Salt Lake City (Dec. 27, 2018) The Utah Governor’s Office of Economic Development (GOED) encourages businesses to apply for the Targeted Business Tax Credit (TBTC). The program promotes private investment and job creation in rural Utah counties with populations less than 25,000 people.

“The Targeted Business Tax Credit is one of the tools in the toolbox that is largely underutilized. We are committed to changing that," said Ginger Chinn, GOED managing director of urban and rural business services.

The TBTC program encourages local businesses to make investments in rural communities. Businesses with projects that meet established criteria may receive up to $100,000 in a refundable tax credit. The total available for all TBTC projects in 2019 is $300,000.

The application and certification processes are completed through GOED. The tax credit reimbursement is issued through the Utah State Tax Commission for businesses that meet benchmarks and new-hire goals. The tax credit can be collected regardless of whether or not the business has a state tax liability.

Interested businesses should apply for the tax credit through GOED from Jan. 1 through Feb. 1, 2019.

To learn more about the program, and see if your business qualifies, visit business.utah.gov/rural.

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Here’s an example of how the Targeted Business Tax Credit works:

ABC company manufactures widgets and is located outside of Price, in Carbon County near the airport (which is located in an Enterprise Zone). They are ready to make a significant expansion/capital investment (of at least $100,000) in the company and hire 10 new full-time employees.

ABC company applies in 2019 during the open application period for the TBTC, and because their project will make a significant impact to the local community, their application is approved and they are authorized to receive the maximum refundable tax credit of $100,000.
In September 2019, the company purchases two large pieces of equipment totaling $200,000 and hires 10 full-time employees. In February 2020, ABC company contacts GOED to complete the submission process. They provide the required information, and via the completed tax returns, it turns out for the tax year of 2019, they don’t owe any state taxes. If all of the requirements are met with proper documentation, the state tax commission will issue a tax refund check of $100,000 to ABC company.

Businesses in the following categories are not eligible for the TBTC:
– Construction
– Retail
– Public utility activities

Does my business qualify?
– The business needs to be located within a current Enterprise Zone. If you’re unsure, talk with your local economic development director or visit locate.utah.gov.
– The business needs to employ at least 51 percent of employees (including new hires and current employees) at a facility located in an Enterprise Zone, or in an Enterprise Zone that is immediately adjacent and contiguous to the county where the project is located.

About Utah Governor’s Office of Economic Development
business.utah.gov

Under the direction of Governor Gary Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.
[end] ]]> 8789 https://cachevalleyinfo.com/2018/12/27/rural-initiatives-to-change-the-landscape-of-economic-development/ Thu, 27 Dec 2018 15:17:23 +0000 https://cachevalleyinfo.com/2018/12/27/rural-initiatives-to-change-the-landscape-of-economic-development/ Read more…]]> SALT LAKE CITY (Dec. 27, 2018) — During the 2018 Utah General Legislative Session, H.B. 327 and H.B. 390, the Rural Online Initiative (ROI) and the Rural Economic Development Incentive (REDI) respectively, were signed into law by Gov. Gary R. Herbert changing the landscape of rural economic development.

These programs were created as companion bills to spur economic activity in Utah’s struggling rural counties and move the state closer to attaining the goal of the governor’s 25k Initiative.

The Utah Governor’s Office of Economic Development (GOED) was tasked with administering the REDI program which is designed to incentivize businesses that create jobs locally, remotely, online, or in a “satellite hub” in counties of the fourth, fifth or sixth class (populations of less than 31,000).

The funding for the ROI was appropriated to Utah State University Extension for program development and delivery across targeted rural counties. The focus of the ROI program is to provide Utah’s rural workforce and businesses with education, training, and services for online opportunities in remote employment, freelance work, and e-commerce.

The ROI program’s first product is the Master Remote Work Professional, a blended course, combining online work with interactive workshops. This certificate course is designed to equip participants with the tools and skills needed to transition from on-site work into a remote work career. More information can be found at remoteworkcertificate.com.

Both the REDI and the ROI programs collaborate with the Department of Workforce Services (DWS), associations of governments, economic development leaders and other county and city leaders to open doors for remote employment with existing businesses along the Wasatch Front. Remote work provides people who prefer to live in rural communities with the same work opportunities they would have if they lived in Utah’s metro areas.

The partnership between REDI and ROI are outlined below.
• ROI will identify, recruit, train and mentor a community of qualified remote workers.
• GOED, in cross-collaboration with ROI, will work with DWS to establish a class of remote-friendly companies along the Wasatch Front, assist companies in developing plans for remote job opportunities, and fill these jobs with qualified applicants with remote work experience.
• For businesses that have successfully created higher-than-average paying jobs in the small rural counties of Utah, the REDI grant gives $4,000 to $6,000 for each new position.

Economic and environmental advantages to this partnership between ROI and GOED include:
• Access to affordable housing in rural Utah.
• Reduced commute times and reduced traffic resulting in lower congestion, cleaner air and reduced consumption of fossil fuels.
• Stimulated economy in rural areas of Utah through property taxes, sales and use tax, higher average county wage and income tax base, and tourism.
• Business sustainability in times of disaster or social conflicts as workers in remote locations can often remain online.

The partnership between the Governor’s Office of Economic Development’s REDI program and Utah State University’s ROI program aims to ease the strain of growth and expansion along the Wasatch Front. Dispersing jobs outside of high-density business sectors will allow for reduced commute times, broader recruitment areas, cleaner air from reduced traffic, and more balanced wage and employment rates across the state. These programs are expected to reduce unemployment, underemployment and poverty levels in rural Utah through increased income opportunities.

# # #

About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov

Under the direction of Gov. Gary R. Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.
[end] ]]> 8773 https://cachevalleyinfo.com/2018/12/19/utah-opportunity-zones-benefit-from-new-consultant/ Wed, 19 Dec 2018 15:16:19 +0000 https://cachevalleyinfo.com/2018/12/19/utah-opportunity-zones-benefit-from-new-consultant/ Read more…]]> Salt Lake City (Dec. 18, 2018)—The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that the Utah Association of Counties (UAC) has been selected to spearhead Utah Opportunity Zone planning and implementation.

UAC will work with GOED in partnership with the Sorenson Impact Center and Patrick Mullen, a consultant, to help ensure that capital from Opportunity Funds are targeted to Opportunity Zones, including those in rural and underserved communities, throughout the state. UAC and Sorenson’s responsibilities will be threefold: engaging and educating rural communities housing Opportunity Zones, developing marketing content and strategies for Opportunity Zone economic development, and connecting local officials and stakeholders with prospective investors.

GOED will utilize UAC and Sorenson’s expertise to assist local communities in creating and packaging Opportunity Zone investments for nationwide investors. A GOED grant will be used to fund Mullen’s involvement.

“We look forward to working with Patrick, the Utah Association of Counties and the Sorenson Impact Center. The partnerships and alignment of resources will be very beneficial to our rural communities,” said Ginger Chinn, GOED managing director of urban and rural business services.

In Utah, 46 zones were designated as Opportunity Zones, 19 of which are in rural communities. These zones represent areas that are prime for potential investment.

“We have tremendous opportunity to drive significant economic development in our state,” said Adam Trupp, Utah Association of Counties CEO. “UAC stands ready and able to work with county economic development directors and others in their efforts to attract business, create jobs and generate positive investments in our counties.”

“We know many of the players in the Opportunity Zone arena, from investors to nonprofits to community organizations across the country,” said Hewson Baltzell, CEO of Sorenson Impact Center. “We are excited to partner with GOED and UAC, lend our experience, and help use this innovative new financing program to create a positive social and economic impact for rural Utah.”

This announcement follows President Trump’s statements last week directing all federal agencies to direct funds towards distressed communities throughout the nation. The Utah Opportunity Zones, identified earlier this year by Gov. Herbert, were selected to encourage companies to invest in Utah by offering economic incentives.
Opportunity Zones are part of President Trump’s larger Revitalization Council that will coordinate efforts across the federal government to deliver jobs, investment and growth to communities in need. The zones are located in both urban and rural communities throughout the U.S. and are intended to bolster economic activity by offering incentives for growth.

Opportunity Zones are designed to spur private investment to revitalize hurting communities and unleash their economic potential while helping drive economic growth and lift-up communities that have been left behind.

Patrick Mullen is the former managing director of impact investing at the Sorenson Impact Center, bringing unique experience in working with both UAC and Sorenson. At Sorenson, Mullen worked on more than $100 million of private investments with leading foundations, family offices and impact investing firms. He began his career with The University Venture Fund and The Goldman Sachs Group, Inc. Mullen remains active in the community, serving as a board member for Westminster College’s Center for Entrepreneurship, a venture partner with Arctaris Impact Fund (a Boston-based growth debt fund), and in working with Salt Lake County’s Economic Development Division.

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About the Utah Governor’s Office of Economic Development (GOED)
business.utah.gov
Under the direction of Gov. Gary R. Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.

About Utah Association of Counties
The Utah Association of Counties (UAC) is a voluntary, statewide organization supported by the 29 counties of Utah. The Association’s mission is to advance county issues with the state and federal government, improve public understanding of county government, assist all 29 counties to develop and share solutions through research and education, and provide effective support services to county officials that foster public trust and improve the efficiency of county government.

About Sorenson Impact Center
The Sorenson Impact Center is a think-and-do tank at the University of Utah’s David Eccles School of Business. The Center’s mission is to marshal capital for social good, empower data-driven programs, break down silos across sectors, and equip the next generation of leaders with social purpose.

“Amer Sports Winter & Outdoor’s presence and corporate culture elevates both Northern Utah and the state’s outdoor industry,” said Val Hale, executive director of GOED. “Working with the Utah Office of Outdoor Recreation, led by Tom Adams, we are grateful that Amer Sports Winter & Outdoor, a company that houses well-known brands such as Salomon, Atomic, Arc’teryx, Mavic, Suunto, Armada and Peak Performance, has chosen to expand its U.S.A. Winter & Outdoor headquarters here in the state.”

Amer Sports, the parent company of Amer Sports Winter & Outdoor, is a sporting goods company with internationally recognized brands including Wilson and Precor, in addition to the Winter and Outdoor brands. The company’s technically advanced sports equipment, footwear, and apparel improve performance and increase the enjoyment of sports and outdoor activities.

“We have built a partnership with the city of Ogden, Weber County and the State of Utah and are excited to announce the expansion of our operations,” said Bill Kirchner vice president & general manager of Amer Sports Americas.

“Our brands play an integral role in the outdoor and winter sports community by inspiring consumers to live active and healthy lifestyles. We value the unique opportunity Utah provides us to engage with skiers, snowboarders, runners, bikers and hikers and are proud to call Utah our home”

“Ogden has been fortunate to have Amer Sports Winter & Outdoor in our community since 2007,” said Mike Caldwell, mayor of Ogden City. “The city’s unparalleled access and strategic location to outdoor recreation is an undisclosed advantage to this internationally known company. We are fortunate that Amer Sports Winter & Outdoor is a great community partner, and we look forward to strengthening our relationship.”

Amer Sports Winter & Outdoor plans to create up to 155 jobs over the next 10 years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $43,576,270, which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues, as a result of corporate, payroll and sales taxes are estimated to be $6,570,270 over 10 years.

“Amer Sports Winter & Outdoor and Utah go way back—the company helped establish the outdoor industry here in the state and solidified our brand as a destination for outdoor enthusiasts,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We’re grateful for its continued, expanding presence.”

Amer Sports Winter & Outdoor may earn up to 20 percent of the new state taxes they will pay over the 10-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Amer Sports Winter & Outdoor, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,314,054. In addition to the EDTIF post-performance tax credit the company was also approved for an Industrial Assistance Fund post-performance grant of up to $300,000 for the retention of current employees, not to exceed $2,000 per employee. Each year that Amer Sports Winter & Outdoor meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Amer Sports Winter & Outdoor is expanding its headquarters in Ogden and will build a new distribution center within the State of Utah, at an undetermined location that will be announced at a future date.

###

About the Utah Governor’s Office of Economic Development (GOED)

business.utah.gov

Under the direction of Gov. Gary R. Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.

About Amer Sports

amersports.com

Amer Sports, the parent company of Amer Sports Winter & Outdoor, is a sporting goods company with internationally recognized brands including Salomon, Arc’teryx, Peak Performance, Atomic, Mavic, Suunto, Wilson and Precor. The company’s technically advanced sports equipment, footwear, and apparel improve performance and increase the enjoyment of sports and outdoor activities. The Group’s business is balanced by its broad portfolio of sports and products and a presence in all major markets.

Over 650 of the nation’s best boxers, aged 8 to 40, will step into the ring beginning Dec. 4 looking for their chance to win a national title. This year’s tournament will also serve as the first qualifier to the 2020 Olympic Trials for Boxing for those boxers in the elite division (19-40).

Winners in the junior (15-16), youth (17-18) and elite division will earn spots on USA Boxing’s High-Performance Squad, which will give them the opportunity to attend training camps at the United States Olympic Training Center in Colorado Springs, Colo., as well as represent Team USA in international competition in 2019. Boxers in the prep divisions (8-14) will earn valuable ranking points for the next year.

"We are looking forward to returning to Salt Lake City for another year of amazing boxing," stated USA Boxing Executive Director Mike McAtee. "These championships are an important step towards qualifying to Team USA and their chance to try and qualify to the Tokyo 2020 Olympics, as well as earn a place on our high performance squad for our younger boxers."

USA Boxing will kick off the weeklong tournament with a press conference on Monday, Dec. 3 in Room 155 at the Salt Palace Convention Center. Local Utah boxers, World Championship medalists, as well as alumni of USA Boxing are expected to speak. A list of speakers will be announced closer to the day of the press conference.

Boxing will begin on Tuesday, Dec. 4 with two sessions, noon and 6:00 p.m., and will be free to the public until finals. Two sessions will continue through Thursday, Dec. 6, with Friday, Dec. 7 having just one noon session. The championships will conclude with the junior and youth finals beginning at 3:00 p.m., followed by the elite championship bouts starting at 6:00 p.m. Tickets will be available for purchase throughout the week at the venue or at the door prior to the start of the finals.

USA Boxing and the USA Boxing Alumni Association will also host its second annual Alumni Association Hall of Fame Reception at the Radisson Hotel (215 S. Temple St.) on Friday, December 7. Visit teamusa.org/usa-boxing/alumni for more information.

SALT LAKE CITY (Nov. 27, 2018)—Boeing has announced that it is granting the Utah STEM Foundation $75,000 to support the Utah STEM Action Center (STEM AC) in launching the “Utah STEM Collective Impact” study.

“We are ecstatic about Boeing’s level of commitment to STEM education in the State of Utah,” said Allison Spencer, director of the Utah STEM Foundation. “Boeing has been an industry champion, working with many key stakeholders to assess the effectiveness of our efforts in STEM education and talent development.”

The “Utah STEM Collective Impact” analysis focuses on the impact of STEM education efforts to prepare Utah students for entry into STEM careers while also gauging their bearing on the state’s long-term economic growth. Boeing’s contribution will allow the STEM AC to expand their collaborative work with existing partners, including Davis School District and the Utah Education Policy Center, to measure impacts of STEM education efforts.

“Our people have unique skills and an unwavering passion for making a difference in the world, both through our products and services, and the ways we give back to our communities,” said Dennis Muilenburg, Boeing chairman, president and chief executive officer. “When that’s combined with our professional networks, partnerships and financial resources, we have the potential to drive positive, lasting change across the globe in important areas such as STEM learning.”

Information gathered in the course of this analysis will build upon data the STEM AC and other partners have collected to help maximize outcomes and inform future activities.

“We are excited about the collaborative nature of this project,” said Dr. Tamara Goetz, STEM Action Center executive director. “Are students gravitating to STEM fields because of these efforts? Choosing STEM careers? We need to identify effective practices, as well as understand how we are making a difference and where we can improve our efforts to promote student interest. Boeing’s generous support helps us to build our capacity to work with partners to address critical longitudinal questions.”

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About the Utah Governor’s Office of Economic Development (GOED)

business.utah.gov

The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships.

About the STEM Action Center

stem.utah.gov

The STEM (Science, Technology, Engineering and Math) Action Center works to develop Utah’s workforce of the future by prioritizing STEM education. The program drives research and implementation of STEM education best practices across Utah by coordinating STEM-related activities, creating and coordinating proven STEM education best practices, facilitating educator access to those tools, align public STEM education and higher STEM education activities.

About the Utah STEM Foundation

stem.utah.gov/utahstemfoundation

As directed by the Utah Legislature, the Utah STEM Action Center officially filed for the creation of a STEM Foundation on May 2, 2016. The Utah STEM Foundation’s main priority is to help enhance the efforts of the Utah STEM Action Center, whose mission is to produce a STEM-competitive workforce to ensure Utah’s continued economic success in the global marketplace. The Utah STEM Foundation accomplishes this by leveraging community partners, creating engagement and industry alignment, and through monetary and in-kind donations.

About the Boeing Company

Boeing.com

Through purposeful investments, employee engagement and thoughtful advocacy efforts, Boeing and its employees support innovative partnerships and programs that align with the company’s strategic objectives, create value and help build better communities worldwide. Boeing’s efforts are focused on improving access to globally competitive learning, contributing to workforce skills and development, and supporting our military and veteran communities. Chicago-based Boeing is the world’s largest aerospace company and leading manufacturer of commercial jetliners, and defense, space and security systems. A top U.S. exporter, the company supports airlines and U.S. and allied government customers in more than 150 countries. See how Boeing is making a difference for Our Future, Our Heroes and Our Homes by visiting the 2018 Boeing Global Engagement Portfolio at Boeing.com/community.

The Utah Science Technology and Research Initiative (USTAR) is now accepting nominations for the 32nd Annual Governor’s Medals for Science and Technology.

Established in 1987, the Governor’s Medal for Science and Technology is the highest civilian award bestowed by the State of Utah to residents who have provided distinguished service or made significant contributions to Utah in scientific and technological fields. A panel of industry experts and educators review the nominations prior to making their recommendations to Gov. Gary R. Herbert.

The awards honor those who have made an impact across their careers and highlight accomplishments in 2018. Following the final selection of the awardees, Gov. Gary R. Herbert will present the awards at a ceremony at the Utah Technology Innovation Summit scheduled for Apr. 1, 2019.

Individuals, organizations, and institutions whose efforts have made a significant contribution to the fields of science and technology within the Beehive State are eligible to receive a Governor’s Medals for Science and Technology. Categories in which nominations are welcome include:

• K-12 Education, for an individual who has made a notable contribution in elementary and secondary school education in Utah in the fields of science, STEM, engineering, or technology
• Academic/Research, for an individual at Utah’s higher education institutions who distinguished themselves in the field of science, engineering or other deep technologies
• Industry, for an individual or company who/that has made notable achievements in the field of science, engineering or other deep technologies

Nominees must have demonstrated important contributions in the fields of science, research, STEM education, or in deep technology industry. Previous award recipients and current members of the medals review committee are not eligible for nomination.

A one-page nomination form is available for download online at governorsmedals.ustar.org.

Utah residents or organizations may submit completed nomination forms by 5 p.m. on Wednesday, Dec. 19. Nominations may be submitted online, emailed to jberry, or mailed to USTAR, attn. Science Medals, 111 S. Main Street, Suite 550, Salt Lake City, UT 84111.

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About USTAR

The Utah Science Technology and Research Initiative (USTAR) is the state’s technology-based economic development agency. USTAR serves as a catalyst to develop ideas and research into marketable products and successful companies through its competitive grant and entrepreneur support programs. USTAR propels Utah’s economy forward by supporting innovation and entrepreneurship, particularly in the non-IT science and deep technology clusters. USTAR facilitates the diversification of the state’s tech economy, increases private follow-on investments, and ensures more companies successfully launch and survive the initial technology development and incubation stages, or the so-called "Valley of Death." In doing so, USTAR helps create a rich innovation ecosystem that grows the state’s economy, tax revenue, and workforce.

“The hotel convention center has been discussed for several years and is a need in our community,” said Val Hale, executive director of GOED. “With the approval of this incentive, the state can attract larger conferences, and Utah can enter into a new market for meetings and conventions.”

The new convention center hotel is a joint venture between hotel owners DDRM, Salt Lake City CH, LL and Portman Holdings as well as other design, construction and operating partners. The 680,000 square foot hotel will be located on the southeast corner of the Salt Palace Convention Center block. The hotel will have approximately 700 rooms. It will include 62,000 square feet of meeting space consisting of a 25,000 square foot grand ballroom, a 14,000 square foot junior ballroom, and an outdoor rooftop amenity space.

The need for a convention center hotel has been studied multiple times (in 2004 and 2008). In 2013 the structure of a public-private partnership to develop a convention center hotel was developed and in 2015 legislation outlined the structure and the corresponding incentives were approved. In 2016 after an initial agreement could not be reached, the second request for proposal was issued for a developer and DDRM was selected.

Salt Lake City CH, LLC. may earn up to 100 percent of the new incremental states sales tax over the life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. The GOED Board has approved a post-performance tax credit rebate not to exceed $75,000,000 over 20 years. Salt Lake City CH, LLC may earn 100 percent of city and county sales tax and property tax over 25 years. This includes the conveyance of land on the Salt Palace site from Salt Lake County to Salt Lake City CH, LLC. Each year that Salt Lake City CH, LLC meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

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About the Utah Governor’s Office of Economic Development (GOED)

business.utah.gov

Under the direction of Gov. Gary R. Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.

“Utah’s financial-tech industry continues to grow and LendingClub’s entry into the state will continue to strengthen the industry,” said Val Hale, executive director of GOED. “They will benefit from the growing technical talent and great work culture in the state.”

LendingClub, America’s largest online credit marketplace, is the leading provider of unsecured personal loans in the U.S. More than 40,000 people come to its site daily and the company is committed to helping motivated Americans improve their financial health.

“As we continue our growth and increase our focus on operating efficiency and resiliency, it is clearly time for us to expand beyond our San Francisco headquarters,” said Scott Sanborn, CEO of LendingClub. “Having an additional site in the great state of Utah, with access to the region’s tremendous talent pool will help improve the service we offer to our members while ensuring business continuity.”

LendingClub will create up to 860 jobs over the next 10 years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $543,922,175 which includes wages, salaries, bonuses and other taxable compensation. Projected new state tax revenues, as a result of corporate, payroll and sales taxes are estimated to be $22,430,269 over 10 years.

“We’re excited to welcome one of fintech’s pioneers to Utah,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We hope that as the world’s largest peer-to-peer lending company, they’ll feel right at home—and busy—in Silicon Slopes.”

LendingClub may earn up to 20 percent of the new state taxes they will pay over the 10-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with LendingClub, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $4,486,054. Each year LendingClub meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

The company’s new center will be located at Thanksgiving Station in Lehi, Utah.

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About LendingClub

LendingClub was founded to transform the banking system to make credit more affordable and investing more rewarding. Today, LendingClub’s online credit marketplace connects borrowers and investors to deliver more efficient and affordable access to credit. Through its technology platform, LendingClub is able to create cost efficiencies and passes those savings onto borrowers in the form of lower rates and to investors in the form of risk-adjusted returns. LendingClub is based in San Francisco, California. Currently, residents of the following states may invest in LendingClub notes: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MO, MS, MT, ND, NE, NH, NJ, NV, NY, OK, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, or WY. All loans are made by federally regulated issuing bank partners. More information is available at https://www.lendingclub.com.

About the Utah Governor’s Office of Economic Development (GOED)

business.utah.gov

Under the direction of Gov. Gary R. Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.