companies such as Overstock.com,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah.

As part of a contract with Overstock.com, the GOED Board of Directors has approved up to a maximum tax credit of $2,281,243 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Overstock.com will pay over the 10-year life of the agreement. Each year as Overstock.com meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

Overstock.com actively seeks to hire veterans through its support for and regular affiliation with the Wounded Warrior Program. The company also utilizes placement services that specialize in transitioning military personnel. Overstock.com has a strict non-discrimination policy as it pertains to hiring employees, and thus, has a focus on the recruitment and hiring of persons with disabilities. Utahns interested in applying for Overstock.com positions should go to http://www.Overstock.com/careers.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Overstock.com

Overstock.com (NASDAQ: OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. The Nielsen State of the Media: Consumer Usage Report placed Overstock.com among the top five most visited mass merchandiser websites in 2011. The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock.com #4 in customer service among all U.S. retailers. Overstock.com sells internationally under the name O.co. Overstock Shopping (http://www.Overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.

# # #

Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. O.info™, Club O™, Club O Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, all statements not regarding historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended June 30, 2014, which was filed with the SEC on July 29, 2014, and any subsequent filings with the SEC.

SOURCE Overstock.com, Inc.

Board Motion Text

Approve Overstock for a $2,281,243 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $2,281,243 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Average annual compensation of new employees in Utah (not each new position, this is an aggregate annual number) to be at least 200% of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Subject to local incentive.

The Goldman Sachs Group, Inc.

Board Approved Date: 08/14/2014
Type: EDTIF
Term: 20
Number of Jobs: 350
New State Wages: $1,111,558,394
New State Revenue: $43,524,588
Capital Investment: $Up to $40,000,000 to build out office space to accommodate both certain existing headcount and new hires.
Maximum Cap Incentive: $13,057,377
Web Address: www.goldmansachs.com

Press Release

News Release

For Immediate Release

August 14, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Tiffany Galvin, Media Relations

Goldman Sachs

212-357-0019

tiffany.galvin@gs.com

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)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Goldman Sachs

Web: www.goldmansachs.com

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.

Board Motion Text

Approve The Goldman Sachs Group, Inc. for a $13,057,377 EDTIF post-performance refundable tax credit which represents an amount equal to 30% of new state revenue for 20 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $13,057,377 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Average annual compensation of new employees in Utah (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 20 years.
Subject to local incentive.

CSM Bakery

Board Approved Date: 07/10/2014
Type: EDTIF
Term: 20
Number of Jobs: 100
New State Wages: $12,582,743
New State Revenue: $1,567,621
Capital Investment: $30,400,000
Maximum Cap Incentive: $313,524
Web Address: csmbakeryproducts.com

Press Release

News Release

For Immediate Release

July 10, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

CSM Bakery Expansion Announced in Utah

Growth will create 100 new jobs over six years

Salt Lake City, UTAH — Together with the Governor’s Office of Economic Development (GOED), CSM Bakery announced it will expand its existing Weber County operation. In 2014 a new cookie line will be added and over the next six years the company will double its current facility’s size in Weber County.

CSM Bakery indicates that it operates 11 manufacturing facilities and two research and development centers. CSM produces a variety of cakes, cookies, brownies, muffins, bakery mixes, icings, toppings, fruit and crème fillings and laminated dough and pastries. CSM sells goods in varying formats, including finished goods, ready-to-bake and baking components. Major customers include grocers, food retailers, bakeries and food service operators.

CSM Bakery has indicated that they will be creating 100 new jobs over the next six 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 approximately $12,582,743. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,567,621 over six years. The new CSM Bakery facility has the potential to result in an expected capital investment of $30,400,000.

As part of a contract with CSM Bakery, the GOED Board of Directors has approved up to a maximum tax credit of $313,524 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes CSM Bakery will pay over the six-year life of the agreement. Each year as CSM Bakery meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.

Those interested in working for CSM Bakery should go to csmbakeryproducts.com, hover their mouse over the about us tab and then click on careers.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

Board Motion Text

Approve CSM Bakery for a $313,524 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 6 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $313,524 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125 % of the Weber County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 6 years.
Subject to local incentive.

Consumer United

Board Approved Date: 07/10/2014
Type: EDTIF
Term: 7
Number of Jobs: 400
New State Wages: $121,744,109
New State Revenue: $5,268,757
Capital Investment: $900,000
Maximum Cap Incentive: $1,053,751
Web Address: http://www.goji.com/

Press Release

News Release

For Immediate Release

July 10, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Alethea Harney, Sr. Director of Communications

Consumer United

617-953-7950

alethea.harney@consumerunited.com

Consumer United Targets Utah for its Proposed Expansion

Leading online insurance agency aims to bring 400 additional jobs to the region

Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) and Consumer United announced today an expansion of the rapidly growing company to the state of Utah.

“Thanks to the work ethic of residents and continued support from lawmakers, great companies like Consumer United choose to expand their operations in Utah,” said Sopia DiCaro, interim executive director of GOED. “Utah’s qualified, well-educated workforce continues to be a huge asset in company recruitment.”

Consumer United is the country’s leading independent online insurance agency. Founded in 2007 by Justin Dangel, Consumer United has now grown to more than 400 employees across multiple locations. The company has an A+ rating with the Better Business Bureau and has been recognized by Inc. Magazine as one of the Nation’s Fastest Growing Companies for the last two years.

“We are very excited about the opportunity to expand our business operations to Utah,” said Justin Dangel, CEO of Consumer United. “As we considered locations west of the Mississippi to accommodate our fast growing business and customer base across the country, we found that Utah not only offers an extremely attractive combination of hard working and well-educated workers, but also visionary government leaders that have created an ideal environment for economic development.”

Consumer United has indicated that they will be creating 400 new jobs over the next seven 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 approximately $121,744,109. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,268,757 over seven years. The new Consumer United facility has the potential to result in an expected capital investment of $900,000.

“Consumer United is a big player in the online insurance industry,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “The creation of this new office will strengthen the industry and help us create the critical mass necessary to attract additional companies.”

As part of a contract with Consumer United, the GOED Board of Directors has approved up to a maximum tax credit of $1,053,751 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Consumer United will pay over the seven-year life of the agreement. Each year as Consumer United 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)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Consumer United

Headquartered in Boston, Consumer United is the country’s leading independent online insurance agent. Consumer United combines human expertise with smart technology to match customers with the right coverage at the best price. Since 2007, Consumer United has helped hundreds of thousands of Americans compare rates from top brands and buy the policy that’s best for them. For more information, visit consumerunited.com or call 1-866-556-6457 to speak with one of our licensed agents.

Board Motion Text

Approve Consumer United for a $1,053,751 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $1,053,751 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125 % of the Weber County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.

Subject to local incentive

Oracle

Board Approved Date: 06/12/2014
Type: EDTIF
Term: 10
Number of Jobs: 351
New State Wages: $238,959,392
New State Revenue: $11,318,408
Capital Investment: $6,142,500
Maximum Cap Incentive: $2,829,602
Web Address: oracle.com

Press Release

News Release

For Immediate Release

June 12, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Oracle Announces Plans to Open A New Customer Support Center in Utah

Oracle’s expansion will create approximately 351 new jobs in the state

Salt Lake City, UTAH —The Governor’s Office of Economic Development (GOED) announced today that Oracle plans to create approximately 351 jobs in the state of Utah over the next 10 years and will also open a new customer software support center in Salt Lake County. This new facility will be focused on supporting and responding to customers’ needs and helping them maximize their experience with Oracle products.

“Utah is becoming known as a tech hotspot thanks to the continued growth of well-respected companies like Oracle in Utah,” said Spencer P. Eccles, executive director of the Governor’s Office of Economic Development. “IT/software companies have chosen to locate or expand here because of the educated workforce, low operating costs and unparalleled quality of life the state offers, as well as the critical mass that Utah has created.”

Oracle develops hardware and software engineered to work together in order to meet customers’ business needs. The company is focused on helping enable its 400,000 customers in more than 145 countries around the world eliminate complexity and simplify IT. The company already employs workers across Utah and will add customer support service jobs to Utah’s workforce.

“We have been impressed by the high-tech growth in Utah and we’re pleased to be expanding our presence here,” said Oracle Vice President of Real Estate and Facilities Randy Smith. “The state offers a unique blend of potential economic growth as well as a highly skilled workforce. The opportunities in Utah are very clear and it’s the right place for us to grow.”

Oracle has indicated that they will be creating 351 new jobs over the next 10 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 approximately $238,959,392. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $11,318,407 over 10 years. The new Oracle facility has the potential to result in an expected capital investment of $6,142,500.

“EDCUtah is pleased to see the expansion of a global company like Oracle in Utah,” says Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Oracle’s presence here further enhances our ability to grow the information technology industry and continue to attract first-rate technology jobs to Utah.”

As part of a contract with Oracle, the GOED Board of Directors has approved up to a maximum tax credit of $2,829,602 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 25 percent of the new state taxes Oracle will pay over the 10-year life of the agreement. Each year as Oracle 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)

Web: business.utah.gov

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 mgsullivan@utah.gov

Oracle

Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

Board Motion Text

Approve Oracle for a $2,829,602 EDTIF post-performance refundable tax credit which represents an amount equal to 25% of new state revenue for 10 years.

Incentives provided post-performance upon review and verification by GOED.
EDTIF incentive not to exceed $2,829,602 EDTIF post-performance refundable tax credit.
Must commit to keep operation in Utah for length of the incentive period, 10 years.
Subject to local incentive.

Airgas

Board Approved Date: 05/08/2014
Term: 10
Number of Jobs: 23
New State Wages: $11,972,589
New State Revenue: $546,818
Capital Investment: $8,000,000
Maximum Cap Incentive: $106,652
Web Address: airgas.com

Press Release

News Release

For Immediate Release

May 8, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Barry Strzelec, Director –Investor Relations and Corporate Communications

Airgas

(610) 902-6256

barry.strzelec@airgas.com

Airgas to Build New Specialty Gas Production Facility in Tooele County

Will create 25 new jobs when fully operational

Salt Lake City, UTAH — Airgas, Inc. (NYSE: ARG) and the Governor’s Office of Economic Development (GOED) announced today that Airgas will build a new specialty gas production facility in Tooele County.

Airgas, one of the nation’s leading suppliers of industrial, medical, and specialty gases, and related products, will build the facility to produce high-purity and precision-blended specialty gases. Airgas specialty gases are used in research and commercial laboratories, for environmental monitoring and for generating lasers used in healthcare and in manufacturing.

“Utah has been recognized as having one of the most diverse economies in the nation thanks to companies like Airgas that bring their unique product offerings to the beehive state,” said Spencer P. Eccles, executive director of GOED. “Airgas’ new plant will strengthen the manufacturing industry in Utah while simultaneously investing in one of our rural counties.”

The project will lead to a significant capital investment by Airgas and the creation of approximately 25 full-time jobs when fully operational. These incented jobs will pay at least 100 percent of the Tooele County average wage, with each position including company contributed health insurance, and will lead to new state wages of $1,475,181 over the 10-year life of the agreement. The state will also benefit from $462,998 in new state taxes over the 10 years.

“Airgas is very excited to expand our specialty gas footprint with this new facility in Utah,” said Andrew R. Cichocki, president – Airgas USA, LLC. “Tooele County is the perfect location to support Airgas’ growth in the western states. We look forward to the completion of this project and the start up next spring.”

“Airgas’ decision to locate in Utah is a great win for the state,” said Jeff Edwards, President and CEO of Economic Development Corporation of Utah (EDCUtah). “Airgas’ presence in Tooele County will serve as a catalyst for quality job growth and increased capital investment in the region.”

As part of a contract with Airgas, the GOED Board of Directors has approved a maximum cap tax credit of $106,652 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes Airgas will pay over the 10-year life of the agreement. Each year as Airgas 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)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Airgas, Inc.

Airgas, Inc. (NYSE: ARG), through its subsidiaries, is one of the nation’s leading suppliers of industrial, medical and specialty gases, and hardgoods, such as welding equipment and related products. Airgas is a leading U.S. producer of atmospheric gases with 16 air separation plants, a leading producer of carbon dioxide, dry ice, and nitrous oxide, one of the largest U.S. suppliers of safety products, and a leading U.S. supplier of refrigerants, ammonia products, and process chemicals. More than 16,000 employees work in approximately 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also markets its products and services through e-Business, catalog and telesales channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit www.airgas.com.

Board Motion Text

Approve Airgas for a $106,652 EDTIF post-performance refundable tax credit which represents an
amount equal to 20% of new state revenue for 10 years.
• Incentives provided post-performAirgas Summaryance upon review and verification by GOED.
• Total EDTIF incentive not to exceed $106,652 EDTIF post-performance refundable tax credit.
• Must meet new qualified employment projections, employee headcount at the stated wage %
criteria at 50% for each project year.
• Annual total project average salary of new employees (not each new position, this is an aggregate
annual number) to be at least 100 % of the Tooele County average wage each including company
contributed health insurance.
• Must commit to keep operation in Utah for the length of the incentive period, 10 years.
• Subject to local incentive.

Wilson Electronics

Board Approved Date: 04/10/2014
Type: EDTIF
Term: 5
Number of Jobs: 150
New State Wages: $$7,775,484
New State Revenue: $$1,005,095
Capital Investment: $$2,700,000
Maximum Cap Incentive: $$266,312
Web Address: http://www.wilsonelectronics.com/

Press Release

News Release

For Immediate Release

April 10, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Jonathan Bacon, Public Relations Director

Wilson Electronics

435-673-5021

jbacon@wilsonelectronics.com

Wilson Electronics Grows Utah’s Economy while Boosting Cell Phone Service

Wilson Electronics expects to expand Washington County facility and hire new employees

Salt Lake City, UTAH — Assisting the growth of Utah based companies is a priority for the Governor’s Office of Economic Development (GOED). To this end, GOED and Wilson Electronics announced today that the company will expand its existing facility in Washington County.

“For many years Wilson Electronics has had a positive, significant impact on the local economy and community of Washington County,” said Spencer P. Eccles, executive director of the Governor’s Office of Economic Development. “We commend the company for the success it has achieved and are pleased to offer our support as it continues to grow.”

Wilson Electronics designs and manufactures a wide variety of amplifiers, antennas and related components to improve communications for cell phones and cellular data devices. Wilson’s cell phone boosters virtually eliminate dropped calls, increase cell phone reception, range and dramatically accelerate data transmission. The company delivers cell phone booster solutions for mobile, in-building and machine-to-machine (M2M) data transfer situations.

“Wilson Electronics has a long history as a job creator in Washington County,” said Robert Van Buskirk, Wilson Electronics president and CEO. “We’re very pleased that the company is able to contribute to the local economy by creating additional jobs as we expand into new markets and continue to grow our existing business. We sincerely appreciate the support of GOED in our efforts.”

Wilson Electronics expects to add 75-150 new professional and production positions over the next 5 years that, on average, will earn 125 percent of the average wage in Washington County, with each position including benefits. Wilson Electronics invests heavily in training new, as well as existing, employees on its product line and manufacturing processes. New state wages over the five year life of the agreement are forecasted to be approximately $22.4 million. The expansion is also expected to lead to an estimated capital investment of $2.7 million. Over the five year period, the expansion is estimated to generate new state taxes of $1.7 million.

“EDCUtah commends Wilson Electronics on their decision to expand in Washington County,” said Jeff Edwards, President and CEO of Economic Development Corporation of Utah. “Wilson Electronics’ commitment to Washington County shows great confidence in Utah’s workforce and business environment.”

As part of a contract with Wilson Electronics, the GOED Board of Directors has approved a maximum cap tax credit of $266,312 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 15 percent of the net taxes Wilson Electronics will pay over the five-year life of the agreement. Each year as Wilson Electronics 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)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Wilson Electronics

Wilson Electronics, LLC, a leader in the wireless communications industry for more than 40 years, designs and manufactures the industry’s broadest product portfolio of cellular signal boosters, antennas and related components that significantly improve fixed and mobile cellular communication for use in consumer, enterprise and industrial applications worldwide. All Wilson products are designed, manufactured and tested at the company’s U.S. headquarters. Wilson signal booster product solutions fully comply with FCC regulations and are FCC type accepted and Industry Canada (IC) certificated. For more information visit www.wilsonelectronics.com.

Board Motion Text

Approve Project Incentia for a $266,312 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.
- Incentives provided post-performance upon review and verification by GOED.
- Total EDTIF incentive not to exceed $266,312 EDTIF post-performance refundable tax credit.
- Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
- Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125 % of the Washington County average wage each including company contributed health insurance.
- Must commit to keep operation in Utah for the length of the incentive period, 5 years.
- Subject to local incentive.

Pactiv

Board Approved Date: 04/10/2014
Term: 10
Number of Jobs: 60
New State Wages: $$4,702,971
New State Revenue: $3,524,477
Capital Investment: $$52,000,000
Maximum Cap Incentive: $$871,010
Web Address: http://www.pactiv.com/

Press Release

News Release
For Immediate Release
April 10, 2014

Contact:
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Tori Berndt, Communications Manager
Pactiv, LLC
847-482-3148
vberndt@pactiv.com

Pactiv Believes Utah is Made of the Right Material to Help it Grow
One of the largest manufacturers and distributors of foodservice products selects Utah

Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) has approved a tax incentive that would allow Pactiv, LLC to expand its presence in Utah by establishing a new manufacturing/distribution facility in Salt Lake County.

Pactiv is one of the largest manufacturers and distributors of food packaging and foodservice products in the world. Supplying major foodservice retailers, food processors, food packers, supermarkets and restaurants retailers, the company’s product lines include plastic, paper and aluminum food packaging products.

“Utah’s manufacturing sector is an essential part of the state’s economy and includes everything from aerospace to nutritional foods manufacturing,” said Spencer P. Eccles, GOED executive director. “This sector continues to grow because internationally respected companies like Pactiv see the business friendly environment Utah has to offer and choose to call this great state home.”

Pactiv is expecting to make a capital investment of approximately $52 million to support the expansion project. Property improvements and personal property equipment for manufacturing and warehouse activities will make up the bulk of this investment. This expansion will also lead to an estimated $28.8 million in new state wages and an estimated $5.8 million in new state taxes over the 10-year life of the agreement.

-More-

“The expansion project is highly competitive with other states and we are pleased to select Utah,” said Pactiv President and CEO, John McGrath. “Utah is a great place to do business for our company and we thank the State for its support.”

In addition to economic dollars being brought to the state, as Pactiv selects Utah for the expansion, the project will bring 60 new jobs to Utah. These incented jobs will pay 125 percent of the Salt Lake County wage and include benefits.

Pactiv is privately held and currently employs more than 11,000 people around the world. Pactiv is headquartered out of Lake Forest, Ill., operates in seven countries and serves its global client base through more than 50 manufacturing plants, mixing centers and distribution centers.

“Pactiv is a world-class company and this is a great win for Utah,” said Jeff Edwards, President and CEO of Economic Development Corporation of Utah. “It is good to see the collaborative economic development work in our state continue to create an environment where companies feel confident choosing Utah for their expansion.”

As part of a contract with Pactiv, the GOED Board of Directors has approved a maximum cap tax credit of $871,010 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 15 percent of the net taxes Pactiv will pay over the 10-year life of the agreement. Each year as Pactiv 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)
Web: business.utah.gov

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 mgsullivan@utah.gov

About Pactiv
For more information about Pactiv, visit http://www.pactiv.com/.

Board Motion Text

Approve Pactiv for an $871,010 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 10 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $871,010 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125 % of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Subject to local incentive.

Houweling Nurseries Oxnard, Inc.

Board Approved Date: 03/13/2014
Type: EDTIF/IAF
Term: 20
Number of Jobs: 282
New State Wages: $$267,891,773
New State Revenue: $$18,160,900
Capital Investment: $$79,000,000
Maximum Cap Incentive: $$4,648,270
Web Address: http://www.houwelings.com/

Press Release

News Release

For Immediate Release

March 13, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Houweling’s Tomatoes Brings Green Thumb and Green Practices to Utah

Expansion of Houweling’s Tomatoes into Utah will create more than 280 jobs

Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) and Houweling’s Tomatoes announced today the company will build a new, environmentally friendly greenhouse tomato farm in Juab County that will create more than 280 new jobs.

The Utah facility will employ state of the art climate control and sustainability technology. It will be heated with waste heat from a nearby natural gas fired electrical generation facility, enabling Houweling to operate with a very low carbon footprint. Additionally, the facility will utilize waste CO²off the generators stack to provide CO² fertilization to tomato crops. PacifiCorp Energy is the owner/operator of the Currant Creek Power Plant, and Rocky Mountain Power will be supplying the electricity for Houweling’s operations.

“Houweling’s Tomatoes will positively impact the rural community of Juab County through its expansion and green practices,” said Spencer P. Eccles, executive director for the Governor’s Office of Economic Development. “It is encouraging to see a company come to Utah that is innovating and implementing eco-friendly operations.”

The creation of the Utah facility will lead to $18,160,900 in new state taxes and $267,891,773 in new state wages. The more than 280 jobs that will be created with this expansion will pay at least 100 percent of the Juab County wage. Each incented position will include company contributed health insurance.

“Houweling’s Tomatoes new state of the art facility for growing tomatoes, its strong workforce and innovative method of lowering the carbon footprint within Juab County is exhilarating to the County’s vibrant business community,” stated Rick Carlton, Juab County Commissioner. “GOED, Houweling and Juab County’s hard work over the last year to bring this innovative farm to Juab County demonstrates impressive proof communities and businesses can have both economic success and environmental sustainability.”

The announced project will require $79 million in capital investment and will be carried out in two phases. The first phase, comprised of 28.3 acres, is projected to realize annual farm gate sales of approximately $23.3 million.

“My passion is growing fresh, great tasting tomatoes. I am excited at the opportunity to bring this to the people of Utah. Our farm will not only offer great employment opportunities in Juab County, it will ensure that the people of Utah can enjoy locally grown, fresh, delicious tomatoes 365 days a year,” says Casey Houweling, president and CEO of the company that bears his family namesake.

Mr. Houweling went on to note, “I would also like to express our sincere appreciation to PacifiCorp Energy and Rocky Mountain Power for their patience, persistence and can-do spirit in helping us move this project along over the last two years. As far as we are aware, this is the first commercial scale operation in the world that will pull both heat and CO² directly from a power provider.”

“PacifiCorp and Rocky Mountain Power have also found the collaboration rewarding,” says Mickey Beaver, Economic Development Manager. “The project will demonstrate a sustainable technology partnership and environmentally friendly utilization of land, water, waste heat and CO² to diversify the economy, create jobs and grow exceptional tomatoes. Everyone wins.”

Houweling’s Tomatoes is comprised of Houweling Nurseries Oxnard Inc. in Southern California and Houweling Nurseries Ltd. in Delta, British Columbia. The group consists of two greenhouse facilities, a 125 acre facility in Southern California and a 50 acre facility in Delta British Columbia, that grow and sell fresh greenhouse tomatoes. Company-wide Houweling’s currently has 750 employees. Each company operates autonomously, but under common ownership of the Houweling family. The Group intends to follow this pattern and create a separate legal entity for the Utah operations.

Founded by Cornelius Houweling and now led by his son Casey, Houweling’s is dedicated to delivering a full complement of scrumptious, locally grown tomatoes, while constantly innovating to reduce its environmental footprint.

“Utah’s food and agriculture sector, which employs nearly 12,000 people in the state, is incredibly diverse. Houweling’s innovative and sustainable approach to food production adds a unique component to the industry,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We are absolutely thrilled that Houwelings has chosen Utah for their expansion.”

As part of a contract with Houweling’s Tomatoes, the GOED Board of Directors has approved a maximum cap tax credit of $4,648,270 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 25.6 percent of the net taxes Houweling’s Utah operation will pay over the 20-year life of the agreement. Each year as Houweling’s meet the criteria in its contract with the state, it will earn a portion of the tax credit incentive.

Those interested in working for the company can apply online by going to http://www.houwelings.com/ and clicking on “work with us” under the “about us” tab.

###

Company Contacts

David Bell, CMO

Houweling’s Tomatoes

805-271-5105

david.bell@houwelings.com

Paul Murphy, External Communications

PacifiCorp

801-220-4092

Paul.Murphy@rockymountainpower.net

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Houweling’s Tomatoes

Web: houwelings.com

Houweling’s Tomatoes is owned and operated by Casey Houweling, with greenhouse farms in Camarillo, California (125 acres) & Delta, British Columbia (50 acres). A grower first, and CEO second, Casey is committed to growing great tasting tomatoes year round. Houweling’s is an industry leader in sustainable growing practices and continues to invest in technology that supports year-round fresh local produce.

Rocky Mountain plant in Juab County that will be supplying heat and CO²to the new Houwelings greenhouses.

Houweling’s Tomatoes will be constructing greenhouse structures in Juab County similar to these they have built in other states.

Houweling’s Tomatoes are vine-ripened, hand-picked and full of flavor. The Utah Grown message will be proudly showcased on-pack.

Board Motion Text

Approve for Houweling Nurseries Oxnard, Inc. a $4,648,270 EDTIF post-performance refundable tax credit

which represents an amount equal to 25.60% of new state revenue for 20 years. Additionally approve for

Howeling Nurseries Oxnard, Inc. an IAF economic opportunity grant of $500,000 to offset the water line and well

infrastructure costs associated with project construction as well as an IAF training grant of $150,000 disbursed in

operational year one and $150,000 disbursed in operational year two. Total IAF training grant not to exceed

$300,000. Total incentive not to exceed 30% of new state revenue for 20 years.

* Incentives provided post-performance upon review and verification by GOED

* Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 100% for

each project year

* EDTIF incentive not to exceed $4,648,270 EDTIF post-performance refundable tax credit.

* Must commit to keep operation in Utah for the length of the incentive period, 20 years.

* Subject to local incentive

Jive Communications

Board Approved Date: 02/13/2014
Type: EDTIF
Term: 5
Number of Jobs: 576
New State Wages: $130,946,265
New State Revenue: $6,255,476
Capital Investment: $6,400,000
Maximum Cap Incentive: $938,321
Web Address: http://jive.com/

Press Release

News Release

For Immediate Release

February 13, 2014

Contacts:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Matthew Peterson, Chief Marketing Office

Jive Communications

801-804-7111

matt@jive.com

Jive Communications’ Message is Clear: Utah is the Place to do Business

Expansion of Utah company will create more than 570 jobs

Salt Lake City, UTAH — Jive Communications and the Governor’s Office of Economic Development (GOED) announced today the expansion of Jive’s Utah County operations. This expansion is directly correlated with increased product demand and employee growth.

“The success Jive is experiencing speaks to the solidity and efficiency with which the company has been run over the past eight years,” said Spencer P. Eccles, executive director for the Governor’s Office of Economic Development. “As a state, we look forward to the new jobs and economic growth that the expansion will bring to Utah County.”

Founded in 2006, Jive Communications provides enterprise-grade Hosted Voice over Internet Protocol (VoIP) and Unified Communications to businesses and institutions. Jive leverages partnerships with global leaders in telecommunications services and hardware such as Cisco, Level 3, Verizon, Panasonic and Polycom. Jive Communications delivers best-in-class hosted communications via Jive Cloud, its hosted services platform.

“We’re proud to be a Utah-based company,” said John Pope, Jive’s CEO. “The state has a wealth of technical and business professionals, and we’re able to hire world-class talent here at home.”

Jive Communications has grown by more than 100 percent annually for the last three years.

To keep up with its rapid growth, Jive has been boosting its labor force. The company added more than 100 employees just this last year. Hiring will continue on this positive trajectory with the expansion. More than 570 jobs will be created in the next five years. Each of these incented jobs will include health and retirement benefits and a salary that is at least 125 percent of the Utah County average wage.

“EDCUtah is pleased to see the expansion of Jive Communications in Utah County,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “The information technology sector in the state will be greatly enhanced by Jive’s commitment to grow their operations here.”

Over the next five years, Jive Communications will pay at least $6,255,476 in new state taxes and $130,946,265 in new state wages. Capital investment for this expansion will be approximately $6.4 million.

As part of a contract with Jive Communications, the GOED Board of Directors has approved a maximum cap tax credit of $938,321 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 15 percent of the net taxes Jive Communications will pay over the five-year life of the agreement. Each year as Jive Communications meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.

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About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

Board Motion Text

Approve Jive Communications for a $938,321 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 5 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $938,321 EDTIF post-performance refundable tax credit.
Must commit to keep operation in Utah for the length of the incentive period, 5 years.
Incentives are site specific and subject to local incentive participation.

Environmental Stoneworks

Board Approved Date: 02/13/2014
Type: EDTIF
Term: 10
Number of Jobs: 124
New State Wages: $40,887,535
New State Revenue: $2,571,519
Capital Investment: $2,000,000
Maximum Cap Incentive: $514,304
Web Address: http://www.estoneworks.com/

Press Release

News Release

For Immediate Release

February 13, 2014

Contact:

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Coleen Visconti

Environmental StoneWorks

303-309-3048

cvisconti@estoneworks.com

Environmental StoneWorks Continues to Build a Strong Foundation in Utah

The expansion of Environmental StoneWorks will create 124 new jobs

Salt Lake City, UTAH —Environmental StoneWorks, along with the Governor’s Office of Economic Development (GOED), announced plans today to build a manufacturing facility in Washington County that will create 124 new jobs and lead to $2 million in capital investment.

“We are pleased to see Environmental StoneWorks increase its presence in the state,” said Spencer P. Eccles, executive director of the Governor’s Office of Economic Development. “As the only national manufacturer and installer of stone veneer in the country, the company’s expansion will not only benefit Washington County, but also builders, owners and architects across the nation.”

The new facility, a manufactured stone veneer plant, will provide the company capacity to service current markets in the west, while also allowing opportunities for growth and increased market penetration moving forward. This expansion will allow Environmental StoneWorks to meet the needs of customers now and in the future.

“With the continued improvement of the housing market and our increased presence in the Southwest markets, a new, larger facility in St. George, Utah, provides us a central location to service our current and future West Coast customers more efficiently,” said Environmental StoneWorks’ President and CEO Charles Stein. “St. George has great access to the surrounding markets and the local community provides a healthy environment for our current and future employees.”

Over the past three decades, Environmental StoneWorks has consistently expanded its turnkey capacity to offer a complete range of stone and brick veneer products and installation services to the nation’s leading builders. Environmental Stoneworks delivers a competitive product and a “one stop solution” for customers by packaging manufacturing and installation together as a service for builders and property owners.

The creation of the manufacturing facility in Utah will lead to over $40 million in new state wages and $2.5 million in new state tax revenue. Salaries of the new, incented jobs are contracted to pay at least 100 percent of the Washington County average wage and include benefits.

“The southern part of Utah is a great place for manufacturing; companies like Environmental StoneWorks can hire and attract talented people,” said Jeff Edwards, president and CEO, Economic Development Corporation of Utah. “I commend Washington County for putting together a compelling case for why Environmental StoneWorks should expand in the area.”

Environmental StoneWorks is an equal opportunity employer and will review and interview any qualified applicant. Veterans are strongly encouraged to apply for positions with the company, as it has established a veterans hiring policy and is actively seeking veterans to fill positions.

As part of a contract with Environmental StoneWorks, the GOED Board of Directors has approved a maximum cap tax credit of $514,304 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes Environmental StoneWorks will pay over the 10-year life of the agreement. Each year as Environmental StoneWorks 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)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Environmental Stoneworks

Environmental StoneWorks, LLC is the only national manufacturer and installer of stone veneer offering one-stop, start to finish service. Founded in 1978, Environmental Stoneworks operates manufacturing facilities in Denver, Colorado; North Branch, Minnesota; Orwigsburg, Pennsylvania; Atlanta, Georgia; and St. George, Utah. Environmental Stoneworks’ national capabilities are supported by more than 800 professionals operating in 18 installation hubs across the United States. For additional information about Environmental Stoneworks, visit www.estoneworks.com.

Board Motion Text

Approve Environmental Stone Works for a $514,304 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $514,304 EDTIF post-performance refundable tax credit.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Incentives are site specific and subject to local incentive participation.

Varian Medical

Board Approved Date: 01/09/2014
Type: EDTIF
Term: 15
Number of Jobs: 1000
New State Wages: $460,416,221
New State Revenue: $35,888,824
Capital Investment: $40,000,000
Maximum Cap Incentive: $7,711,657
Web Address: http://www.varian.com/

Press Release

News Release

For Immediate Release

January 9, 2014

Contacts:

Meryl Ginsberg, Director of Public Relations

Varian Medical Systems

650-424-6444

meryl.ginsberg@varian.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Medical Manufacturer Makes Meaningful Economic Impact

Varian Medical Systems expansion will add some 1,000 new Utah jobs over the coming 15 years

Salt Lake City, UTAH — Varian Medical Systems (NYSE:VAR) , along with the Governor’s Office of Economic Development, announced today that Varian is expanding its existing Salt Lake City operation, a move that Varian estimates will lead to the creation of 1,000 new full-time jobs over the coming 15 years.

“Utah has a world class medical community of developers and service deliverers,” said Governor Gary R. Herbert. “The continued expansion of Varian Medical here will help to elevate Utah’s recognition around the world as a leader in R&D and manufacturing of medical products.”

Varian is a leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy. Varian is a premier supplier of X-ray tubes and digital image detectors for X-ray imaging in medical, scientific and industrial applications. It also supplies X-ray imaging products for cargo screening and industrial inspection.

“Varian’s X-ray technology manufacturing operations have been part of the Utah economy since the early 1940s,” said Dow Wilson, Varian’s CEO. “Today, some 70% of the orders for our X-ray products come from customers outside the U.S., making us one of Utah’s largest exporters. Utah has proven to be an excellent place to operate our business. Here we’re able to find the engineering and technical talent that we need to fulfill our mission of making world-class medical products that are used to save lives around the world. We appreciate the support of the Governor’s Office of Economic Development as we scale our operations to meet a growing demand for our products.”

Salt Lake City is the headquarters for Varian’s X-ray products manufacturing operation. The expansion of the Utah facility will add 120,000 square feet to the existing 341,000 square-foot building. Varian expects to make an estimated capital investment of $40 million for new construction at the site.

The expansion will add additional space for Varian’s flat panel image detector and X-ray tube product lines, while permitting the company to add new products, pursue new business and increase capacity. The capital outlay will include cleanrooms, R&D laboratories, expanded manufacturing space and administrative offices. The expansion will include a facility that will enable the company to perform a panel production process in-house that is currently being outsourced.

The GOED Board of Directors has approved a tax credit of some $7.1 million in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, in anticipation of receiving more than $35 million from Varian in new state tax revenues over the fifteen year life of the agreement. Each year as Varian meets the criteria in its contracts with the state, it will earn a portion of the tax credit. Over the 15-year period the company will also pay out more than $400 million in new state wages. All of the incented jobs will pay at least 125 percent of Salt Lake County’s average annual wage including company contributed health insurance.

“We congratulate Varian Medical on the expansion of their Utah operations,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Utah’s business-friendly environment allows us to support the continued expansion of existing companies, giving Utah companies a reason to expand and grow here.”

For more information on Varian Medical Systems including job opportunities, go to http://www.varian.com/. Varian offers a profit sharing plan, comprehensive benefits including health care, holiday and vacation benefits, and performance incentive plans. Last year the average manufacturing employee was paid an average of $8,000 in addition to salary under the performance incentive plan.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

About Varian Medical Systems

Varian Medical Systems, Inc., of Palo Alto, California, is the world’s leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a premier supplier of tubes and digital detectors for X-ray imaging in medical, scientific and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. Varian Medical Systems employs approximately 6,400 people who are located at manufacturing sites in North America, Europe and China and 72 sales and support offices around the world. For more information, visit http://www.varian.com.

Board Motion Text

Approve Varian Medical for a $7,177,657 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 15 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $7,177,657 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 15 years.
Subject to local incentive.

Ottobock

Board Approved Date: 01/09/2014
Type: EDTIF
Term: 7
Number of Jobs: 55
New State Wages: $16,219,299
New State Revenue: $1,960,095
Capital Investment: $1,000,000
Maximum Cap Incentive: $392,019
Web Address: www.ottobockus.com

Press Release

News Release

For Immediate Release

January 13, 2014

Contacts:

Karen Lundquist, Ottobock

612-839-2529

karen.lundquist@ottobock.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

International Company Increases its Presence in Utah

Ottobock Healthcare will relocate multiple divisions to Salt Lake City

Salt Lake City, UTAH — Together with the Utah Governor’s Office of Economic Development (GOED), Ottobock, a medical technology company, announced that it will expand its existing manufacturing and R&D center in Utah.

“The international reach of Ottobock HealthCare strengthens and diversifies Utah’s life sciences and composites sectors,” said Spencer Eccles, GOED executive director. “Utah is a destination for global business expanding in the U.S. With this expansion, the company will find our multilingual and productive Utah employees unrivaled by any other workforce around the world.”

Founded in Germany in 1919, Ottobock manufactures the most advanced prosthetic devices in the world and has been recognized as the innovative leader in the prosthetics industry for many decades. The company also offers a diverse portfolio of products and services including mobility and seating systems, custom orthotics, orthopedic devices and many others. Ottobock is headquartered in Duderstadt, Germany and employs more than 7,000 people worldwide.

The company’s mission is to restore and improve the independence of people with mobility challenges and improve their Quality for Life. That mission has also inspired the company to create the Ottobock Foundation to help care for survivors of natural disasters and to partner with many local and global Non-Profit organizations with the goal of improving the level of care provided to underprivileged individuals all over the world.

“The functions that will relocate and merge with current operations in Salt Lake City, Utah will take advantage of our existing infrastructure and build synergies within manufacturing to better support evolving policy and procedure compliance,” said Andreas Schultz, President and CFO Ottobock North America.

Ottobock HealthCare’s expects to add more than 80 new jobs in the coming years, 55 of which will be contracted with the state to pay a minimum of 125 percent of Salt Lake County’s average wage including benefits.

“With the addition of Ottobock to Utah’s life sciences cluster, we see the industry continue to mature in the state,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “It is important to companies like Ottobock that Utah has a well-established cluster where deep and mature talent pools increase their efficiency.”

Throughout the seven-year life of the agreement with the state, the company will pay out $16,219,299 in new state wages. Utah’s economy will also benefit from $1,960,095 in new state tax revenues and $1,000,000 in capital expansion investment.

As part of a contract with Ottobock, the GOED Board of Directors has approved a maximum cap tax credit of $392,019 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes Ottobock will pay over the seven-year life of the agreement. Each year as Ottobock meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.

For additional information on Ottobock, visit http://www.ottobockus.com.

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About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

Board Motion Text

Approve Ottobock Inc. for a $392,019 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 7 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $392,019 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125% of the Salt Lake County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Subject to local incentive.

Cabelas

Board Approved Date: 01/09/2014
Type: EDTIF
Term: 10
Number of Jobs: 85
New State Wages: $33,311,851
New State Revenue: $3,465,988
Maximum Cap Incentive: $693,198
Web Address: http://www.cabelas.com/

Press Release

News Release

For Immediate Release

January 9, 2014

Contact:

Wes Remmer, Cabela’s

308-255-1244

wesley.remmer@cabelas.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Specialty Retailer Elevates Outdoor Products in Utah

Cabela’s distribution center will create approximately 250 new jobs

Salt Lake City, UTAH — Cabela’s, along with the Governor’s Office of Economic Development, announced today plans to operate a highly sophisticated distribution center in Tooele County to process freight and deliver products to consumers.

“We are happy to see such a major player in the outdoor industry continue to grow its presence in Utah,” said Governor Gary R. Herbert. “The creation of Cabela’s Utah distribution center will strengthen our valued outdoor industry and create family sustaining jobs in rural areas.”

Cabela’s is a leading specialty retailer and the world’s largest direct marketer of hunting, fishing, camping and related outdoor merchandise. Since its founding in 1961, Cabela’s has grown to become one of the most well-known outdoor recreation brands in the world.

The company offers a wide selection of high-quality, competitively priced outdoor products through its established direct business and growing number of destination retail stores. Currently, Cabela’s operates 50 stores across North America, including a 150,000-foot-store in Lehi.

Cabela’s is entering into an agreement with the state to create approximately 250 jobs, 85 of which will be contracted with the state to pay at least 100 percent of Tooele County’s average annual wage including benefits. The company expects the jobs to create more than $30 million in new state wages over the life of the agreement. GOED estimates that the company will also pay approximately $3.4 million in new state taxes over the 10-year period.

“As Cabela’s continues to grow, so, too, does the need to expand the footprint of our distribution centers,” said Tommy Millner, Cabela’s Chief Executive Officer. “It’s exciting to accomplish that while also bringing new jobs to Utah, where we have thousands of loyal customers and people live the Cabela’s lifestyle.”

“Cabela’s decision to locate its state-of-the-art distribution facility in Tooele shows the hard work of our economic development partners in Tooele County,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah (EDCUtah). “Cabela’s presence in Tooele County will serve as a catalyst for quality job growth and increased capital investment in Utah.”

As part of a contract with Cabela’s, the GOED Board of Directors has approved a maximum cap tax credit of $693,198 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes Cabela’s will pay over the 10-year life of the agreement. Each year as Cabela’s meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.

To find out about job opportunities with the company, visit http://www.cabelas.jobs/.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: business.utah.gov

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 mgsullivan@utah.gov

Cabela’s Incorporated

Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world’s largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’s® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitter®. Through Cabela’s growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.

Board Motion Text

Approve Cabelas for a $693,198 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $693,198 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 100% of the Tooele County average wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Subject to local incentive.

Zheijang Walt Technology dba Lin Manufacturing

Board Approved Date: 12/12/2013
Type: EDTIF
Term: 7
Number of Jobs: 150
New State Wages: $27,697,126
New State Revenue: $1,744,798
Capital Investment: $4,000,000
Maximum Cap Incentive: $261,720
Web Address: http://www.linmfg.com/

Press Release

News Release

For Immediate Release

December 12, 2013

Contact:

Joe Schulte, Vice President, General Manager

Lin Manufacturing and Design

435-787-8888

joe@linmfg.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Utah Welcomes a Company That Will Knock Your Socks Off

Zhejiang Walt Technologies to open hosiery manufacturing facility in Cache Valley

Salt Lake City, UTAH —Zhejiang Walt Technologies, one of the largest sock knitters in the world, announced today with the Governor’s Office of Economic Development (GOED) it will soon be expanding operations in Cache County. The company will be part of Lin Manufacturing and Design (“Lin”) which has been in Cache Valley since the early 1990’s. The new operation will add 130 to 150 new jobs to the workforce.

“Lin will bring exciting changes to the Cache Valley economic landscape,” said Governor Gary R. Herbert. “The job opportunities and capital investment will strengthen both the state’s and nation’s economies.”

Over the seven-year life agreement with the state, Lin Manufacturing will pay an estimated $27,697,126 in new state wages and $1,744,798 in new state taxes. Positions at the new facility will pay, on average, a minimum of 100 percent of Cache County’s average yearly wage including benefits.

In addition to wages and state taxes, the company expects to invest $4 million in capital to build the proposed hosiery manufacturing facility. The new facility will run three shifts five days a week and has the potential to manufacture 14,000 dozen socks per week.

“We are very excited and pleased to be able to expand U.S. manufacturing positions in Utah and wanted to thank the state for its support of this major project for our company,” stated Joe Schulte, vice president, general manager of Lin.

Zhejiang Walt Technology, Ltd is a China based corporation that was established in 2000. With a workforce of about 1,500 people, the company produces about 50 million pairs of socks, hosiery, tights and other knitted products a year for major brands and retailers around the globe. The company currently has operations in China, the U.S., Taiwan and Hong Kong.

“Lin Manufacturing’s decision to expand in Utah shows the company’s confidence in Utah’s business environment and workforce,” Jeff Edwards, president and CEO of Economic Development Corporation of Utah (EDCUtah) explains. “We are pleased to see another great company expand in Utah and contribute to our diverse manufacturing employer base.”

The GOED Board of Directors has approved a $261,720 Economic Development Tax Increment Financing (EDTIF) post-performance refundable tax credit, or 15 percent of the new state tax revenue which will be paid by the company over the seven-year life of the agreement.

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About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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 mgsullivan@utah.gov

Board Motion Text

Approve Lin Manufacturing for a $261,720 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 7 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $261,720 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Subject to local incentive.

Beijer Electronics

Board Approved Date: 12/12/2013
Type: EDTIF
Term: 10
Number of Jobs: 71
New State Wages: $37,887,196
New State Revenue: $5,396,111
Capital Investment: $600,000
Maximum Cap Incentive: $1,079,222
Web Address: beijerelectronics.com

Press Release

News Release For Immediate Release December 12, 2013

Contact:

Kari Heilman, Director, Human Resources & Quality

Beijer Electronics

801-708-6618

kari.heilman@beijerinc.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Beijer Electronics Makes Their Move

Expansion of Utah office will create 71 high paying jobs

Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) and Beijer (bayr) Electronics announced plans today to expand the Salt Lake City office, a decision that will create 71 new high paying jobs over the next 10 years.

“We are excited about the number of electronic, engineering, manufacturing and development jobs the Beijer Electronics expansion will bring to Utah,” said Governor Gary R. Herbert. “Moves such as this reinforce the notion that Utah is a premier place to do business.”

For thirty years, Beijer Electronics has designed and manufactured human machine interface (HMI) products for industrial Original Equipment Manufacturers (OEMs) and vehicle system integrators. With a current workforce of 94 people, Beijer Electronics provides products to customers around the world. Products include automation software, operator panels, industrial/panel PCs and mobile data terminals.

Over the 10-year life of the agreement with the state, the company will pay out over $37,887,196 in new state wages. All of the incented jobs will pay at least 125 percent of Salt Lake County’s average annual wage including benefits.

In addition to the increase in new state wages, Utah’s economy will also benefit from $5,396,111 in new state tax revenues and $600,000 in capital expansion.

“I am excited about the opportunity that Utah provides to the Beijer Electronics, Inc., America’s Group. The local workforce is richly populated with educated and talented individuals who are motivated for success. The Utah infrastructure and technology services are critical in making the Salt Lake Region the perfect headquarters for many years to come,” said Barry Hobbs, president & CEO Beijer Electronics, Inc., Americas.

“It’s exciting to see a company like Beijer Electronic expand in Utah as they bring a diversity of quality jobs to the State,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “We look forward to a long partnership with them.”

To learn about available positions at Beijer Electronics go to the company website beijerelectronics.com and click on the about us tab.

As part of a contract with Beijer Electronics, the GOED Board of Directors has approved a maximum cap tax credit of $1,079,222 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes Beijer Electronics will pay over the 10-year life of the agreement. Each year as Beijer Electronics 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)

Web: business.utah.gov

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 mgsullivan@utah.gov About Beijer Electronics

Beijer Electronics designs human machine interface (HMI) products and mobile data terminals (MDTs) you can depend on. With the recent acquisition of QSI Corporation by Beijer Electronics we now offer a full range of products. From powerful automation software, state-of-the-art operator panels and robust industrial PCs to environmentally rugged HMIs and mobile data terminals, we have what you need to get the job done right.

Since 1981, Beijer Electronics has evolved into a multinational group present in twenty-one countries. You will find our products operating in packaging facilities, oil fields, marine vessels, long-haul trucks as well as in some of the harshest environments known to man. Our extensive industry knowledge and progressive product design make us the ideal partner for your business.

Board Motion Text

Approve Beijer Electronics for a $1,079,222 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $1,079,222 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Subject to local incentive.

Frontier Communications

Board Approved Date: 11/14/2013
Type: EDTIF/IAF
Term: 10
Number of Jobs: 550
New State Wages: $610,036,251
New State Revenue: $23,214,289
Capital Investment: $7,000,000
Maximum Cap Incentive: $2,512,912
Web Address: http://frontier.com/

Press Release

News Release

For Immediate Release

November 14, 2013

Contact:

Brigid M. Smith

Frontier Communications

203-614-5042

brigid.smith@ftr.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Frontier Communications to expand Utah operations

Customer service center will create 550 new jobs

Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) and Frontier Communications Corporation (NASDAQ: FTR) announced today that a customer service center focused on the company’s Frontier Secure suite of products and services will come to Utah County in 2014.

“Demand for Utah’s productive workforce continues to grow,” said Governor Gary R. Herbert. “The Frontier Secure customer service center will create new employment opportunities for Utah County residents and provide the company with a business- friendly environment and top-notch employees.”

Frontier Communications is 100 percent U.S.-based and currently has 13,900 employees. Operating in 27 states, including Utah, the company provides broadband, voice, satellite video, satellite broadband, wireless Internet data access, data security solutions, bundled offerings and specialized bundles for small business and home offices. It also provides advanced business communications for medium and large businesses.

Frontier Communications is a “Top 100” 2014 Military Friendly Employer® and has numerous partnerships focused on hiring military veterans and family members, including The 100,000 Jobs Mission, The Employer Partnership of the Armed Forces and Joining Forces.

“Our expansion in Utah will offer premium customer support of all things digital for consumers and small businesses. Making digital life easier, safer and more productive is key to improving the economic health of this great state and our nation,” said Kelly Morgan, Vice President and General Manager of Frontier Secure.

Over the life of its 10-year agreement with the state, Frontier Communications expects to create 550 new jobs and pay more than $245 million in new state wages. Positions at the new operation will be at least 125 percent of the average Utah County annual wage, including benefits. Managers and associate positions will comprise much of the hiring.

Frontier expects to invest approximately $7 million in capital to build the new facility in Utah and to pay approximately $10.9 million in new state taxes over 10 years. Hiring will begin in February 2014. Employment applications may be submitted online at http://www.frontier.com/careers.

“We are pleased to see another great company decide to expand to Utah,” says Jeff Edwards, president & CEO of Economic Development Corporation of Utah. “Frontier Communications has been important to Utah’s Telecom infrastructure for years, and their commitment to expand their presence here and bring over 500 great new jobs to the state is an indication of our successful public/private partnerships.”

As part of its agreement with Frontier Communications, the GOED Board of Directors approved a maximum cap tax credit of $2,182,912 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes Frontier Communications will pay over the life of the agreement. As Frontier meets the annual criteria in its contract with the state, each year 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 mgsullivan@utah.gov or visit www.business.utah.gov.

About Frontier Communications

Frontier Communications Corporation (NASDAQ: FTR) offers broadband, voice, satellite video, wireless Internet data access, data security solutions, bundled offerings and specialized bundles for residential customers, small businesses and home offices, and advanced communications for medium and large businesses in 27 states. Frontier’s approximately 13,900 employees are based entirely in the United States. More information is available at www.frontier.com and www.frontier.com/ir.

Board Motion Text

Approve Frontier Communications for a $2,182,912 EDTIF post-performance refundable tax
credit which represents an amount equal to 20% of new state revenue for 10 years. Additionally
approve for Frontier Communications, an IAF Training grant in the amount of $1000 per employee
for up to 330 employees in the first two years. Total incentive not to exceed $2,512,912.
• Incentives provided post-performance upon review and verification by
GOED.
• Total EDTIF incentive not to exceed $ 2,182,912 EDTIF post-performance refundable tax credit.
• Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% each project year.
• Must commit to keep operation in Utah for the length of the incentive period, 10 years.
• Subject to local incentive.

Exeter Finance

Board Approved Date: 11/14/2013
Type: EDTIF
Term: 10
Number of Jobs: 550
New State Wages: $259,944,118
New State Revenue: $11,388,222
Capital Investment: $2,100,000
Maximum Cap Incentive: $2,277,644
Web Address: http://www.exeterfinance.com/

Press Release

News Release

For Immediate Release

November 14, 2013

Contact:

Julie Weems

Exeter Finance

469-831-3535

julie.weems@exeterfinance.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Leading Auto Finance Corp. Looking at Utah for Expansion

Exeter Finance Corporation goes before economic development board

Salt Lake City, UTAH —The Governor’s Office of Economic Development (GOED) announced today that the GOED Board of Directors has approved an incentive to Exeter Finance Corp. to open a new facility in the State of Utah.

Exeter Finance Corp. is a specialty auto finance company based in Irving, Texas. Exeter partners with franchised auto dealers, throughout the country, to make car ownership a reality for consumers.

“Utah’s workforce has proven to be fiscally prudent and responsible and it’s due to these attributes that financial companies such as Exeter see Utah as a good fit for business expansion,” Spencer Eccles, Executive Director of the Governor’s Office of Economic Development said. “The strength of the financial services cluster reinforces Utah’s diverse economy.”

Exeter has not yet decided on a specific location for their new facility, which will be announced at a future date. The GOED board approved the offer of a $2.3 million Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit to Exeter Finance Corp., which Exeter can earn by expanding its offices in Utah and creating up to 550 new high paying Utah jobs.

-more-

In order to enjoy the full benefits of the tax credits, over the 10 year life of the agreement with the state, Exeter would pay out more than $260 million in new state wages and pay at least 125 percent of the county’s average annual wage including benefits. In addition, during that same time period Exeter would pay approximately $11.4 million in new state taxes and invest over $2.1 million in capital expansion at the Utah based offices.

“The state of Utah has become a major player in the financial services industry,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “If Exeter decides to move to Utah, it will bolster the already impressive list of prestigious financial institutions in the state.”

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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.

Board Motion Text

Approve for Exeter Finance a $2,277,644 EDTIF post-performance refundable tax credit which represents an amount
equal to 20% of new state revenue for 10 years.

* Incentives provided post-performance upon review and verification by GOED
* Must commit to keep operation in Utah for the length of the incentive period, 10 years.
* Subject to local incentive
Jobs and Revenue:
Full time job over project lifetime: 550
* Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each
project year.
* Total EDTIF incentive not to exceed $ 2,277,644 EDTIF post-performance refundable tax credit.

Allstate Corporation

Board Approved Date: 10/17/2013
Type: EDTIF/IAF
Term: 20
Number of Jobs: 700
New State Wages: $610,036,251
New State Revenue: $23,214,289
Capital Investment: $15,000,000
Maximum Cap Incentive: $6,964,287
Web Address: http://www.allstate.com/

Press Release

News Release

For Immediate Release

October 17, 2013

Contact:

Esurance

Danny Miller, Senior Manager, Communications

415-407-6491

dmiller2@esurance.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Esurance Insuring Utah’s Future

New office will create 700 Utah jobs

Salt Lake City, UTAH —The Governor’s Office of Economic Development (GOED) and Esurance announced today that the company will open a new office in Weber County, creating 700 new high paying Utah jobs.

“Utah is an economic leader and premier destination for growing businesses,” Governor Gary R. Herbert said. “This expansion by Esurance speaks to Utah’s commitment to create a stable, business-friendly environment and Esurance will undoubtedly benefit from Utah’s talented workforce and top-notch quality of life.”

Over the 20-year life of the agreement with the state, the company will pay out $610 million dollars in new state wages. All of the incented jobs will pay at least 125 percent of Weber County’s average annual wage including benefits.

During that same time period Esurance will pay $23 million in new state taxes and will invest $15 million in capital expansion at the Utah-based office.

“Weber County has a talented workforce that will help us to continue to provide a seamless experience for Esurance customers as we expand our business,” said Esurance President and CEO Gary Tolman. “We look forward to growing with Weber County and helping local residents build rewarding careers with Esurance.”

Esurance, a subsidiary of Allstate, sells insurance to consumers online and over the phone, and employs nearly 3,000 associates nationwide. The company was founded in 1999, and combines a pioneering approach to car insurance and an award-winning website with useful online tools and excellent customer service that make the insurance process easier from quote to claim.

“The impact of Esurance’s announcement to open an office in Utah is significant,” says Jeff Edwards, President and CEO of the Economic Development Corporation of Utah. “In addition to bringing quality jobs to the State, the company’s expansion will energize the insurance and financial sector, helping us recruit additional companies in the future.”

Weber County residents interested in working for one of the most dynamic companies in the insurance industry should go to http://www.esurance.com/about/jobs and join Esurance’s talent network to apply for jobs and stay informed about upcoming Esurance career fairs.

The GOED Board of Directors has approved a maximum of $5,803,572 in an Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit which the company can earn, or 25 percent of the net taxes paid by the company over the lifetime of the incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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.

Board Motion Text

Approve Allstate Corporation for a $5,803,572 EDTIF post-performance refundable tax credit which represents an amount equal to 25% of new state revenue for 20 years. Additionally approve for Allstate Corporation IAF Training Funds in the amount of $250,000, a JGF DWS Training grant in the amount of $250,000, an IAF Relocation Grant of $500,000 to offset any cost associated with the move, and a $160,715 IAF economic opportunity grant. Total restructured incentive of $6,964,287 not to exceed 30% of new state tax revenue over 20 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $ 12,712,221 EDTIF post-performance refundable tax credit. Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.

Must commit to keep operation in Utah for the length of the incentive period, 12 years.
Subject to local incentive.

Indus Valley Partners

Press Release

News Release

For Immediate Release

September 12, 2013

Contact:

Indus Valley Partners Contact

Max Leitenberger, River Communications

845-592-4540

maxl@riverinc.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Investing in Utah’s Workforce

Indus Valley Partners to open new Utah office

Salt Lake City, UTAH —The Governor’s Office of Economic Development (GOED) and Indus Valley Partners (IVP) announced today the opening of an IVP Utah office creating 200 new high paying jobs.

“Utah is increasingly known as the ‘emerging Wall Street of the West,’” Governor Gary R. Herbert said. “The opening of the new office by Indus Valley Partners demonstrates the capabilities of Utah’s educated and hardworking workforce, and their contribution to the strength of Utah’s growing economy.”

Indus Valley Partners is the leading provider of technology solutions to alternative asset managers. Providing flexible and modular solutions that can be tailored to the specific requirements of any fund, across strategies and asset classes, IVP’s 380+ employees, serve their 85+ clients who manage more than 630bn in assets using IVP technology from offices in London, New York, New Delhi and Mumbai.

“Utah has done an impressive job of attracting both technology and financial services firms. As a provider of financial technology solutions experiencing strong growth we selected Utah as a second delivery office to enable IVP to strengthen its client service teams as well as create a core development hub for some add on product modules.” said Gurvinder Singh, CEO of Indus Valley Partners. “IVP is also happy to support the Governor’s initiative to put our returning veterans to work and will be actively encouraging the veterans to apply for the open roles at its expanding Utah site,” noted Singh.

The State and IVP have entered into an 11 year agreement during which, the company will pay out more than $91,909,000 in new state wages. All of the incented jobs will pay at least 125 percent of Salt Lake County’s average annual wage including benefits.

At that same time, Indus Valley Partners will pay approximately $5,362,085 in new state taxes and will invest over $500,000 in capital expansion at the Utah based offices.

“Our productive workforce, superior location, along with an unparalleled quality of life continues to keep Utah in the forefront as one of America’s best states for business,” says Jeff Edwards, President and CEO of Economic Development Corporation of Utah. “Indus Valley Partners decision to open an office in Salt Lake is reflective of Utah’s continued success attracting successful companies to the state.”

As part of a contract with IVP, the GOED Board of Directors has approved a maximum cap tax credit of $1,072,417 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes IVP will pay over the 11 year life of the agreement. Each year as IVP 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)

Web: www.business.utah.gov

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 mgsullivan@utah.gov

About IVP

Founded in 2000, Indus Valley Partners includes 15 of the top 50 global hedge funds among its client base and $600 billion, representing over 25% of global hedge fund AUM, is managed using IVP technology.

Specializing in portfolio management technology for alternative asset managers, IVP provides flexible and modular solutions that can be tailored to the specific requirements of any individual client’s portfolio management process.

IVP’s industry-leading technology has been built by a team with over 2,000 man-years of intellectual capital gained from consulting exclusively to alternative asset managers. Utilizing a proven, proprietary process – “IVP Agility” – IVP can build long-term solutions that are aligned directly to a client’s business strategies and goals, even as they change in light of new market opportunities and challenges.

Headquartered in New York, IVP’s 380+ Software Engineers/Analysts serve clients globally from offices in London, New Delhi, and Mumbai. Learn more about IVP at http://www.ivp.in

Board Motion Text

Approve Indus Valley Partners for a $1,072,417 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 11 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $1,072,417 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Must commit to keep operation in Utah for the length of the incentive period, 11 years.
Subject to local incentive.

Natural Food Products

Board Approved Date: 09/12/2013
Type: EDTIF
Term: 10
Number of Jobs: 261
New State Wages: $93,629,653
New State Revenue: $6,987,258
Capital Investment: $35,000,000
Maximum Cap Incentive: $1,397,452
Web Address: http://www.yosemitemeat.com/

Press Release

News Release

For Immediate Release

September 12, 2013

Contact:

Michael Lau, laumichaelh@gmail.com

209-604-8262

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Utah: Bringing Home the Bacon

Nature Food Products to open facility in Utah

Salt Lake City, UTAH —The Governor’s Office of Economic Development, (GOED) and Nature Food Products (NFP) announced today the opening of a new facility based in Utah that will create 200+ new jobs.

“The expansion into Utah by Nature Food Products shows the great strengths that Utah possesses not only in location, but also in infrastructure and workforce,” Spencer Eccles, Executive Director, GOED said. “These new manufacturing facilities will strengthen Utah’s economy, and support Utah’s progress as a global agricultural business destination.”

Nature Food Products is an advanced food processing facility with plans to be a fully transparent meat company that specializes in producing safe, humanely handled, high quality foods for consumers. The demand for food products that meet these requirements and expectations is growing rapidly and the Utah Nature Food Products facility will service those demands.

“Nature Food Products is excited to be partnering with the State of Utah, regional, and local governments. This is an incredible opportunity for Nature Food Products and the State of Utah. We look forward to a thriving and successful long-term partnership with the state and community. Additionally, Nature Food Products would like to thank the State of Utah and GOED for assisting us through the process and providing an incentive to locate and develop a new facility in Utah.” Steven Lau, NFP partner.

Over the 10-year life of the agreement with the state, the company expects to pay more than $90 million in new state wages. During that same time period NFP will pay approximately $6 million in new state taxes and will invest over $20 million in initial capital expansion at the Utah based facilities. The company is considering several locations in rural Utah but a specific location has not yet been announced. All of the intended jobs will pay at least 100 percent of the county’s average annual wage including benefits.

“We are pleased to see Nature Food Products’ commitment to expand to Utah,” says Jeff Edwards, President and CEO of Economic Development Corporation of Utah. “The company will be a great addition to our growing and vibrant manufacturing community.”

As part of a contract with NFP, the GOED Board of Directors has approved a maximum cap tax credit of $1,397,452 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes NFP will pay over the 10 year life of the agreement. Each year as NFP 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)

Web: www.business.utah.gov

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 mgsullivan@utah.gov

Board Motion Text

Approve Nature Food Products for a $1,397,452 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $1,397,452 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Subject to local incentive.

School Improvement Network

Press Release

News Release

For Immediate Release

September 12, 2013

Contact:

Abigail Shaha, Public Relations Manager

801-758-9556

abigail.shaha@schoolimprovement.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Utah: Improving Education, Improving Business

School Improvement Network creates new Utah jobs

Salt Lake City, UTAH — Educating the youth of today is a key element in laying a strong foundation for Utah’s economic future. The Governor’s Office of Economic Development (GOED) and School Improvement Network announced today a major expansion of their Salt Lake offices creating more than 700 new Utah jobs over the next decade.

“Improving education and growing Utah’s economy are two of my top priorities,” Governor Gary R. Herbert said. “With the expansion of School Improvement Network, more Utah residents will be able to secure good paying jobs, while at the same time helping our educators teach more effectively.”

There is a growing market demand for teacher improvement resources, due to recent Utah legislation and School Improvement Network is working to help teachers meet that demand. School Improvement Network provides tools and resources to educators to help them improve their teaching ability and meet the needs of all students. By partnering with schools, districts and educators, School Improvement Network can make a positive difference in the Utah education system and education systems nationwide, ultimately helping thousands of teachers become more effective and millions of students become college and career ready.

“We are honored to receive this incentive, and share in the Governor’s vision of helping Utahn’s achieve a better education and quality of life,” said Chet Linton, CEO and president of School Improvement Network. “We are proud of our Utah roots, and share the understanding that strong education builds strong economies. We look forward to supporting the governor in his education and economic work as we continue in our cause of helping 100 percent of students become college and career ready.”

Over the 10 year life of the agreement with the state, the company will pay out more than $5,960,275 in new state wages. 470 of the new jobs that are being incented by GOED will pay at least 125 percent of Salt Lake County’s average annual wage including benefits; the additional 230 jobs will have a variety of pay rates as they are created over the coming years. School Improvement Network will also be a community partner in revitalizing downtown Salt Lake by transforming an abandoned building into a 21^st century, green workspace.

During the life of the agreement School Improvement Network will pay more than $15,000,000 in new state taxes and will invest more than $10,000,000 in capital expansion at the Utah based offices. In addition, School Improvement Network’s annual education conference hosted in Salt Lake City will continue to draw hundreds of attendees annually, bringing in nearly $1 million in travel and tourism during the two-day conference.

“The expansion of School Improvement Network is exciting for the State for many reasons,” says Jeff Edwards, president and CEO of Economic Development Corporation of Utah, “It means new jobs for our citizens, the continued success of a Utah-founded business and the expansion of a program that helps improve education systems. It’s a win-win-win.”

As part of a contract with School Improvement Network, the GOED Board of Directors has approved a maximum cap tax credit of $3,114,789 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes School Improvement Network will pay over the 10 year life of the agreement. Each year as School Improvement Network 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)

Web: www.business.utah.gov

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 mgsullivan@utah.gov

Board Motion Text

Approve School Improvement Network for a $3,114,789 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years.

Incentives provided post-performance upon review and verification by GOED.
Total EDTIF incentive not to exceed $3,114,789 EDTIF post-performance refundable tax credit.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Subject to local incentive.

OOCL (USA) Inc.

Board Approved Date: 08/12/2013
Type: EDTIF/IAF
Term: 20
Number of Jobs: 300
New State Wages: $534,801,697
New State Revenue: $19,079,214
Maximum Cap Incentive: $5,723,765
Web Address: http://www.oocl.com/

Press Release

News Release
For Immediate Release
August 15, 2013
Contact:
Marsha Thrall, VP OOCL Inc.
925-984-5321
marsha.thrall@oocl.com
Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov
Orient Overseas Container Line to Open Office in Utah
Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) announced today that OOCL (USA) Inc., an international container shipping and logistics company with world headquarters in Hong Kong will open a Utah based office.
“We live in a time of global economy, where partnerships with overseas companies are beneficial to the business environment,” Governor Gary R. Herbert said. “The opening of the OOCL office in Utah demonstrates Utah’s commitment to doing business on a global scale.”
OOCL will be establishing an integrated management and service center for its North American business. Under Utah’s favorable business climate, OOCL is expected to relocate and/or hire 300 management and professionals in Salt Lake City, paying competitive remuneration packages and benefits in line with the industry, which will be at least 125 percent above the county’s average annual wage including benefits, over a 20 year period.
Throughout the life span of the agreement with the state, while leveraging Utah’s low tax environment, OOCL will pay in excess of $500 million in new state wages, and over $19 million in new state taxes. The GOED Board of Directors has approved a $4,769,804 Economic Development Tax Increment Finance (EDTIF), post-performance refundable tax credit, and a $953,961 IAF grant to offset any cost associated with the move, which the company can earn, or 30 percent of the net taxes paid by the company over the lifetime of the incentive.
OOCL is one of the world’s largest integrated international container transportation, and logistics and terminal companies, and an industry leader in transportation and information technology. The OOCL motto is “we take it personally” and this motto rings true as OOCL focuses on creating value for our customers, employees, shareholders and partners. OOCL values its people, and recognizes that the communities in which our employees live and work contribute greatly to the company’s success. As a result, the care and attention that we give to the community are a major corporate focus to ensure all our stakeholders are respectfully accounted for.
###
About the Utah Governor’s Office of Economic Development (GOED)
Web: www.business.utah.gov
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 with organizations such as the Economic Development Corporation of Utah (EDCUtah), Utah Defense Alliance, the Manufacturers Extension Partnership (MEP) and others to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or mgsullivan@utah.gov

Board Motion Text

Approve for OOCL (USA) INC. a $4,769,804 EDTIF post-performance refundable tax credit which
represents an amount equal to 25% of new state revenue for 20 years. Additionally approve for OOCL IAF
Training Funds in the amount of $953,961 to offset any cost associated with the move. Total restructured
incentive of $5,723,765 not to exceed 30% of new state revenue over 20 years.

* Incentives provided post-performance upon review and verification by GOED.
* Must commit to keep operation in Utah for the length of the incentive period, 20 years.
* Subject to local incentive.
* Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for
each project year.
* Total IAF Training funds incentive not to exceed $ 953,961 to offset costs associated with the headquarter move.

ATK

Board Approved Date: 08/08/2013
Type: EDTIF
Term: 20
Number of Jobs: 1002
New State Wages: $1,154,113,172
New State Revenue: $71,025,781
Maximum Cap Incentive: $19,307,734
Web Address: http://www.atk.com/

Press Release

News Release

For Immediate Release

August 8, 2013

Contact:

George Torres, ATK Communications

(801) 699-2637

george.torres@ATK.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Composites Reach New Heights

ATK Aerospace expansion will create more Utah jobs

Salt Lake City, UTAH — ATK Aerospace Structures is a pioneer in the adoption of composites for the aerospace industry and has helped Utah stake its claim as a national composites leader. The Governor’s Office of Economic Development (GOED) and ATK announced today an additional expansion of their Clearfield-based offices.

“Utah is considered the composites epicenter of the country. This title has been earned through the hard work of Utah companies like ATK,” Christopher M. Conabee Managing Director at the Governor’s Office of Economic Development said. “This expansion by ATK will help Utah continue to lead the aerospace and composites industries.”

Three years ago, ATK announced an expansion of 802 new high-paying jobs over a 20-year agreement with the state. Today GOED and ATK announced that a modification to the original incentive has been approved and an additional 200 jobs will be added, totaling 1,002 new jobs in a 20-year period. All of the additional jobs will pay at least 160 percent of Davis County’s average annual wage, including benefits.

Over the lifetime of the agreement, ATK will pay approximately $214 million in new state wages for the additional employees and $8 million in new state taxes.

“Utah’s superior workforce allows ATK to drive affordable innovation and execution excellence in developing highly engineered products,” said Joy de Lisser, vice president and general manager of ATK Aerospace Structures division. “ATK is proud of the composite center of excellence we have built in Utah and values our continuing relationship with the state and the Governor’s Office of Economic Development.”

ATK Aerospace Structures is a world leader of composite structures for the aerospace and defense industry. ATK composites are manufactured and developed mainly in Utah and are a lightweight and reliable resource when manufacturing the most advanced aerospace projects in the world.

The GOED Board of Directors has approved a restructuring of the original post-performance EDTIF incentive for ATK of $19,307,734, representing 27.18 percent of new state wages over 20 years. The restructured post-performance incentive approved an Industrial Assistance Fund (IAF) grant representing $2,500 per employee for up to 665 employees to partially offset training, retention, program delays and construction of facilities. The total restructured incentive will now be $21,307,734 and will not exceed 30 percent of new state revenue over the same 20-year period as the original incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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.

About ATK

ATK is an aerospace, defense, and commercial products company with operations in 21 states, Puerto Rico, and internationally. News and information can be found on the Internet at www.atk.com, on Facebook at www.facebook.com/atk, or on Twitter @ATK.

Board Motion Text

Project Highlights

Timeline: 2013
Target Industry: Aerospace/ Composites
Proposed Location: Davis County

Jobs and Revenue

1002 FTE’s
ATK provides all full time permanent employees with comprehensive health benefits and retirement benefits
New State Wages over 20 years: $ 99,162,222
New State Revenue over 20 years: $ 63,561,103

MOTION: Jerry Oldroyd moved to approve for ATK a restructured post performance $19,307,734 EDTIF representing 27.18% of new state wages over 20 years. Additionally approve for ATK an IAF grant representing $2,500 per employee for up to 665 employees in order to help offset costs associated with training, retention, program delays and construction of facilities as well as approve a hiring grant of $1,687.50 for the next 200 FTE’s hired above the previous incentive baseline. Total restructured incentive of $21,307,734 not to exceed 30% of new state revenue over 20 years. Cliff White seconded the motion. Motion was carried unanimously.

Total EDTIF incentive not to exceed $ 19,307,734 EDTIF post-performance refundable tax credit.
Incentives provided post-performance upon review and verification by GOED.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Must commit to keep operation in Utah for the length of the incentive period, 20 years.
Subject to local incentive

Cardon Outreach

Board Approved Date: 08/08/2013
Type: EDTIF
Term: 15
Number of Jobs: 308
New State Wages: $215,071,341
New State Revenue: $9,151,570
Capital Investment: $5,300,000
Maximum Cap Incentive: $1,830,314
Web Address: http://www.cardonoutreach.com/

Press Release

News Release

For Immediate Release

August 8, 2013

Contact:

Chuck Kable, General Counsel

281-296-1977

ckable@cardonoutreach.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Cardon Outreach is Making Healthcare Affordable

Cardon Outreach to create more than 300 new jobs

Salt Lake City, UTAH — The Governor’s Office of Economic Development (GOED) announced today that Cardon Outreach will expand in Utah creating 308 new jobs.

“Having the best medical care available is extremely important for our Utah residents and Utah is home to world renowned medical centers and medical providers who provide the best medical services at the lowest cost possible,” said Spencer P. Eccles, Executive Director of GOED. “Cardon provides an important bridge between patient and provider, their growth in Utah will provide quality jobs for our residents as they support important patient services.”

Over the 15 year life of the agreement with the state, the company will pay out more than $215,071,341 in new state wages. All of the incented jobs will pay at least 125% of the county’s average annual wage, including benefits.

During the same time period, Cardon Outreach will pay approximately $9,151,570 in new state taxes and will invest $5.3 million in capital expansion in Salt Lake County.

“A very positive experience with our operations hub in Sandy, Utah has encouraged us to consolidate more of our back office operations from other processing centers to Utah, and to focus on Utah for our centralized service functions going forward,” says Mark Robinson, CEO if Cardon Outreach. “Cardon Outreach’s corporate headquarters will remain in The Woodlands, Texas for the foreseeable future.”

Cardon Outreach strives to reduce the financial burden of medical bills on patients and the healthcare providers that serve them. The innovative service that Cardon Outreach provides brings the needs of healthcare providers and individuals together in a comprehensive package.

“Cardon Outreach’s success with their team in Sandy, Utah gave them the confidence to invest in a major expansion in the state,” says Jeff Edwards, president and CEO the Economic Development Corporation of Utah. “We have this happen with companies many times; they test the waters with a small office and then recognize that Utah’s highly-skilled workforce and unparalleled quality of life make it the best choice for an expansion.”

The GOED Board of Directors has approved a $1,830,314 Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit, which the company can earn or 20 percent of the net taxes paid by the company over the lifetime of the incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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.

Board Motion Text

Project Highlights

Timeline: 2013
Target Industry: Healthcare and Client Services
Proposed Location: Salt Lake County
Capital Investment: $5,300,000

Jobs and Revenue

308 FTE’s
Cardon Outreach provides all full time permanent employees with comprehensive health benefits and retirement benefits
New State Wages over 15 years: $ 99,162,222
New State Revenue over 15 years: $ 63,561,103

MOTION: Jerry Oldroyd moved to approve for Cardon Healthcare Network, LLC DBA Cardon Outreach a $1,830,314 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 15 years and matching post-performance training funds for up to 200 employees to be distributed in years 2014 through 2016 by a 50/50 matching contribution from DWS Job Growth Funds and the

Industrial Assistance Fund. Amy Anderson seconded the motion. Motion was carried unanimously.

Total EDTIF incentive not to exceed $ 1,830,314 EDTIF post-performance refundable tax credit.
Incentives provided post-performance upon review and verification by GOED.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Must commit to keep operation in Utah for the length of the incentive period, 15 years.
Subject to local incentive

TechMedia Network

Press Release

News Release

For Immediate Release

July 11, 2013

Contact:

January Machold, Corporate Communications

TechMedia Network

PR@techmedianetwork.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Thriving Technology Media Business Expands in Utah

TechMedia Network to create 75 new jobs

Salt Lake City, UTAH —The Governor’s Office of Economic Development announced today that TechMedia Network will expand its Weber county based offices creating 75 new high paying jobs.

“Strong companies like TechMedia Network demonstrate the robust IT and tech-related industries thriving in Utah.” Spencer P. Eccles said. “Utah businesses have taken the challenge and worked hard to grow Utah’s economy to become one of the strongest in the nation.”

Over the ten year life of the agreement with the state, the company will pay out more than $32,953,073 in new state wages. All of the incented jobs will pay at least 125% of the county’s average annual wage including benefits.

Throughout the life of the agreement, TechMedia will pay approximately $3,051,269 in new state taxes and will invest $3.4 million in capital expansion at the Weber County based headquarters.

“We’re thrilled to be expanding our presence in Utah and to take full advantage of the highly-skilled workforce the state has to offer,” said Doug Llewellyn, Chief Operating Office, TechMedia Network. “As we continue to invest in and grow our company, as seen by our recent acquisition of technology publisher Bestofmedia Group, Utah will remain a mainstay of our operations and a cornerstone of our growth.”

TechMedia Network produces high-quality, original tech and science content for businesses and consumers through websites such as TopTenReviews, Tom’s Hardware, LAPTOP, Space.com and several other premium online properties. The company produces hundreds of original videos, news stories, product reviews, and reference articles daily.

“TechMedia clearly recognizes that Utah’s best resource, it’s people, make this State a great place to not only start a business but also grow a business,” said Jeff Edwards, President and CEO of the Economic Development Corporation of Utah. “Utah’s hard-working, highly skilled workforce is one of the main reasons we see companies, particularly in the IT industry, chose to expand their operations locally.”

The GOED Board of Directors has approved a $610,254 Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit, which the company can earn or 20 percent of the net taxes paid by the company over the lifetime of the incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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.

Board Motion Text

Project Highlights

Timeline: 2014
Target Industry: Media & Technology
Proposed Location: Weber County
Capital Investment: $3.4 million

Jobs and Revenue

75 FTE’s
TechMediaNetwork provides all full time permanent employees with comprehensive health benefits and retirement benefits
New State Wages over 7 years: $ 172,876,212
New State Revenue over 7 years: $ 10,090,489

MOTION: Jerry Oldroyd moved to approve for TechMediaNetwork a $610,254 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 10 years. Jake Boyer seconded the motion. Motion was carried unanimously.

Total EDTIF incentive not to exceed $ 610,254 EDTIF post-performance refundable tax credit.
Incentives provided post-performance upon review and verification by GOED.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Must commit to keep operation in Utah for the length of the incentive period, 10 years.
Subject to local incentive

Emery Refining Contacts

Board Approved Date: 06/26/2013
Type: EDTIF
Term: 12
Number of Jobs: 125
New State Wages: $99,162,222
New State Revenue: $63,561,103
Capital Investment: $231,885,000
Maximum Cap Incentive: $12,712,221

Press Release

News Release

For Immediate Release

June 27, 2013

Contact:

Info@rockriverresources.com

713-621-7770

Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

Start-Up Refinery To Bring 125 New Jobs to Emery County
Energy infrastructure continues to grow in rural Utah

Salt Lake City, Utah – Energy is getting a bit more refined in Utah. Today, along with the Governor’s Office of Economic Development (GOED), Emery Refining, LLC announced that it will construct a facility in Emery County, Utah and will add 125 permanent new jobs to Utah’s refining industry within the energy economic sector over the next 3 years.

“One of the key parts to keeping Utah’s business sector successful is fostering small businesses, so we are happy that the state is able to enter into an incentive agreement with Emery Refining,” GOED executive director Spencer Eccles said.

Emery Refining, LLC has entered into a 12 year incentive agreement with the state during which they will pay over $99 million in new state wages to the 125 incented positions. These jobs will be at least 100 percent of Emery County’s average annual wage including benefits.

“This project represents a substantial amount of investment into our state in support of energy development which is one of the governor’s four cornerstones of economic prosperity,” said Cody Stewart, Governor’s Energy Advisor. “This will assist with rural job creation in both the Paradox and Uinta basins.”

Emery Refining, LLC was formed and funded by Bridgehouse Capital, the family office and advisor to a number of family funds with investments in a number of industries such as commercial and residential real estate, power generation, data centers, and natural resources. Rock River Resources, LLC, a division of Emery Refining, LLC will design, construct and operate a facility in Emery County that is ideally suited for processing regional crude oils.

Jeff Beicker, Chief Operating Officer of Rock River Resources, said “Rock River Resources is pleased to announce its project in Emery County, Utah. This refinery is an investment in the future of Utah – putting people and technology to work to meet the future energy needs of the state and the region. We appreciate the support of the state and local community leaders who have worked closely with us over the past three years and we look forward to breaking ground later this year.”

During the incentive’s 12 year lifetime, Emery Refining will make a capital investment of over $225 million. It is anticipated that the company will also pay over $60 million in new state tax revenue over the lifetime of the agreement.

Mike McCandless, Emery County Economic Development Director, said “Emery County has been working for nearly a decade to bring industrial development into Green River. This project is the culmination of that effort. The county and city leaders have worked diligently to prepare the community for this project and now we are all ready to see it happen. This project is a game changer for Green River and will be a positive influence in the community for decades. This will positively affect every aspect of the Green River community from tax base to employment to overall community pride.”

The GOED Board of Directors has approved a $12,712,221 Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit, or 20 percent of the new taxes paid by the company over the lifetime of the incentive.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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 mgsullivan@utah.gov.

About Rock River Resources, LLC

Rock River Resources LLC is a team of energy professionals led by Jeff Beicker and in partnership with world-class energy companies that have years of experience in building and operating refineries. Rock River Resources, LLC is based in Houston, Texas. For more information please contact: 713 621-7770, or info@rockriverresources.com.

Board Motion Text

Project Highlights

Timeline: 2013
Target Industry: Refining & Marketing
Proposed Location: Emery County
Capital Investment: $231,885,000

Jobs and Revenue

125 FTE’s
Emery Refining provides all full time permanent employees with comprehensive health benefits and retirement benefits
New State Wages over 12 years: $ 99,162,222
New State Revenue over 12 years: $ 63,561,103

MOTION: Jerry Oldroyd moved to approve for Emery Refining, LLC a $12,712,221 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 12 years. Rob Adams seconded the motion. Motion was carried unanimously.

Total EDTIF incentive not to exceed $ 12,712,221 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
The Board discussed the importance of approving such incentives in rural areas of Utah and the opportunity it provides for these areas.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 100 % of the Emery County wage each including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 12 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.
Final GOED Board Approval subject to approval of all permits for construction of facilities and infrastructure in addition to final confirmation of financial feasibility.

HireVue

Board Approved Date: 06/13/2013
Type: EDTIF
Term: 7
Number of Jobs: 540
New State Wages: $172,876,612
New State Revenue: $10,090,489
Capital Investment: $30,000,000
Maximum Cap Incentive: $1,513,573
Web Address: http://hirevue.com/

Press Release

News Release

For Immediate Release

June 13, 2013

Contact:

Scot Sessions

Dir. Marketing

ssessions@hirevue.com

801.319.6267

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

Digital Interview Company Growing Nationally

HireVue expansion to create 540 new jobs

Salt Lake City, UTAH — Utah’s information technology sector is growing at such a rapid pace most states can’t even begin to keep up. The Governor’s Office of Economic Development (GOED) announced today that Utah-based, HireVue, will expand its operations in the Salt Lake County. The company is the industry’s leading on-demand digital interviewing platform provider.

“HireVue’s digital interview platform is a great example of Utah’s IT sector continuing to find ways to use innovative technology to improve business,” said Governor Gary R. Herbert. “With HireVue and other software companies expanding in the state, we continue to hear the term ‘Silicon Slopes’ – referring to the rapid growth of Utah’s IT industry at the base of our world-renowned mountains.”

The job expansion by HireVue shows Utah’s commitment to growing the strongest IT sector in the nation. Over the seven year life of the agreement with the state, HireVue will create 540 new high-paying jobs, paying out more than $172,876,212 in new state wages.

All of the incented jobs will pay at least 125 percent of the county’s average annual wage including benefits. HireVue will pay approximately $10,090,489 in new state taxes during the term of the agreement and will invest over $30,000,000 in capital expansion.

“HireVue has an almost decade-long track record of equipping companies of all sizes to hire and expand their workforces utilizing our digital interviewing platform,” said Mark Newman, CEO, HireVue. “We’re excited to put our solution to work on our behalf as we expand our employee base here in Salt Lake City. This partnership with the state is fueled by our record growth to date and the substantial addition of clients to our roster.”

HireVue currently employs some 100 talented people in engineering, support, customer success, sales and marketing. HireVue’s award-winning on-demand interview platform greatly reduces the time and cost it takes to find, interview, vet and hire employees, while simultaneously improving interview quality and consistency.

“We are very pleased that HireVue is moving forward with their expansion plans in Utah,” says Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “It is extremely rewarding to see a quality Utah-based company grow and expand in our State, reinforcing our belief that Utah has a unique combination of assets that allows businesses, specifically in the IT sector, to flourish.”

The GOED Board of Directors approved a $1,513,573 Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit, which the company can earn over the seven years of the agreement. The tax credit is calculated on a base rate of 15% percent of the net taxes collected from the company annually.

###

About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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 with organizations such as the Economic Development Corporation of Utah (EDCUtah), Utah Defense Alliance, the Manufacturers Extension Partnership (MEP) and others to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or mgsullivan@utah.gov

About HireVue:

HireVue is an amazing new way to interview – on demand! Users simply browse, watch, rate and share the interviews they want, on their own time – just like streaming their favorite movies – even from a smart phone. Recognized by HR Executive Magazine as a Top HR Product of 2012, HireVue’s Digital Interview Platform™ also helps improve interviews of all types, including in person, phone and video interviews. Digital question, feedback and collaboration tools remove hassle and make interviewing up to ten times faster and nine times cheaper. Join HireVue customers like Ocean Spray, Nike, Dow Jones, and Walmart who are making interviewing awesome. http://www.hirevue.com

Board Motion Text

Project Highlights

Timeline: 2013
Target Industry: Enterprise & Software Development
Proposed Location: Salt Lake County
Capital Investment: $30 million

Jobs and Revenue

540 FTE’s
HireVue provides all full time permanent employees with comprehensive health benefits and retirement benefits
New State Wages over 7 years: $ 172,876,212
New State Revenue over 7 years: $ 10,090,489

MOTION: Jerry Oldroyd moved to approve for HireVue a $1,513,573 EDTIF post-performance refundable tax credit which represents an amount equal to 15% of new state revenue for 7 years. Stefanie Bevans seconded the motion. Motion was carried unanimously.

Total EDTIF incentive not to exceed $ 1,513,573 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 15% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 15 % & of qualified new incremental state tax revenues over 7 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125 % of the Salt Lake County average wage including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 7 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.

MasterControl Inc.

Board Approved Date: 06/13/2013
Type: EDTIF
Term: 5
Number of Jobs: 197
New State Wages: $54,120,978
New State Revenue: $4,180,294
Capital Investment: $15,000,000
Maximum Cap Incentive: $836,059
Web Address: http://www.mastercontrol.com/

Press Release

News Release

For Immediate Release

June 13, 2013

Contact:

Jason Clegg, Marketing Director

800-825-9117

jclegg@mastercontrol.com

Michael Sullivan, GOED Communications Director

801-538-8811

mgsullivan@utah.gov

MasterControl Produces Quality Jobs

MasterControl expansion to create 197 new Utah jobs

Salt Lake City, UTAH — Producing a quality product is every company’s goal, and it is especially important when those products may affect a person’s life. MasterControl software helps highly regulated companies produce quality products that meet the strictest compliance standards. The Governor’s Office of Economic Development (GOED) announced today that MasterControl will expand its Salt Lake-based operations.

“Utah is renowned for its business friendly climate,” Governor Gary R. Herbert said. “Like Utah, MasterControl recognizes the importance of sensible regulation and is in business to help key industries innovate and grow.”

MasterControl will create 197 new high paying jobs. Over the 5 year life of the agreement with the state, the company will pay out more than $54,120,978 in new state wages. All of the incented jobs will pay at least 125 percent of the county’s average annual wage including benefits.

During the same time period, MasterControl will pay approximately $4,180,294 in new state taxes and will invest over $15,000,000 in capital expansion at the Salt Lake headquarters.

“We operate on the principle of delivering success to our customers, with the view that our employees are the most significant contributors and resource in that value stream,” said MasterControl CEO Jon Beckstrand. “As a result, we purposely place our product design, engineering, and services employees close to our customers. That definitely runs counter to most of our competitors, who have chosen to outsource their technical jobs far away from customers, in lower cost markets. They may see short-term gains, but our strategy is focused on long-term value and success for our customers.”

MasterControl produces quality software products that enable companies in a highly regulated environment such as Life Science companies to get products to market in a timely, cost effective and efficient manner. They have built a reputation for producing easy to implement, easy to validate and easy to use quality management software. MasterControl’s headquarters are located in the technology-prime Cottonwood Heights area of Salt Lake in a new LEED Gold Certified sustainable building space that features offices and conference rooms named after famous Utah natural landmarks.

“The most reliable indicator of a strong business climate is the decision by a company in an existing industry to expand locally,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We are pleased that MasterControl has made that choice in Salt Lake City.”

The GOED Board of Directors has approved a $836,059 Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit, which the company can earn, or 20 percent of the net taxes paid by the company over the lifetime of the incentive.

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About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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 with organizations such as the Economic Development Corporation of Utah (EDCUtah), Utah Defense Alliance, the Manufacturers Extension Partnership (MEP) and others to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or mgsullivan@utah.gov

About MasterControl:

MasterControl Inc. produces software solutions that enable companies doing business in regulatory environments to get their products to market faster, while reducing overall costs and increasing internal efficiency. MasterControl securely manages a company’s critical information throughout the entire product lifecycle. MasterControl software is known for being easy to implement, easy to validate and easy to use. MasterControl solutions include clinical management, quality management, document management/document control, product lifecycle management, audit management, training management, bill of materials, supplier management, submissions document management, clinical trial management, and more. Supported by a comprehensive array of services based on industry best practices, MasterControl provides our customers with a complete information management solution across the entire enterprise. For more information about MasterControl, visit www.mastercontrol.com, or call: 800-825-9117(U.S.); +44 (0) 1256 325 949 (Europe); +81 (3) 5422 6665 (Japan); or +82 (822) 890-7300 (Korea).

Board Motion Text

Project Highlights

Timeline: 2013
Target Industry: Software Development & IT
Salt Lake County
Capital Investment: $15 million

Jobs and Revenue

197 FTE’s
MasterControl provides all full time permanent employees with comprehensive health benefits and retirement benefits
New State Wages over 5 years: $ 54,120,978
New State Revenue over 5 years: $ 4,180,294

MOTION: Jerry Oldroyd moved to approve for MasterControl Inc. an $836,059 EDTIF post-performance refundable tax credit which represents an amount equal to 20% of new state revenue for 5 years. Peter Mouskondis seconded the motion. Motion was carried unanimously.

Total EDTIF incentive not to exceed $ 836,059 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 20% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive.
Total incentive not to exceed 20 % & of qualified new incremental state tax revenues over 5 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 125 % of the Salt Lake County average wage including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 5 years
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.

Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this incentive

SyberJet Aircraft

Board Approved Date: 06/05/2013
Type: EDTIF
Term: 20
Number of Jobs: 240
New State Wages: $288,047,817
New State Revenue: $67,243,048
Capital Investment: $380,000,000
Maximum Cap Incentive: $16,810,761
Web Address: http://www.sj30jet.com/

Press Release

News Release

For Immediate Release

June 6, 2013

New Additions Fly High in the Aerospace Industry

MSC Aerospace to Establish operations in Iron County

Salt Lake City, Utah – MSC Aerospace (MSC) and its subsidiaries Metalcraft Technologies (MTI) and SyberJet Aircraft (SJA), along with the Governor’s Office of Economic Development (GOED) and the Economic Development Corporation of Utah (EDCU), announced today that MSC will commence a major expansion in Southern Utah. The company plans to expand their current Cedar City facilities in order to create more manufacturing capabilities throughout a 20 year agreement with Utah.

“Utah’s Aerospace industry is rapidly growing. We have the physical space, the technology and the workforce for aerospace companies to rapidly grow operations in Utah,” said Governor Gary R. Herbert. “I’m confident the MSC expansion will attract additional support vendors and other aerospace companies.”

MTI is an AS 9100:2009 Rev C aircraft parts and aero-structures manufacturer. MTI fabricates, processes, and assembles a variety of detail parts, sub-assemblies, and related tooling using aluminum, titanium, and stainless steel in accordance with customer prints and specifications. MTI’s customers are proprietary aircraft producers (OEMs) who include Boeing, Bombardier’s Learjet, General Electric, Gulfstream, Lockheed, Northrop Grumman, SyberJet, Vought, and others.

“For nearly 25 years MTI has been a valuable member of our community and operates two manufacturing facilities with over 250,000 sq. ft. in Cedar City. MTI and its parent company MSC are cornerstones of our manufacturing community, providing our residents with good jobs and supplying the nation’s aerospace industry with top-quality products,” said Cedar City Mayor, Joe Burgess. “We take pride in the reputation they have built in their industry, and we look forward to a bright and exciting future with MSC. We’re proud that Cedar City will be home to the amazing SJ30 aircraft, and we anticipate a future partnership of success and innovation.”

Utah’s Aerospace and Defense economic cluster represents about 4.5 percent of all state wages, and the average wage in this industry is roughly 90 percent higher than Utah’s average annual wage.

SJA produces the world’s fastest and longest range seven-seat light business jet – the SyberJet SJ30. The SJ30 is single pilot FAA certified jet with a top speed of Mach 0.83 (486 kts / 560 mph) and a 2,500 nautical mile range. It maintains sea level cabin pressure up to 41,000 feet (maximum flight ceiling is 49,000 feet). The SJ30 holds three world records for speed and distance. It is designed with a 30 degree swept wing for high speed and fuel efficient cruising and with leading edge slats and flaps that are optimized for low speed approaches and gentle landings. These state-of-the-art aerodynamic features, coupled with the efficiency and power of Williams FJ44 engines and the advanced technology of SyberVision^TM avionics by Honeywell, make the SJ30 best in class.

MSC and its subsidiaries MTI and SJA will invest millions into the project and will pay an estimated $127 million in new state tax revenue over the 20 year life of the project. Over the lifetime of the agreement, the company will pay over $1 billion in new state wages to 1,200 incented jobs.

David J. Grant, Chairman of MSC said, “MSC is excited to continue its long standing relationships with Cedar City, Iron County, and the state of Utah. We are proud of our track record of success in the aerospace industry and hope for a bright future in Southern Utah.”

“The expansion and recruitment of MSC into Iron County is the latest punctuation mark on what global companies are coming to know, that Utah IS the Best State for Business and Careers,” said Christopher M. Conabee, GOED Managing Director for Corporate Recruitment.

This project was highly competitive, and MSC has other facilities in Texas. The GOED Board of Directors has approved a 20 year Economic Development Tax Increment Financing (EDTIF) post-performance refundable tax credit of $32 million for MTI and SJA, or 25 percent of the $127 million in new state tax revenues which will be collected by the state.

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Contact:

Michael Sullivan, GOED Communications Director
801-538-8811
mgsullivan@utah.gov

About the Utah Governor’s Office of Economic Development (GOED)

Web: www.business.utah.gov

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 mgsullivan@utah.gov.

Contact:

Chuck Taylor, President SyberJet Aircraft

435-238-7165

About MSC Aerospace (MSC)

Web: www.mscaerospace.com

MSC Aerospace is a family of integrated and synergistic companies with aerospace related operations. MSC Aerospace companies support full production of their own proprietary light business jet, the SJ30, and the fabrication and assembly of detail aircraft parts and aero-structures for many leading aircraft manufacturing companies. For more information, please contact: MSC Aerospace, 435-867-6868 or Chuck Taylor, 435-238-7165.

Board Motion Text

Project Highlights

Timeline: 2013
Target Industry: Aerospace Manufacturing
Proposed Location: Iron County, Cedar City
Capital Investment: $380 million

Jobs and Revenue

240 FTE’s
SyberJet provides all full time permanent employees with comprehensive health benefits and retirement benefits
New State Wages over 20 years: $ 288,047,817
New State Revenue over 20 years: $ 67,243,048

MOTION: Jerry Oldroyd moved to approve for SyberJet a $16,810,761 EDTIF post-performance refundable tax credit which represents an amount equal to 25% of new state revenue for 20 years. Sam Granato seconded the motion. Motion was carried unanimously.

Total EDTIF incentive not to exceed $ 16,810,761 EDTIF post-performance refundable tax credit.
Annual EDTIF incentive amount based on 25% of qualified new incremental state tax revenues generated and receipted in the previous calendar year.
Total incentive not to exceed 25 % & of qualified new incremental state tax revenues over 20 years with a contractual recapture provision for any excess funds paid to the company.
Must meet new qualified employment projections, employee headcount at the stated wage % criteria at 50% for each project year.
Annual total project average salary of new employees (not each new position, this is an aggregate annual number) to be at least 100% of the Iron County average wage including company contributed health insurance.
Must commit to keep operation in Utah for the length of the incentive period, 20 years.
Incentives are site specific and subject to local incentive participation.
Local incentive proposal must be presented and approved by the GOED Incentives Committee in order for company to be eligible for the incentive.
Only new state revenue and new jobs created after the GOED Board final approval date are eligible for this

Metalcraft Technologies

Board Approved Date: 06/05/2013
Type: EDTIF
Term: 20
Number of Jobs: 960
New State Wages: $740,694,392
New State Revenue: $60,622,028
Capital Investment: $20,000,000
Maximum Cap Incentive: $15,155,507
Web Address: http://www.metalcraft.net/