The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Misfits Market will locate its West Coast headquarters in Utah, creating up to 105 new, high-paying jobs in the next five years.
“Misfits Market has a unique business model that is helping solve our global food waste problems,” said Val Hale, GOED’s executive director. “With this growth, Utah residents will have access to over 400 types of food items at a 30% to 40% discount. We look forward to watching this company grow and are glad they decided to establish operations in our state.”
Misfits Market is a direct-to-consumer grocery delivery service committed to breaking the cycle of food waste. The company rescues sustainable produce and surplus pantry staples that otherwise would have gone to waste. Subscribers get access to great deals on high-quality grocery items and organic fruits and vegetables, delivered to their door for up to 40% less than traditional grocery store prices.
Misfits Market 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 credit. The GOED Board has approved a post-performance tax credit not to exceed $429,601. Each year that Misfits Market meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“The decision by Misfits Market to locate in Utah epitomizes the strengths of our logistics and distribution industry, and the geographic good fortune we enjoy as the ‘Crossroads of the West,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “With heightened focus on questions of supply chain and food security, Misfits Market is a very welcome addition to our state’s economy.”
“We are thrilled Misfits Market has chosen West Jordan as the permanent location for its new distribution and customer service facility,” said Dirk Burton, Mayor of West Jordan. “This project aligns well with the many food-based, manufacturing and distribution centers already operating in West Jordan and reflects continued confidence in the city’s stable business environment and excellent workforce.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$25 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.