Today, the Utah Governor’s Office of Economic Opportunity awarded Lakeshore Learning a post-performance tax reduction for its expansion opportunity in Box Elder County. The corporate incentive is part of the state’s Rural Economic Development Tax Increment Financing (REDTIF) program.
As part of the incentive, Lakeshore Learning projects to add over 540 new, high-paying jobs and invest about $62,000,000 in rural Utah in the next 10 years. The company will also receive an Industrial Assistance Account (IAA) non-matching grant of up to $1,000,000 for infrastructure development and talent development.
“We are thrilled to welcome a renowned company such as Lakeshore Learning to Utah,” said Ryan Starks, executive director of the Utah Governor’s Office of Economic Opportunity. “The company is a great match for Utah with our shared priorities and focus on education, our value of teachers and schools, and our emphasis on families and their diverse needs. We look forward to seeing the positive impact Lakeshore Learning will continue to make on the education landscape for Utah and beyond.”
Lakeshore Learning is a leading developer and retailer of top-quality learning materials and innovative furniture for early childhood education programs, elementary schools, and homes nationwide. The company has proudly served educators, students, and parents since 1954, and teachers design its products to help students reach developmental and academic milestones.
“We are excited by Utah’s strong sense of community and the state’s deep-rooted tradition of supporting families, education, and businesses similar to ours,” said Artin Ghazarian, chief distribution and logistics officer at Lakeshore Learning. “It feels like we have found a home here, and we’re eager to become an active part of the local community.”
In addition to the furniture and materials the company creates, it also provides a wide range of services to support the educational community, including professional development training for teachers; classroom design, delivery, installation; and customized product design to support entire school districts and specialized education programs. The thriving multichannel organization has a robust web business, multiple catalogs for early learning and elementary programs, 62 store locations, and a sales force that is second to none.
“We’re excited to welcome such a wonderful family-owned company to family-friendly Box Elder County,” said Stan Summers, Box Elder County commissioner. “We are grateful Lakeshore Learning chose Box Elder County and the state of Utah for its newest location.”
“Lakeshore Learning is an excellent example of the type of company we want to partner with to create lasting prosperity in Utah,” said Scott Cuthbertson, president and CEO of EDCUtah. “Not only is it stimulating the economy through significant capital investment in rural Utah, but it’ll also be manufacturing educational products to be distributed nationwide and giving back to the local community in meaningful ways.”
Tax Credit Projections
|New state tax revenue:||$18,934,522|
|REDTIF new state tax credit:||30%|
Learn more about the state’s post-performance REDTIF program here.