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.

Silicon Valley Bank to Expand in Cottonwood Heights

Creating up to 116 jobs

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Silicon Valley Bank (SVB) will expand its operations in Utah, creating up to 116 jobs in the next three years.

“The expansion of Silicon Valley Bank in Cottonwood Heights will create many high-paying jobs well above the average county wage,” said Val Hale, GOED’s executive director. “The company will also support many Utah-based technology and life science companies. We are excited to have a Silicon Slopes location of Silicon Valley Bank in Utah and wish them success as they continue to grow.”

Silicon Valley Bank serves innovative companies and their investors around the world in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. SVB banks half of all venture-backed companies in the U.S. and is one of the fastest-growing companies in the world. By providing innovative banking products with an entrepreneurial spirit and advancing issues that align with its mission, SVB fosters innovation around the globe.

“We’re pleased to expand our presence in Utah with the support of the Governor’s Office of Economic Development,” said Phil Cox, chief operations officer of Silicon Valley Bank. “At SVB, we have the opportunity to grow and collectively make an impact on the world by supporting the innovative clients and communities SVB serves. We look forward to welcoming local talent primarily to our global operations, private bank and wealth advisory, risk and IT teams.”

SVB may earn up to 15% of the new state taxes it will pay over the three-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $346,714. Each year that SVB meets the criteria in its contract with the state, it will earn a portion of the total tax credit.

“Utah employs more than 82,100 people in financial services and has experienced employment growth of 20.8% in the financial services industry over the last five years,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “This is comparable to our fast-growing tech industry. Silicon Valley Bank straddles both sectors, and we’re gratified they are expanding here to capitalize on the ‘Utah opportunity.’”

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.

Northrop Grumman to Expand in Weber County

Adding up to 2,250 jobs

January 10, 2020

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Northrop Grumman Corporation intends to expand its operations in Weber County, creating up to 2,250 jobs in the next 20 years.

“This project could create jobs for Hill Air force Base for generations to come,” said Val Hale, GOED executive director. “As one of the top-10 military-friendly employers, the proposed expansion would better serve Weber County and our growing aerospace industry.”

Northrop Grumman is currently the largest security and defense company in Utah with more than 5,100 employees across the state, primarily located in Bacchus, Clearfield, Ogden, Promontory and Salt Lake. Northrop Grumman is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, space, strike, and logistics and modernization to customers worldwide.

“We are proud to expand our presence in Utah by bringing new, high-paying jobs to the state,” said Greg Manuel, vice president of Northrop Grumman’s ground-based strategic deterrent enterprise.

Northrop Grumman may earn up to 30% of the new state taxes it will pay over the 20-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $59,919,439. Each year that Northrop Grumman meets the criteria in its contract with the state, it will earn a portion of the total tax credit.

“This is a significant win for Northern Utah. Northrop Grumman is the state’s largest private sector employer in aerospace and defense, and they continue to demonstrate their confidence in doing business here,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “On a broader level, we as Utahns can be proud of what this means in terms of national defense and global security.”

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.

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.

Breeze Aviation Announces Utah as Corporate Headquarters

Bringing a potential 369 new jobs

December 12, 2019

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce a corporate headquarters in Salt Lake for Breeze Aviation, a new company with plans to create 369 jobs in the next five years.

“Breeze Aviation’s headquarters operation will be a welcome addition to Utah’s growing aerospace industry,” said Val Hale, GOED executive director. “We’re excited to partner with an experienced team with such an outstanding track record.”

Breeze Aviation is founded by David Neeleman, who previously co-founded Morris Air (later sold to Southwest), WestJet, JetBlue, and Azul Brazilian Airlines. Neeleman has been one of the most successful entrepreneurs in the airline business. Breeze Aviation plans to unveil an as-yet-unnamed low-cost carrier in the new year which will provide flyers with convenient non-stop service from secondary airports.

“We’re excited to announce our investment to make Utah our headquarters,” said David Neeleman, CEO of Breeze Aviation. “Utah’s exceptional workforce and business environment will ensure that we have all the support needed to provide exceptional customer service for our new startup.”

Breeze Aviation may earn up to 20% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax rebate. The GOED Board has approved a post-performance tax rebate not to exceed $1,082,000. Each year the company meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

“We have long recognized the potential our regional airports hold for economic growth,” said Theresa A. Foxley, president and CEO of EDCUtah. “We welcome Breeze Aviation to consider service to any of the many great airports that the state of Utah offers.”

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.

Weave Communications to Bring Nearly 1,000 Jobs to Utah

More Silicon Slopes tech jobs

December 12, 2019

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce Weave, a leader in customer communication and one of Utah’s fastest-growing tech companies, will expand its operations in Utah, creating 997 new jobs in the next 10 years.

“We’re excited that yet another technology company has decided to expand in Utah,” said Val Hale, GOED executive director. “Working with companies like Weave to grow its operations in the state will help build upon Utah’s exemplary economic success.”

Headquartered in Lehi, Utah, Weave was founded in 2008. Weave services small and medium businesses with its VoIP (Voice over Internet Protocol) phone system, software and payment solutions that aims to improve overall customer experience. The company’s platform serves as a complete business toolbox to improve communication between businesses and their patients or customers. Weave has more than doubled in employee growth and revenue in the past year and recently raised $70M in funding to support its expansion into industries beyond dental and medical.

“We’re thrilled to be able to expand our footprint in Utah’s burgeoning tech sector, and we’re very excited that we get to do it with the support of the Governor’s Office of Economic Development,” said Brandon Rodman, co-founder and CEO of Weave. “This opportunity will be instrumental in our recruiting efforts and product development. Utah has a very competitive job market, especially in the tech industry. We’re proud to be in good company with so many of these Utah-based tech companies. We hope to continue to attract top talent to the state and add even more value to the Silicon Slopes landscape.”

Weave Communications may earn up to 20% of the new state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax rebate. The GOED Board has approved a post-performance tax rebate not to exceed $5,184,765. Each year that Weave meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

“We’d like to congratulate the city of Lehi for leading out on this project and helping another high-growth technology company,” said Theresa A. Foxley, president and CEO of EDCUtah. “We know that Weave will find Silicon Slopes a productive place to continue growing its business.”

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.

GE Healthcare Life Sciences to Expand in Utah

Cache County to receive up to 68 new jobs

December 12, 2019

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that GE Healthcare Life Sciences will expand its operations in Utah. GE Healthcare Life Sciences hopes to create as many as 68 new jobs in the next five years.

“Utah has America’s most diverse economy. Adding another well-known company to the state’s life sciences roster helps to strengthen that diversity,” said Val Hale, executive director of the Governor’s Office of Economic Development. “We’re glad GE Healthcare has chosen to expand in Utah and bring more jobs to Cache County.”

GE Healthcare manufactures and distributes diagnostic imaging agents and radiopharmaceuticals for imaging technologies used in medical imaging procedures. The company develops health technology for medical imaging, diagnostics, patient monitoring systems, disease research and biopharmaceutical manufacturing. Established in 1994, GE Healthcare operates in more than 100 countries.

GE Healthcare may earn up to 15% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax rebate. The GOED Board has approved a post-performance tax rebate not to exceed $254,554. Each year that GE Healthcare meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

“As part of our global strategy and outreach initiative, EDCUtah and GOED connected with GE Healthcare in 2018, and as a result, Governor Herbert visited company executives in Boston that summer,” said Theresa A. Foxley, president and CEO of EDCUtah. “We were excited when the local GE Healthcare management team contacted us this fall to discuss this expansion opportunity, and we’re glad to see the project come to fruition.”

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.

Jack Wolfskin Announces New Facility in Utah

50 new jobs in 5 years

December 12, 2019

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce Jack Wolfskin North America will expand its operations in Utah, creating 50 new jobs in the next five years.

“Jack Wolfskin will be an excellent addition to our outdoor industry sector,” said Val Hale, GOED executive director. “Utah has a great love for the outdoors and welcomes excellent brands like Jack Wolfskin into our vibrant outdoor ecosystem.”

Jack Wolfskin is an outdoor apparel and equipment brand founded in Frankfurt, Germany in 1981. Its products include high-end mountain and leisure clothing, footwear, backpacks, sleeping bags, and tents that range across multiple outdoor activities. Callaway Golf acquired the brand in 2018.

“We’re thrilled to expand Jack Wolfskin North America in Utah,” said Diana Seung, general manager of Jack Wolfskin in North America. “This state is a perfect reflection of our brand tenets of living an adventurous, active outdoor life.”

Jack Wolfskin may earn up to 15% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax rebate. The GOED Board has approved a post-performance tax rebate not to exceed $105,461. Each year that Jack Wolfskin meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

“This company reached out to us in late September,” said Theresa A. Foxley, president and CEO of EDCUtah. “The speed at which this project came together is a testament to Utah’s business friendliness, the responsiveness of our partners, and the customer’s degree of organization and focus. The brand power of Callaway and Jack Wolfskin is an exciting addition to our state’s outdoor products industry.”

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.

Fintech Company BlueVine to Expand in Utah with New Operations Center

1,449 new jobs

December 12, 2019

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce BlueVine Capital Inc. will expand its operations in Utah, creating 1,449 new jobs in the next nine years.

“Our fintech sector continues to grow, and we’re pleased BlueVine has chosen to expand in the state,” said Val Hale, executive director of the Governor’s Office of Economic Development. “This project to build a new operations center for BlueVine will create many high-paying jobs that will be economically impactful for Utah.”

BlueVine offers a suite of products designed to meet the diverse financial needs of today’s business owners, including BlueVine business checking, line of credit, term loan and invoice factoring. BlueVine has provided more than $2.5 billion in financing to small and medium-sized businesses since its founding in 2013.

“We’re very excited to join the thriving fintech community in Utah’s Silicon Slopes and look forward to welcoming local customer support and account management talent to our new operations center,” said Eyal Lifshitz, CEO and co-founder of BlueVine. “Our Utah operations center will help support and scale our vision for BlueVine business banking and help take our customer service to the next level.”

BlueVine may earn up to 25% of the new state taxes it will pay over the nine-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax rebate. The GOED Board has approved a post-performance tax rebate not to exceed $4,087,777. Each year that BlueVine meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

“In April 2018, we met with BlueVine during a Bay Area global strategy and outreach campaign focused on fast-growing fintech companies,” said Theresa A. Foxley, president and CEO of EDCUtah. “Welcoming BlueVine to Utah validates the strength of our fintech cluster and the effectiveness of our GS&O initiative.”

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.

Qualtrics to Expand Its Utah Co-Headquarters

Utah tech firm continues to grow

NOVEMBER 15, 2019

The Utah Governor’s Office of Economic Development announced Qualtrics will create up to 2,245 new jobs in Utah in the next 10 years.

Qualtrics may earn up to 25% of the new state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax rebate. The GOED Board has approved a post-performance tax rebate not to exceed $32,782,835. Each year that Qualtrics meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

State of Utah Tax Rebate by the Numbers

Tax Revenue      $131,131,340
Wages  $1,494,700,000
Jobs       2,245
Capital Investment          $45 million
Timeline               10 years

About Utah Corporate Incentives

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, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax rebate if the company meets its obligations.

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.

Amazon Web Services Bringing Jobs to Utah

300 new jobs in 10 years

NOVEMBER 14, 2019

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce Amazon Web Services, Inc. will expand its operations in Utah, creating 300 new jobs over the next 10 years.

“We are excited Amazon Web Services has decided to expand in Utah,” said Val Hale, executive director of the Utah Governor’s Office of Economic Development. “This expansion will bring high-paying, advanced manufacturing jobs to the state. We look forward to these new opportunities for Utah’s workforce.”

Amazon Web Services is a subsidiary of Amazon that provides on-demand cloud computing platforms to individuals, companies and governments. One of these services is Amazon Elastic Compute Cloud, which allows users to have a virtual cluster of computers through the internet. Amazon Web Services is implemented throughout the world at server farms.

Amazon Web Services may earn up to 20% of the new state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax rebate. The GOED Board has approved a post-performance tax rebate not to exceed $2,499,519. Each year that Amazon Web Services meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

“These are high-wage, high-tech jobs that will have a significant multiplier effect on our economy. And it’s gratifying for the state to be selected by a company with the means to put this facility anywhere in the world,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “It’s a great validation of our quality talent and pro-business environment.”

State of Utah Tax Rebate by the Numbers

Tax Revenue      $12,497,597
Wages  $304,259,525
Jobs       300
Capital Investment          $25.3 million
Timeline               10 years

About Utah Corporate Incentives

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, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax rebate if the company meets its obligations.

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.

Amer Sports to Expand Existing Operations in Utah

Adding up to 110 new jobs

OCTOBER 10, 2019

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce Amer Sports will expand its operations in Utah, creating 110 new jobs in the next five years.

“We love it when Utah companies expand in the state,” said Val Hale, executive director of the Utah Governor’s Office of Economic Development. “Amer Sports is already doing great things in Ogden. As the company continues to grow, it’s yet another success story in Utah’s thriving outdoor industry — an industry that keeps attracting new people and companies.”

Amer Sports’ North American headquarters is in Ogden, Utah. The sporting goods company owns internationally recognized brands including Salomon, Wilson, Atomic, Arc’teryx, Peak Performance, Enve, Suunto and Precor. Amer Sports manufactures sports equipment, footwear, apparel and accessories for a variety of sports and outdoor activities. Its products are sold to trade customers and directly to consumers through brand stores, factory outlets and e-commerce.

“Amer Sports Winter and Outdoor opened its new warehouse in Ogden on January 4, 2019,” said Bill Kirchner, vice president and general manager of Amer Sports Americas. “The build-out and transition have gone smoothly, and we’re now ready to further expand operations by adding jobs in consumer and after-sales services for the Arc’teryx brand. We value our partnership with the city of Ogden, Weber County and the state of Utah. We’re committed to supporting the local community by providing great experiences for skiers, snowboarders, runners, bikers and hikers and proud to call Utah our home.”

Amer Sports may earn up to 15% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax rebate. The GOED Board has approved a post-performance tax rebate not to exceed $228,161. Each year that Amer Sports meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

“To support its internationally recognized brands — including Atomic, Salmon and Suunto — Amer Sports relocated its winter and outdoor American headquarters to Ogden in 2007,” said Mike Caldwell, Ogden City mayor. “Since joining our community and reinforcing Ogden’s amazing quality of life, Amer Sports has expanded multiple times, created quality jobs and assisted with our revitalization efforts by being one of our anchor tenants at the historic American Can Complex. Amer Sports’ expansion of Arc’teryx will benefit our city, our region, the entire state of Utah and its outdoor recreation industry.”

“With Utah’s long history in outdoor products, it’s gratifying to see Amer Sports and its globally known Arc’teryx brand deepen its relationship with the city of Ogden and our state,” said Theresa A. Foxley, president and CEO of EDCUtah. “Ogden continues to be one of the nation’s hotbeds for the outdoor recreation industry.”

State of Utah Tax Rebate By the Numbers
Tax Revenue      $1,521,076
Wages  $14,895,743
Jobs       110
Capital Investment          $1.5 million
Timeline               5 years

About Utah Corporate Incentives

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, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax rebate if the company meets its obligations.

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.

Fintech Unicorn Brex to Open New Location in the Salt Lake Valley

Adding up to 1,000 new jobs

SEPTEMBER 12, 2019

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce Brex, the financial technology company that helps ambitious companies scale, will open its new location in the Salt Lake Valley, creating up to 1,000 new jobs over the next seven years.

“Utah is the place for technology and our fintech industry continues to expand,” said Val Hale, executive director at the Utah Governor’s Office of Economic Development. “We’re pleased that Brex has chosen Utah, and we wish them the best as they continue to grow as a company.”

Brex was founded in San Francisco in 2017 with its first corporate card designed for startups, determining credit limits based on non-traditional metrics like real-time monitoring of businesses’ bank accounts and transactions. Since launching out of stealth in 2018, Brex has announced offerings in both the e-commerce and life science industries, intending to bring tailored underwriting, benefits and rewards to these two new verticals in need of a financial solution.

“Brex has grown tremendously over the last year and we’re excited to play a part in creating more opportunity for Salt Lake City’s thriving workforce,” said Henrique Dubugras, co-CEO and co-founder of Brex. “We recognize the incredible talent working in Utah and look forward to continuing scaling alongside Utah’s Silicon Slopes.”

Brex may earn up to 25 percent of the new state taxes it will pay over the seven-year life of the agreement in the form of a Utah Legislature authorized Economic Development Increment Finance (EDTIF) tax rebate. The GOED Board of Directors has approved a post-performance tax rebate not to exceed $2,736,847. Each year that Brex meets the criteria in its contract with the state, it will earn a portion of the total tax rebate.

“The Brex project is notable for two reasons. First it confirms Utah’s position as a national center for fast-growing, financial technology companies,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Second, the opportunity to compete on the project is the culmination of a long-term, relationship-building effort with a prominent site selector.”

State of Utah Tax Rebate by the Numbers

Tax revenue: $10,947,387

Wages: $281,412,106

Jobs: 1,000

Capital investment: 23.4 million

Timeline: 7 years

About Utah Corporate Incentives

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, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax rebate if the company meets its obligations.

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.

Castlight Health Selects Utah for New Location

New healthtech company coming to the Salt Lake area

AUGUST 8, 2019

The Utah Governor’s Office of Economic Development (GOED) today announced Castlight Health, Inc. will open a new location in Utah adding up to 235 jobs and $4.6 million in new state revenue and an estimated $3.1 million in capital investment over the next five years.

“Castlight Health will be a great addition to Utah’s growing healthcare and technology industry sectors,” said Val Hale, executive director at the Utah Governor’s Office of Economic Development. “Healthcare is important to Utahns, and we’re glad Castlight chose Utah.”

Castlight Health offers a comprehensive health navigation platform that guides users to their best available healthcare resources, resulting in lower healthcare costs, higher engagement, and improved outcomes. Through its unique combination of hundreds of health data integrations and machine learning that leverages this dataset to personalize the user experience, Castlight simplifies healthcare for 20 million users and more than 260 companies.

“We are excited to open Castlight’s Center of Excellence in Utah,” said Siobhan Nolan Mangini, president and CFO of Castlight Health. “The Salt Lake City area provides access to a talented workforce that will enable us to deliver innovative healthcare technology solutions to our customers. We want to thank the Governor’s Office of Economic Development for helping us find the right home for Castlight’s newest location.”

Castlight Health, Inc. will create up to 235 jobs in Utah over the next five years. The total wages in aggregate are required by statute to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $115,887,125, 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 $4,601,934 over the next five years.

“We are confident Castlight will find our state and industry welcoming and entrepreneurial, and in-line with its drive for growth and innovation,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Castlight Health joins an increasing number of healthtech companies establishing operations in Utah. The depth, breadth, and talent of our tech workforce and the ease of access from the West Coast are appealing.”

Castlight Health 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 Increment Finance (EDTIF) tax rebate. As part of the contract with Castlight Health, the GOED Board of Directors has approved a post-performance tax rebate not to exceed $920,387. Each year that Castlight Health meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

About Utah Corporate Incentives

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, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years.

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.

Intermountain Electronics to Expand in Carbon County

Adding more jobs in Utah’s rural counties

AUGUST 8, 2019

The Utah Governor’s Office of Economic Development (GOED) and Carbon County today announced Intermountain Electronics, Inc. will expand in Utah adding up to 289 jobs and $21.5 million in new state revenue and an estimated $12.5 million in capital investment over the next 15 years.

“It’s exciting to see Intermountain Electronics expand its operations in Carbon County,” said Gov. Herbert. “One of my administration’s most important economic goals is to create 25,000 jobs in rural parts of our state, and expansions like this one go a long way in creating valuable jobs and opportunities. I wish Intermountain Electronics and the Houston family the very best of luck as they move forward on this project.”

“The vitality of rural Utah’s economy depends on the commitment of local entrepreneurs, like John Houston,” said Senator Mitt Romney. “I am grateful for John’s commitment to creating jobs in Carbon County with the expansion of Intermountain Electronics. His investment in eastern Utah will have a lasting impact on the community for generations to come.”

Headquartered in Price, Utah, Intermountain Electronics, Inc. designs and manufactures custom power distribution equipment for industrial customers. The company initially serviced the coal mining industry in Carbon and Emery counties. Since 2010, Intermountain Electronics has diversified by adding customers in the oil and gas, utility, renewable energy and data center sectors.

“We have deep roots in Carbon and Emery counties, and are excited to proceed with this expansion in Price,” said Phil Blackburn, CEO at Intermountain Electronics. “While we have other facilities outside of Utah that we considered for this expansion, the strong interest and collaboration from officials at both the county and state level helped us become comfortable with proceeding here. We have other challenges ahead — including growing our local staff. The support from both Carbon and Emery counties and the state of Utah gave us confidence that we have strong local partners to address these challenges going forward. We thank them for their efforts.”

Intermountain Electronics will create up to 289 jobs over the next 15 years. The total wages in aggregate are required by statute to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $251,564,824, 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 $21,582,270 over the next 15 years.

“This is a regional win for Carbon and Emery counties,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Intermountain Electronics weighed expansion options in neighboring states, but the counties, Utah State University, and the local school districts demonstrated the resources and commitment to workforce development that the company appreciated.”

Intermountain Electronics 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 Increment Finance (EDTIF) tax rebate. As part of the contract with Intermountain Electronics, the GOED Board of Directors has approved a post-performance tax rebate not to exceed $6,474,681. Each year that Intermountain Electronics meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

“Intermountain Electronics’ decision to expand here in Carbon County is vital to the future of our local economy,” said Larry Jensen, Carbon County commissioner. “The scale of its expansion will ensure many of our children will not have to leave for employment and other local businesses will see growth as demands for products and services increase. We are very grateful to the Houston family and the Intermountain Electronics staff for their investment in our community, and we are committed to supporting their efforts well into the future.”

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.

GOEX to Expand in Utah

Utah selected for western operation

JUNE 12, 2019

The Utah Governor’s Office of Economic Development (GOED) today announced GOEX Corporation will expand in Utah adding up to 100 jobs, $1.8 million in state revenue and an estimated $15 million in capital investment.

“We are excited that GOEX would select Utah for its western operation,” said Val Hale, executive director at the Utah Governor’s Office of Economic Development. “There is tremendous growth and opportunity in Iron County. As a supplier of medical and food packaging materials, GOEX’s expansion will be a good opportunity for southern Utah.”

GOEX Corporation was founded in 1990 and is based in Janesville, Wisconsin. GOEX operates one of the most advanced custom plastic sheet extrusion facilities in the industry. The company’s products and materials serve the graphics, medical and food packaging industries. The new facility in Iron County will take cues from the 235,000 square foot facility the company completed in Janesville in 2015.

“Our new Cedar City, Utah location supports GOEX’s ongoing commitment to ensure timely delivery of extruded sheet products,” said Joshua Gray, president and CEO of GOEX. “The new facility will help us better serve our customers in the western areas of the country. We intend to build on the success of our current plant, built specifically for our processes. And we are eager to witness firsthand the great things we have been told about the workforce in southwest Utah.”

GOEX will create up to 100 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 $23,452,335, 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 $1,826,496 over the next seven years.

“This expansion project is a good example of persistence and creative problem-solving at the local level,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We at EDCUtah were pleased to support Cedar City’s efforts throughout the process.”

GOEX 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 (EDTIF) tax rebate. As part of the contract with GOEX, the GOED Board of Directors has approved a post-performance tax rebate not to exceed $365,299. Each year that GOEX meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

“We have enjoyed working with GOEX throughout this site-selection process, and we are thrilled that they have chosen Cedar City as their location for expansion,” said Danny Stewart, economic development director for Cedar City and Iron County. “GOEX is an outstanding company with a solid reputation and a culture that fits perfectly in our community. They make top-quality products, and they truly value their employees and their customers. This company will have a tremendous positive impact on Iron County and southwestern Utah. This is a huge win for Utah and Cedar City.”

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.

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.

Infab to Expand in Utah

Will add up to 90 jobs

MAY 9, 2019

The Utah Governor’s Office of Economic Development (GOED) today announced Infab Corporation to expand its operations in Utah adding 90 jobs and $789,753 in new state revenue and $5 million in capital investment over the next five years.

“Infab is experiencing rapid growth and will be a great addition to Hildale,” said Val Hale, executive director of the Governor’s Office of Economic Development. “This project will help rural Utah create new jobs and be a benefit to the skilled workforce in Washington County.”

Founded in 1981, Infab designs and manufactures radiation protection apparel and related accessories for healthcare professionals. Infab is the country’s largest provider of medical radiation protection products and sells its products through distributors and a direct sales force in the United States and internationally. The company offers lead aprons, glasses and gloves as well as other products for x-ray protection. Infab is currently based in Camarillo, California. 

Don Cusick, chairman of the board said, “we searched throughout the U.S. for the best place to expand our operations but fell in love with Utah, it’s people and the opportunity to make a positive impact on the state and the community.”

CEO Brittany Lepley echoed those sentiments and added, “Infab has grown tremendously these past ten years and we have assembled an excellent team of people along the way. We are very much looking forward to bringing this team spirit to Utah and to be the employer of choice!”

Tom Fink, vice president of operations at Infab will take over the management of the Utah facility effective June 1, 2019 under the newly created title of president of Utah operations. 

Infab plans to create up to 90 jobs in Utah over 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 $11,148,000. The projected state tax revenue is a result of corporate, payroll and sales tax. Projected new state tax revenues, as a result of corporate, payroll and sales tax are estimated to be $789,753.

“Anytime we can help a county diversify its economic base with the addition of a manufacturing project, it’s a good day,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “When that manufacturing project lands in a rural community that’s striving to transform itself and bring good jobs to its residents, it’s particularly gratifying. Congratulations, Hildale, and welcome, Infab.”

Infab 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 Finance (EDIF) tax credit rebate. As part of the contract with Infab, the GOED Board of Directors has approved an EDTIF post-performance tax credit not to exceed $157,951 representing 20 percent of the estimated $789,753 of new state revenue, which may be earned over five years. Each year Infab meets the criteria in its contract with the state, the company 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. 

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.

Quick Base to Expand Salt Lake Location

Plans to create up to 485 jobs

MAY 9, 2019

The Utah Governor’s Office of Economic Development (GOED) today announced Quick Base to expand its operations in Utah adding 485 jobs and $6.2 million in new state revenue over the next five years.

“We are excited that Quick Base has selected Utah to open a second location,” Val Hale, executive director of the Governor’s Office of Economic Development. “Quick Base will expand their Utah facility with sales executive, customer success, solution engineering, marketing, software developer and customer care roles.” 

Quick Base is a market leader in the customized application building space, with more than 5,400 customers, serving businesses of all sizes across every industry. Quick Base delivers a significant return on investment for customers, empowering users with the ability to create their own solutions that can streamline processes, track and analyze real-time data and create efficiencies in their own work and their company’s operations.  The company, headquartered in Cambridge, MA, was acquired by Vista Equity Partners in April 2019 and currently has 359 employees. 

“Salt Lake City has become a vibrant technology hub with an impressive pool of talent, which made it an obvious choice as we looked for locations for our second office,” said Rick Willett, Quick Base CEO. “As companies across every industry continue to empower their employees with our application-building platform, we have added enhanced security, mobile access and a visual design tool to Quick Base. A second location in Salt Lake City and an increase in our headcount, will help us to further serve our customers across the U.S.” 

Quick Base plans to create up to 485 jobs in Utah over 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 $169,425,308. The projected state tax revenue is a result of corporate, payroll and sales tax. 

“This project is exciting on so many fronts. For one thing, it’s bringing very high-paying jobs to our state, and for another, it’s highlighting that downtown Salt Lake City has a tech vibe to match any locale in our entire Silicon Slopes,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah.”

Quick Base 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 Finance (EDIF) tax credit rebate. As part of the contract with Quick Base, the GOED Board of Directors has approved an EDTIF post-performance tax credit not to exceed $1,257,983 representing 20 percent of the estimated $6,289,915 of new state revenue, which may be earned over five years. Each year Quick Base meets the criteria in its contract with the state, the company 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. 

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.

Tyson Fresh Meats to Build Food Production Plant in Utah

Adding up to 500 high-paying jobs

MAY 9, 2019

The Utah Governor’s Office of Economic Development (GOED) today announced Tyson Fresh Meats, a subsidiary of Tyson Foods, Inc., will invest almost $300 million to build a food production plant in Utah that will initially provide 800 jobs and is expected to expand to 1,200 positions within three years after opening. It will also add an estimated $27 million in new state tax revenue over the next 10 years.

“We are pleased that Tyson Foods, a Fortune 100 Company, has selected Utah to build its newest facility,” said Val Hale, executive director of GOED. “This well-known company has a long history and great reputation. It will allow them to have better distribution and access to the western states.”

The new facility will be a case ready plant. It will be involved in converting large cuts of beef and pork into steaks, chops, roasts and ground meat that are placed in retail trays, weighed and labeled and then shipped to retailers to be sold through the grocery meat case.

Tyson Fresh Meats is the beef and pork unit of Tyson Foods, Inc., one of the nation’s leading food companies. The business currently operates case ready plants in Iowa, Tennessee and Texas and hopes to open the Utah facility as soon as 2021. Online video of the Texas facility can be accessed here.

“We’re excited about building a new food plant in Utah and appreciate the state’s support and the exceptional people we’ve met,” said Nate Hodne, senior vice president and general manager of case ready meats for Tyson Fresh Meats. “We believe Utah is a great location because of the availability of labor and property and the access to highways and rail. Once built, the new facility will help us meet growing demand for case ready meat in the western U.S.”

Company representatives have assessed several potential plant sites in the Salt Lake City area and are currently collaborating with local officials at one of the locations to confirm all needed infrastructure and other support will be available. Once remaining questions are answered, more information will be shared.

State tax incentives for the project are based on 500 of the expected high-paying jobs. The total wages in aggregate for each position used to determine incentives must exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $202,633,508. Projected new state tax revenues, as a result of corporate, payroll and sales tax are estimated to be $27,791,620. In addition, this project will also increase local property taxes and provide other benefits to state and local entities.

“Tyson Fresh Meat’s expansion demonstrates that Utah is more than a hotbed for Software and IT companies. This manufacturing plant will diversify the local economy and provide opportunities for residents to work close to home,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah.

Tyson Fresh Meats 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 Finance (EDIF) tax credit rebate. As part of the contract with Tyson, the GOED Board of Directors has approved an EDTIF post-performance tax credit not to exceed $5,258,324 and a post-performance Industrial Assistance Fund economic opportunity for the last-mile infrastructure of $300,000 representing 20 percent of the estimated $27,791,620 of new state revenue, which may be earned over 10 years. Each year Tyson meets the criteria in its contract with the state, the company 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. GOED confirms whether those criteria have been met. 

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.

Ancestry to Expand Company’s Utah Operations

Could add additional 500 jobs over 9 years

APRIL 11, 2019

The Utah Governor’s Office of Economic Development (GOED) today announced that they have entered into an agreement with Ancestry under which the company will have an opportunity to expand its operations in Utah, adding up to 506 jobs, $12.2 million in new state revenue and up to $10.5 million in capital investment over the next nine years.

Ancestry is a leading provider of family history and consumer genetics services. These two complementary services share a brand and a mission to empower journeys of personal discovery to enrich lives. Ancestry has more than 3 million paying subscribers across its core Ancestry websites with an extensive collection of over 10 billion digitized historical records and nearly 15 million participants in the AncestryDNA database. Since 1996, users have created over 100 million family trees and 12 billion ancestor profiles on the Ancestry flagship site and its affiliated international websites.

“Ancestry is an international company with homegrown roots that enhance Utah’s Silicon Slopes,” said Val Hale, executive director of the Utah Office of Economic Development. “This innovative company is leveraging their insights and information to improve lives in family history. We are pleased that this new agreement will allow Ancestry to continue a long history as a business leader in the Utah community and continue to expand itsoperations in the state.”

“For more than 30 years, Ancestry has been a proud member of the Utah business community,” said Howard Hochhauser, chief financial officer and chief operating officer at Ancestry. “We are pleased to enter into this new agreement with the Governor’s Office of Economic Development, which will allow us to expand our headquarters presence to support the strong growth in our business. In addition, we are excited to have theopportunity to benefit from Utah’s talented workforce as we focus on delivering innovative products for our consumers that will fuel their personal discovery journeys as they seek to learn more about themselves and their families.”

Under the new agreement, Ancestry has the opportunity to create up to 506 jobs in Utah over the next nine 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 $316,971,619 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 $12,228,599 over nine years.

“Ancestry epitomizes the ‘DNA’ of Utah’s tech industry,” said Theresa Foxley, president and CEO of the Utah Economic Development Corporation of Utah. “Ancestry is an entrepreneurial business that has grown to become an industry leader in genealogy and genetics. Technology has always been at the company’s core and has fueled its expansion into new fields. We’re thrilled by Ancestry’s decision to expand in Silicon Slopes.”

Ancestry may earn up to 20 percent of the new state taxes they will pay over the nine-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 Ancestry, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $2,445,720. Each year Ancestry 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.

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.

Utah Tech Company L3 Technologies to Expand Salt Lake Location

Will add up to 250 jobs

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.

Oatly Selects Utah for Future Expansion

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.

Teem to Expand in Utah, adding 250 jobs

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.

Utah Company, Galileo, Expands

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.

Amer Sports Selects Utah for Future Expansion

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.

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.

Bullfrog Spas to Expand in Utah

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.

Essence to Open Regional Office in Utah

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.

Merit Medical to Expand in Utah

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.

HealthEquity to Expand Headquarters in Utah

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.

Cornerstone selects Utah for expansion

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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. 

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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

Proposed Motion

1. 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.
2. 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.
3. 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.

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.

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.

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.

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.

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.

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.  

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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

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.

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.

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.

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.

Proposed Motion

1. 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.
2. 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

1. 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.

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.

###

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.

Proposed Motion

1. 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.
2. 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.

1. 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.

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.

###

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.

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.

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.

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

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

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.  

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.”

###

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.

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.

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.

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.

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.

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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

###

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.

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.

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.