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SALT LAKE CITY — The Governor’s Office of Economic Development recently announced incentives that are expected to create more than 300 new jobs over the next several years.
The GOED board of directors announced Thursday that cybersecurity firm Centrify will expand its presence in Utah and grow its engineering team, adding up to 200 jobs, $2.7 million in new state revenue and an estimated $4.5 million in capital investment.
The company has had a presence in Utah since 2014 with customer support and sales development teams. The addition of engineering teams is a result of Utah’s highly educated and skilled workforce, said CEO Tom Kemp.
“Creating jobs is the cornerstone for strengthening our national economy,” he said. “But make no mistake, we’re in a cybersecurity war, and identity is the primary attack vector, showing no signs of slowing down – and creating market demand," he said. "As we grow, we need to attract the best talent available, and Utah has very skilled candidates to enhance our product innovation and leadership.”
Centrify will create up to 200 jobs over the next five years with total wages in aggregate required to exceed 110 percent of the county average wage. Projected new state wages over the life of the agreement are expected to be approximately $69 million while projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $2.8 million over the five-year period.
The company may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate. As part of the contract with Centrify, the GOED board approved a post-performance tax credit rebate not to exceed $556,944. Each year as Centrify meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The company is working closely with the local community to determine the best location for its expansion.
The GOED board also announced that Borsight will expand its state-of-the-art airport hangar facility in Ogden, adding up to 95 jobs, $4.1 million in new state revenue and an estimated $6.3 million in capital investment.
Borsight is a prime contractor to the Air Force and NATO, where its core expertise is integrating modern avionics into legacy airframes.
The investment will provide office and shop space for at least 95 new full-time equivalent jobs and help offset some of the costs associated with significant capital investment at the airport. The associated hangar space will be sized for large aircraft and commercial airliners.
The company has pledged to create up to 95 jobs over the next seven years, with total wages in aggregate required to exceed 110 percent of the county average wage. Projected new state wages over the life of the agreement are expected to be approximately $33 million and projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $4.1 million over five years.
As part of the contract, the GOED board approved a post-performance tax credit rebate not to exceed $825,008.
Additionally, GOED announced that a2b Fulfillment will expand operations to Ogden, adding up to 75 new jobs, $12.6 million in new state revenue and an estimated $840,000 in capital investment.
The company provides logistics services.
“Utah is an excellent distribution location for servicing the West Coast,” said a2b Fulfillment president Ayal Latz. “We now will reach 94 percent of U.S. households in two days. We intend to be a great asset to the community at large, by creating jobs, investing in the community and servicing the logistics needs of both our national clients and the businesses in Utah.”
The company will create up to 75 jobs over the next five years. Projected new state wages over the life of the agreement may be up to $334 million. Projected new state tax revenues are estimated to be $12.7 million over 15 years.
a2b Fulfillment may earn up to 10 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate. As part of the contract, the GOED board has approved a post-performance tax credit rebate not to exceed $54,647. Each year as the company meets the criteria in its contract, it will earn a portion of the total tax credit rebate.
The company is also working with the local community to determine the best location for its planned expansion.
