The Governor’s Office of Economic Development (GOED) and School Improvement Network announced today a major expansion of their Salt Lake offices creating more than 700 new Utah jobs over the next decade.
“Improving education and growing Utah’s economy are two of my top priorities,” Governor Gary R. Herbert said. “With the expansion of School Improvement Network, more Utah residents will be able to secure good paying jobs, while at the same time helping our educators teach more effectively.”
Over the 10 year life of the agreement with the state, the company will pay out more than $5,960,275 in new state wages. School Improvement Network will also be a community partner in revitalizing downtown Salt Lake by transforming an abandoned building into a 21st century, green workspace.
During the life of the agreement School Improvement Network will pay more than $15,000,000 in new state taxes and will invest more than $10,000,000 in capital expansion at the Utah based offices. In addition, School Improvement Network’s annual education conference hosted in Salt Lake City will continue to draw hundreds of attendees annually, bringing in nearly $1 million in travel and tourism during the two-day conference.
“The expansion of School Improvement Network is exciting for the State for many reasons,” says Jeff Edwards, president and CEO of Economic Development Corporation of Utah, “It means new jobs for our citizens, the continued success of a Utah-founded business and the expansion of a program that helps improve education systems. It’s a win-win-win.”
As part of a contract with School Improvement Network, the GOED Board of Directors has approved a maximum cap tax credit of $3,114,789 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes School Improvement Network will pay over the 10 year life of the agreement. Each year as School Improvement Network meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.