One of the country's largest investment banks has agreed to bring nearly 700 new jobs to Utah by next year following the approval of a multimillion-dollar expanded incentive offer.
Under the modified incentive plan approved Thursday by the Governor's Office of Economic Development Board, Goldman Sachs will receive up to $47.3 million in tax credits over the next 20 years. About a year ago, the board approved a $20 million tax credit incentive.
The original incentive was based on the company adding 375 full-time workers in Utah. The modified incentive boosts that figure by 315 to 690 new jobs. By the end of 2010, the firm expects to reach a head count of up to 1,040 in Utah.
"Average salaries for these highly skilled employees will be in excess of 150 percent of the annual Salt Lake County average wage, including company-contributed health benefits," GOED said in a news release. "The firm expects to pay $1.7 billion in new state wages over the 20-year life of the agreement."
During Thursday's board meeting, Jerry Oldroyd, chairman of the GOED incentives subcommittee, said the average salary for the new jobs would be about $85,000.
The New York-based company is expected to invest up to $51 million in construction and technology costs to accommodate the expansion. It also anticipates hiring a significant percentage of Utah residents through the general labor market and local university system, company spokeswoman Gia Moron told the Deseret News.
"We're looking for the best and brightest across the board," she said.
"Our growth in Utah is a validation of Utah's strong talent pool, its robust business environment and infrastructure," David Lang, managing director of the Salt Lake City office of Goldman Sachs, said in the release. "This region is an important part of our business and we look forward to expanding and building out more opportunities here."
Goldman Sachs opened its Utah operations in August 2000 with a regional office in Salt Lake City in addition to a local branch of Goldman Sachs Bank USA. In 2008, the firm employed approximately 500 people in its office located in Research Park at the University of Utah.
Besides the Goldman expansion, the board on Thursday also approved a $169,900 tax credit for blood management company Haemonetics Corp. for a proposed facility in Draper. The company, based in Braintree, Mass., will spend $17 million to establish a West Coast manufacturing facility for its blood and plasma processing consumables in Salt Lake County.
The company expects to hire 154 new full-time employees in the near-term, with 220 workers at the facility by 2014, the released stated.
The board also approved the cash rebate incentives for two motion pictures to be filmed in Utah. The first was for $30,000 for the Aesop Pictures drama "Timed Out." The second rebate of $206,000 was for the German made-for-television suspense film titled "Remember I Will Always Love You."
e-mail: jlee@desnews.com