The Utah Governor’s Office of Economic Opportunity (Go Utah) is pleased to announce that Revman International, Inc. will expand in Grantsville, Utah, bringing up to 70 new high-paying jobs in the next 10 years.
“Revman’s new distribution center will improve speed to consumers and reduce the cost for retailers,” said Dan Hemmert, the Office of Economic Opportunity’s executive director. “We’re excited they have chosen to grow in Tooele County and for the opportunities they’ll bring to the area.”
Revman is a leading distributor of bedding, bath, and home decor products, sold under a portfolio of licensed, globally-known brands. Some brands in the portfolio include Nautica, Vera Wang, Eddie Bauer, Laura Ashley, and Tommy Bahama.
“We’re delighted about the possibility of opening a new facility in Grantsville,” said Cecil Moore, COO of Revman. “Revman is a leader within the home textiles business and especially within the industry’s e-commerce sector. The new facility will help us serve our customers and the end consumer faster and more efficiently. This investment is another example of our commitment to the continued success and growth of our business with our retailers and customers while constantly working to improve our overall customer service. We’re excited about this new chapter for our company, and we look forward to working with all the residents of Tooele County.”
Revman may receive up to 15% of the additional state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Finance (REDTIF) tax credit. Each year that Revman meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“In the home goods market, speed of delivery to the retailer and end customer is critical,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “Opening a distribution center in Utah makes Revman more competitive for the West Coast market and reduces freight costs. We look forward to their continued expansion.”
”We’re excited to welcome Revman International to the LakeView Business Park — a development that will benefit everyone with jobs and opportunity for Tooele Valley residents,” said Grantsville Mayor Brent Marshall. “It’s another major business coming to Grantsville, and we look forward to establishing new business relationships with great companies like Revman International.”
State of Utah Tax Credit Projections by the Numbers
|Capital investment||$4 million|
|Projected new state tax revenue||$2,917,865|
|EDTIF new state taxes||15%|
About Rural Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits to promote rural businesses development. The rural incentive program is called Rural Economic Development Tax Increment Finance (REDTIF). Eligible companies work with the Utah Governor’s Office of Economic Opportunity to outline specific performance criteria, including capital investment and new high-paying jobs. Once the office confirms those criteria have been met, according to statute (U.C.A. 63N-2-104(c)(ii)), companies can receive a refund of up to 50% of the new state taxes they paid for up to 20 years. The contract with the state is post-performance. Utah does not provide up-front REDTIF cash incentives. The state offers a state tax credit only if the company meets its obligations.