The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that CaptiveAire Systems, Inc. will open an office in Utah, adding up to 50 new high-paying jobs in the state in the next seven years.
“We’re excited that CaptiveAire has decided to grow in St. George,” said Dan Hemmert, GOED’s executive director. “This expansion will create high-paying jobs in sales, engineering, and management. We wish the company success as they continue to grow.”
CaptiveAire is the nation’s leading manufacturer of commercial kitchen ventilation equipment and a quickly growing commercial and industrial HVAC equipment manufacturer. CaptiveAire’s ventilation product offering includes dedicated outdoor air systems (DOAS), listed ductwork, exhaust hoods, exhaust fans, electrical controls, industrial heaters, fire suppression systems, and many more. The company serves a variety of restaurants and national chains as well as public and private institutions such as industrial, correctional, military, hotel, and school facilities.
“We’re thrilled to open a large office and research lab in Utah,” said Bob Luddy, president and founder of CaptiveAire. “St. George has been the home of our application engineering team for some time, and we’re excited to see this area of our company grow and expand.”
CaptiveAire may earn up to 20% 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 Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $133,786. Each year that CaptiveAire meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“CaptiveAire will find Utah a business-friendly state that values teamwork to support corporate growth strategies,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “Thanks to the combined efforts of Team Utah, the company is already benefiting from our state’s collaborative approach.”
“We’re thrilled to welcome CaptiveAire, the nation’s largest commercial kitchen ventilation system manufacturer, to the heart of downtown St. George,” said Gregg McArthur, director of St. George Area Economic Development. “The decision of CaptiveAire to expand its engineering operations in Washington County is evidence that we are quickly becoming a top choice for companies looking for a highly skilled workforce and a great quality of life.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$2.6 million|
About Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. 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 credit if the company meets its obligations.