Clients eat lunch and work in their spaces at Kiln, a co-working community at The Gateway in Salt Lake City, on Monday, Feb. 8, 2021. Kiln provides flexible monthly memberships with access to an office environment for individuals, teams and companies.

Steve Griffin, Deseret News File

New jobs are coming to Utah as several companies expand with state tax initiative

By Lauren Bennett, | Posted - Apr. 9, 2021 at 2:33 p.m.

SALT LAKE CITY — Over the next 15 years, up to 300 new high-paying jobs could be coming to the state as four companies have partnered with the Utah Governor's Office of Economic Development in a tax credit agreement. To qualify for the tax credit, eligible companies agree to meet certain parameters from the state, like bringing in new jobs and development, and in return they get their tax refund of up to 30%. If the business doesn't meet the requirements, the tax credit is off the table.

Here's a look at what companies are coming to the state and an estimate of how many jobs each will bring.

Denali Therapeutics to bring 100 jobs to Salt Lake City

California-based Denali Therapeutics is a biotechnology company that works toward developing medicines to treat neurodegenerative diseases, like Alzheimer's, Parkinson's and Lou Gehrig's disease. It will soon be expanding its offices to Salt Lake City.

"This is an exciting time as our pipeline of potential treatments for neurodegenerative diseases continues to advance and we have a need to build additional capabilities to meet our anticipated development program needs," said Denali co-founder and CEO Ryan Watts in a news release.

The company can earn up to 15% of the state taxes it will pay over the 10-year agreement, with a $1,355,894 cap on the number Denali can get back.

The company is expanding to Salt Lake City where other biotech companies, like Recursion Pharmaceuticals, are based.

"After consideration of multiple locations for expanding our footprint, we decided that Utah offers the best overall environment and we look forward to being part of the growing life science community there," Watts said.

It's anticipated Denali will bring 100 new jobs to the state over the next decade and over $100 million in wages and over $9 million in tax revenue.

Salt Lake City Mayor Erin Mendenhall said she supports the expansion and looks forward to their innovation in "Tech Lake City."

"The company will play a critical role in expanding the life sciences industry in our community and their work to combat neurodegenerative diseases will be beneficial to the future of global public health," she said.

Plastic Ingenuity to bring 96 jobs to Tooele

Wisconsin-based Plastic Ingenuity will soon open an office in Tooele and bring up to 96 high-paying jobs over the next 15 years as part of their agreement with the economic development office.

The company is a leading thermoformer in North America and creates solutions for packaging products, from design to manufacturing.

"Plastic Ingenuity has been searching for the right location to accelerate our growth for quite some time, and we believe we have found the ideal match in Tooele, Utah," said Sakif Ferdous, chief marketing officer of Plastic Ingenuity.

After investigating municipalities in seven west coast states, Ferdous said Tooele was the obvious choice since it had "the right combination of access to a well-trained employee base, strong public education system, and a business-friendly environment."

As part of its agreement with the GOED, the company can earn up to 15% in a state tax credit with a $1,239,466 cap. It's protected they will bring more than $86 million in wages to the state and over $8 million in tax revenue.

Tooele city government welcomes the development and are excited for the company to "bring its culture and community" to the area, Tooele Mayor Debbie Winn said.

"Plastic Ingenuity is growing at a rapid pace, and we're glad they have chosen Utah to help with the growth," said Dan Hemmert, GOED's executive director. "We're excited to see this project come to Tooele and the opportunities that will be provided by its growth."

CaptiveAire to bring 50 new jobs to St. George

North Carolina-based CaptiveAire, which also has a West Valley office, is partnering with the state to bring up to 50 new jobs to St. George over the next seven years.

CaptiveAire is a commercial and industrial HVAC and kitchen ventilator manufacturer that works with private and public institutions such as restaurants, schools and military facilities.

The company's application engineering team is based in St. George, and the president and founder of CaptiveAire Bob Luddy said they are excited to expand in the area by opening up a large office and research lab.

"This expansion will create high-paying jobs in sales, engineering, and management," said Dan Hemmert, GOED's executive director. "We wish the company success as they continue to grow."

As part of its agreement with the state, the manufacturer can earn up to 20% of its state taxes back with a $133,786 cap. Projections show CaptiveAire could bring more than $4.6 million in wages and $668,931 in tax revenue.

Sunwest Bank to bring 63 jobs in Sandy expansion

Sunwest Bank has partnered with the state to bring up to 63 new jobs over the next five years for a 20% tax return of up to $524,523.

The bank serves the western U.S. and I known for serving "entrepreneurs, small-medium businesses, privately held corporations, family offices, real estate developers, and investors," according to a news release.

"Sandy City is home to several business and financial service companies and welcomes Sunwest Bank as a part of a growing and successful corporate community in The Cairns District," said Nick Duerksen, Sandy City economic development director.

Projections show the bank could bring in $26 million in wages and over $2 million in tax revenue.

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