Today, the Utah Governor’s Office of Economic Opportunity awarded Claire Manufacturing I, Inc (Dandy) a temporary, marginal tax reduction for its expansion in Utah. The post-performance corporate incentive is part of the Legislature’s Economic Development Tax Increment Financing (EDTIF) program.
As part of the agreement, Dandy plans to bring up to 200 new high-paying jobs in Utah during the next eight years.
“Dandy has a unique business model that will be a great addition to our state,” said Ryan Starks, the Office of Economic Opportunity’s executive director. “With this expansion, the area gains high-paying jobs above the average county wage.”
Claire Manufacturing I, Inc is a newly formed subsidiary of Zima International, Inc. dba Dandy. Its mission is to create best-in-class dental restorations at a brand new, state-of-the-art in-house dental lab manufacturing facility. The new Utah facility will be the first-of-its-kind dental lab, introducing the newest technologies, advanced materials, and the best operational process.
Dandy is grateful for the opportunity to build a world-class dental lab facility in the Utah area. During a nationwide search for our site, Dandy was looking for an area with growth opportunity, high density of quality talent, and long-term partners in the local and state communities.
“The more time I’ve been able to spend in local and state communities of Utah, the more I’m convinced that Utah is the new national epicenter for dental innovation and industry,” said Carter Chang, VP of Strategy & Operations at Dandy. “Dandy is proud to be a part of this movement and to have found a home in Utah.”
Dandy may receive up to 15% of the additional state taxes it will pay over the eight-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Financing (EDTIF) tax credit (U.C.A. 63N-2-106(2)). Each year Dandy meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“This is an exciting win for Lehi that will bring high-tech production jobs to the center of Utah’s tech sector,” said Scott Cuthbertson, president and CEO of EDCUtah. “Dandy has found a great home in Silicon Slopes and will add to the economic diversity of the region.”
Tax Credit Projections
|New state tax revenue:||$5,387,919|
|EDTIF new state tax credit:||15%|
Learn more about the state’s post-performance EDTIF program here.