The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Traeger Pellet Grills LLC will expand its headquarters in Salt Lake City, Utah, creating up to 120 new high-paying jobs in the next seven years.
“As Traeger continues to grow, so does the popularity of its products,” said Val Hale, GOED’s executive director. “We’re glad to have such a well-known product headquartered in our own backyard. A unique part of this new expansion is that its new facility will be located in an Opportunity Zone, which will help revitalize the Granary District of downtown Salt Lake. We wish Traeger all the best with this expansion and its continued growth.”
Headquartered in Salt Lake City, Traeger designs, manufactures and sells wood pellet grills and related products. The company is a leader in the pellet grill category and a well-known brand in the grill industry. Traeger continues to innovate new technology solutions, such as Wi-Fi-enabled grills. The company has a large selection of wood pellets, rubs, recipe books, and one of the most downloaded cooking apps.
“Traeger’s culture and growth has been shaped by all the amazing things Utah has to offer,” said Jeremy Andrus, Traeger Grills CEO. “The opportunity to expand our worldwide headquarters in the Granary District is exciting; the space speaks to the innovation that’s core to Traeger’s DNA. We’re thrilled to continue growing our brand and giving back to Utah – both in new jobs and incredible food.”
Traeger may earn up to 15% 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 $882,430. Each year that Traeger meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“It’s not surprising that, in these times, a manufacturer of cooking equipment for the home market should be on a sharp upward growth trajectory,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “We are pleased that Traeger Grills is choosing to continue their expansion in Utah.”
State of Utah Tax Credit by the Numbers
|Capital Investment||$24 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.