SALT LAKE CITY — Fresh incentives approved by the Governor’s Office of Economic Development could produce more than 1,400 new well-paying jobs for the state's economy, according to the agency.
GOED announced Thursday that Lehi-based Canopy will expand in Utah, adding up to 538 high-paying jobs, $6.2 million in new state revenue and $7.5 million in capital investment. Founded in 2014, Canopy is a cloud-based practice management and tax resolution software firm.
As part of its agreement with the state, the company will create up to 538 jobs over the next five years with total wages in aggregate required to exceed 110 percent of the Salt Lake County average wage, according to a news release. The projected new state wages over the life of the contract are estimated to be approximately $150 million. In addition, new state tax revenues are estimated to be $6.2 million over the five-year period.
Canopy may earn up to 20 percent of the new state taxes it will pay over the life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate not to exceed $1,240,654. Each year as the company meets the criteria in its contract, it will earn a portion of the total tax credit rebate.
"As a company born and bred in Utah, we've enjoyed the resources and benefits the state provides for small and growing businesses such as Canopy," said founder and CEO Kurt Avarell. "We are committed to growing our employee base and further contributing to Utah's economy as we disrupt the tax software and services market from right here in Silicon Slopes."
GOED also announced GoHealth will expand business operations into the Beehive State, adding over 500 jobs generating $3.2 million in new state revenue and $900,000 in capital investment. Headquartered in Chicago, the company provides affordable consumer coverage and partners with health care carriers to help them provide service, a news release stated.
“Salt Lake City was a natural choice for our next office — from the city’s growing business culture to its deep talent pool, we felt it was the right fit for our latest expansion,” said Clint Jones, co-founder and CEO of GoHealth. “This new office is an exciting indication of our company’s growth, and we greatly look forward to becoming a part of the local business community.”
The Salt Lake City office will be focused on providing customer support for both consumers and partners across the U.S. The company will create up to 363 full-time jobs over the next five years, as well as 150 part-time and seasonal positions. Total wages in aggregate are required to exceed 110 percent of the Salt Lake County average wage and projected new state wages over the life of the agreement are expected to be approximately $84 million with projected new state tax revenues estimated to be $3,216,488.
Like Canopy, GoHealth may earn up to 20 percent of the new state taxes the company 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, which cannot exceed $643,298.
Meanwhile, the GOED board also approved five new projects for state film incentives that are expected to generate an estimated economic impact of $15.6 million and create nearly 400 local jobs.
A Springville-based fantasy television series, "The Outpost," is expected to spend an estimated $5.5 million in the next year to produce its second season this summer, a news release stated. The first season is scheduled to premiere on the CW Network in July.
"We are thrilled to be shooting our upcoming season of ‘The Outpost' in Utah," said producer and creator Jason Faller. "The Utah TV crew are brilliant and highly proficient, the landscapes are breathtaking and the Utah Film Commission has been instrumental in our decision to stay in Utah. We hope to build, expand and employ here in Utah for years to come."
Another television series, "Dwight in Shining Armor," has begun production in Salt Lake City and is scheduled to continue through the summer, the release stated. The children’s series will create almost 100 jobs and is expected to air on BYUtv. Additionally, two independent features — "Green Olds" and "The Happy Worker" — will each begin production later this summer. Combined the shows are expected to spend over $7 million and create close to 250 film industry jobs.Comment on this story
Lastly, "Shoelaces for Christmas" has been approved under the Community Film Incentive Program that supports smaller, local projects. The film is estimated to spend $500,000 and also be in production this summer.
“2018 is looking to give Utah another busy summer in film production," said Utah Film Commission Director Virginia Pearce. "Films made in Utah contribute to both the creative and economic economy and the artistry and professionalism of our crews are a big reason why production companies keep coming back.”