Tech company Workday and Royal Bank of Scotland announce Utah expansions
SALT LAKE CITY — Utah's information technology and software development industry cluster will add another member.
The Governor's Office of Economic Development announced Thursday that Workday, a Pleasanton, Calif.-based firm specializing in enterprise cloud applications for human resources and finance, plans to expand in Utah.
The company's downtown Salt Lake City facility is expected to add 500 new employees over the 15-year lifetime of the project. Earlier this year, an agreement for 250 new employees was announced. Today, the company has more than 1,500 employees worldwide.
According to the Governor's Office of Economic Development, all of the 500 new positions will pay a minimum of 125 percent of Salt Lake County's average yearly wage including benefits, totaling more than $719 million. Workday will also pay over $54 million in new state taxes over the life of the agreement.
The office's Board of Directors approved an $8.4 million economic development tax increment financing post-performance refundable tax credit, or 25 percent of the new state tax revenue, which will be paid by the company over the 15-year life of the agreement.
The office also announced that The Royal Bank of Scotland will expand for the second time in Utah. Working with the state and Taylorsville on the modification and expansion of the company's current incentive, RBS has agreed to add 50 new positions to the previous agreement for a total creation of 260 jobs.
All RBS positions will pay a minimum of 125 percent of Salt Lake County's average yearly annual wage, including benefits during the life of the agreement. The company will pay more than $21.1 million in new state taxes and will invest more than $2.6 million in capital over the incentive's 15-year lifetime.
The board approved a modified economic development tax increment financing post-performance refundable tax credit of $5.3 million, or 25 percent of the new state tax revenue paid by the company during the expansion.