SALT LAKE CITY — New state incentives could bring hundreds of jobs to Utah over the next several years.
The Governor’s Office of Economic Development Thursday announced Sarcos Robotics, a company that develops robotic systems that augment humans working in the industrial, public safety and military sectors, was awarded tax-increment financing. The company will use the resource to expand in Utah, adding up to 292 jobs along with $6.1 million in new state revenue and $2.4 million in capital investment.
Sacros was founded in the early 1980s as a spinout of the University of Utah. The firm innovations are used in a wide variety of applications ranging from advanced humanoid robots and theme park animatronics to the robotic fountain at the Bellagio Hotel in Las Vegas. Currently, the company is focused on the commercialization of three energetically autonomous, highly mobile and dexterous robot products.
“Sarcos is growing rapidly — we’ve doubled our workforce in the last year as we realize our vision of delivering robotic systems that simultaneously reduce the risk of workplace injuries while also increasing productivity and efficiency,” CEO Ben Wolff said in a news release. “The GOED award will support our continued growth of our team in Utah and address the unmet global demand for robotic systems that create the safest, most productive workforce possible.”
The company is expected to create up to 292 high-paying jobs over the next eight years with total wages in aggregate required to exceed 110 percent of the Salt Lake County average wage. The projected new wages over the life of the agreement are expected to be approximately $58.6 million, with new state tax revenues resulting from corporate, payroll and sales taxes estimated to be $6.2 million over five years.
Sacros may earn up to 20 percent of the new state taxes in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate. As part of the contract, the GOED board of directors approved a post-performance tax credit rebate not to exceed $1.2 million.
GOED also announced that Moog Inc. will expand its Utah operations, adding up to 120 jobs, $4.9 million in new state revenue and $2.23 million in capital investment.
Founded in 1951, Moog is a designer, manufacturer and integrator of high-performance precision motion and fluid controls, along with systems for a range of applications in the aerospace, defense, industrial and medical markets.
Moog plans to add the jobs within its existing facility in Salt Lake County and bring to Utah the assembly and testing of a new turreted weapon system called the Reconfigurable Integrated-weapons Platform.
“We are excited about this new product and to be hiring additional talented personnel in Utah,” Jon Liddle, director of Moog Defense Sector Operations and Supply Chain, said in a news release.1 comment on this story
The company will create up to 120 jobs over the next 10 years with total wages required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $73.8 million, with projected new state tax revenue estimated to be $4.9million over the 10-year period.
Moog may earn up to 20 percent of the new state taxes it will pay during 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 approved a post-performance tax credit rebate not to exceed $980,754.