SALT LAKE CITY — A trio of companies has announced plans to expand operations in the Beehive State, bringing with them an estimated 1,100 new jobs.
The School Improvement Network announced a major expansion of its Salt Lake offices, creating more than 700 new jobs over the next decade.
Indus Valley Partners and Nature Food Products also will expand operations into Utah, bringing 400 new jobs in the financial services and food processing sectors, the Governor’s Office of Economic Development announced Thursday.
The School Improvement Network provides tools and resources to educators to help them improve their teaching ability and meet the needs of all students.
Over the 10-year life of the agreement, the company will pay out more than $5.9 million in new state wages. Approximately 470 of the new jobs that are being incented by GOED and will pay at least 125 percent of Salt Lake County’s average annual wage including benefits. The additional 230 jobs will have a variety of pay rates as they are created over the coming years.
During the life of the agreement, the School Improvement Network will pay more than $15 million in new state taxes and invest more than $10 million in capital expansion at the Utah-based offices.
The GOED board approved a maximum cap post-performance tax credit of $3.1 million, which is 20 percent of the net taxes the School Improvement Network will pay over the 10-year life of the agreement. Each year as the company meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.
The School Improvement Network will also be involved in transforming an abandoned downtown Salt Lake City building into a 21st-century green workspace. Located on the corner of 700 South and West Temple, the renovation will not be part of the agreement but is an additional way the company is contributing to local economic growth, explained public relations manager Abigail Shaha.
“We are honored to receive this incentive and share in the governor’s vision of helping Utahns achieve a better education and quality of life,” said Chet Linton, chief executive officer and president of the School Improvement Network.
Indus Valley Partners, a provider of technology solutions to alternative asset managers in the financial services industry, will open a Utah office creating 200 new jobs. The company, with offices in London, New York, New Delhi and Mumbai, employs more than 380 people who manage more than $630 billion for 85-plus clients worldwide.
“Utah has done an impressive job of attracting both technology and financial services firms,” said Indus Valley Partners CEO Gurvinder Singh. “As a provider of financial technology solutions experiencing strong growth, we selected Utah as a second delivery office to enable IVP to strengthen its client service teams, as well as create a core development hub for some add-on product modules.”
The state and the company have entered into an 11-year agreement during which the company will pay out more than $91.9 million in new state wages. All of the incented jobs will pay at least 125 percent of Salt Lake County’s average annual wage, including benefits.
During the term of the agreement, Indus Valley Partners will pay approximately $5.3 million in new state taxes and will invest more than $500,000 in capital expansion at its Utah-based offices.
“Utah is increasingly known as the emerging Wall Street of the West,” Gov. Gary Herbert said. “The opening of the new office by Indus Valley Partners demonstrates the capabilities of Utah’s educated and hardworking workforce, and their contribution to the strength of Utah’s growing economy.”
As part of a contract, the GOED board of directors approved a maximum cap tax credit of nearly $1.1 million in the form of a post-performance Economic Development Tax Increment Finance incentive, which is 20 percent of the net taxes Indus Valley Partners will pay over the 11-year life of the agreement. Each year as the company meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.
Meanwhile, Nature Food Products also announced the opening of a new facility based in Utah that will create at least 200 new jobs. Nature Food Products is an advanced food processing facility with plans to be a fully transparent meat company that specializes in producing safe, humanely handled, high-quality foods for consumers.
Over the 10-year life of the agreement with the state, the company expects to pay more than $90 million in new wages and approximately $6 million in new state taxes, as well as investing more than $20 million in initial capital expansion at its Utah-based facilities. The company is considering several locations in rural Utah, but a specific location has yet to be determined.
All of the incented jobs would pay at least 100 percent of the county’s average annual wage, including benefits.
“We are pleased to see Nature Food Products’ commitment to expand to Utah,” said Jeff Edwards, president and CEO of the Economic Development Corp. of Utah. “The company will be a great addition to our growing and vibrant manufacturing community.”
As part of the contract, the GOED board approved a maximum cap tax credit of $1.4 million in the form of a post-performance Economic Development Tax Increment Finance incentive — 20 percent of the net taxes the company will pay over the life of the agreement.
“The expansion into Utah by Nature Food Products shows the great strengths that Utah possesses not only in location, but also in infrastructure and workforce,” said Spencer Eccles, GOED executive director. “These new manufacturing facilities will strengthen Utah’s economy and support Utah’s progress as a global agricultural business destination.”
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