SALT LAKE CITY — Merit Medical Systems Inc. will be adding up to 1,010 jobs, according to the Governor’s Office of Economic Development, as part of an estimated $505 million in capital investment in Utah operations.
It is one of four companies that will receive tax incentives for expansion plans, GOED announced this week, promising to create more than 2,100 jobs.
Merit Medical is a Utah–based manufacturer and marketer of disposable medical devices used in intervention, diagnostic and therapeutic medical procedures. The company has facilities in seven countries worldwide with headquarters in South Jordan.
Merit Medical plans to create up to 1,010 jobs over the next 15 years with total wages exceeding 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $984 million, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate payroll and sales tax, are estimated to be more than $71 million over the 15-year period.
The company may earn up to 25 percent of the new state taxes it will pay through a tax credit rebate. The rebate caps out at $17.8 million, according to a news release from the agency.
The GOED board also approved incentives for San Francisco-based LendingClub Corp., which promises 860 jobs and $22 million in new state revenue. The company — one of the nation’s top providers of unsecured personal loans — plans to build its new center at Thanksgiving Station in Lehi.
Under its agreement with the state, LendingClub may earn up to 20 percent of the new state taxes it pays, woth a maximum of $4.5 million. Each year the company meets the criteria in its contract with the state, LendingClub will earn a portion of the total tax credit rebate.
Meanwhile, Bullfrog Spas announced plans to expand its headquarters in Utah adding up to 150 jobs, $2.2 million in state revenue and an estimated $20 million in capital investment.
Founded in 1996, the Bluffdale-based company designs, manufactures and markets hot tubs and outdoor spas through dealers in the United States, Canada, Australia, New Zealand, Asia, Brazil and Europe.
Bullfrog may earn up to 15 percent of the new state taxes it will pay over the five-year life of the agreement with the tax credit rebate not to exceed $334,633.
Additionally, global data and media agency Essence will open a regional office in Salt Lake City, adding up to 125 new positions, $1.9 million in new state revenue and an estimated $3.1 million in capital investment.
Founded in London in 2005, the company provides digital advertising services for its clients and deploys campaigns in 71 markets via offices in North America, Europe, the Middle East, Africa as well as Asia Pacific.
As part of its contract, Essence may earn up to 10 percent of the new state taxes the company will pay over the five-year life of the agreement in the form of a post-performance Economic Development Increment Finance tax credit rebate not to exceed $191,688.
Source:: Deseret News – Business News