Article

Around Utah

By Devin Felix

September 9, 2013

Emery Refining, LLC entered into a 12-year incentive agreement with the state, during which it will pay more than $99 million in new state wages to the 125 incented positions. These jobs are expected to pay at least 100 percent of Emery County’s average annual wage including benefits.

“This project represents a substantial amount of investment into our state in support of energy development, which is one of the governor’s four cornerstones of economic prosperity,” says Cody Stewart, the governor’s energy adviser. “This will assist with rural job creation in both the Paradox and Uinta basins.”

Emery Refining, LLC was formed and funded by BRIDGEHOUSE CAPITAL, the family office and adviser to a number of family funds with investments in a number of industries such as commercial and residential real estate, power generation, data centers and natural resources. ROCK RIVER RESOURCES, LLC, a division of Emery Refining, LLC will design, construct and operate a facility in Emery County that is ideally suited for processing regional crude oils.

“This refinery is an investment in the future of Utah—putting people and technology to work to meet the future energy needs of the state and the region,” says Jeff Beicker, chief operating officer of Rock River Resources.

During the incentive’s 12-year lifetime, Emery Refining expects to make a capital investment of more than $225 million. It is anticipated that the company will also pay more than $60 million in new state tax revenue over the lifetime of the agreement.

The GOED board of directors has approved a $12,712,221 economic development tax increment finance post-performance refundable tax credit, or 20 percent of the new taxes paid by the company over the lifetime of the incentive.

 

 

 

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