In the fiscal year which ended June 30, 1989, the Utah Economic Development Corp. helped attract 11 companies to Utah employing 3,816 people and occupying 568,000 square feet.
The annual report said the businesses attracted in the fiscal year were Belle Vista Group, British Steel Alloys, Comtron Corp., Compeq Manufacturing Co., Continental Insurance Co., Great American West Insurance, Holiday Inns Reservation Center, O. P. Club Warehouse, J.C. Penney Telemarketing Center, Regional Telephone Directories and Sears Telecatalog Center.Attraction of these businesses to the state involved cooperation among many agencies and people including UEDC, Gov. Norm Bangerter, Utah Department of Community and Economic Development, Metro Utah Inc., Utah Valley Economic Development Association, Weber County Economic Development Corp., state employment officials, business leaders, education officials and local chambers of commerce.
The annual report said considerable time was spent by 125 volunteers, Utah Power & Light Co. and UEDC employees researching and examining possible "target" industries that would be the most likely to expand into Utah. During the current fiscal year, UEDC is advertising in trade journals of those industries.
UEDC was organized less than two years ago with a goal of attracting new business and helping existing business in Salt Lake County. It is run by a board of trustees consisting of local government representatives in the county and private business executives.
The annual report notes that on May 2, 1989, UEDC kicked off its "Target '94" campaign to raise $7 million in the next five years with local government and private business raising equal amounts.
"Target '94" requires a budget of about $1.4 million annually for each of the next five years, the annual report said, with $4.2 million to be spent on national and international development and $2.8 million to be spent on retention and expansion of existing business.
The goal of the project is to create 44,000 new jobs, increase the assessed valuation of property by $3 billion and add $2.7 billion to the economy, 380 times the $7 million investment, the report said.