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CSM Bakery has announced it will expand its existing Weber County operation after signing an incentive agreement with the Governor’s Office of Economic Development (GOED).
The company plans to add a new cookie line before the end of the year and plans to double the size of its Weber County facility over the next six years.
As part of a contract with CSM Bakery, the GOED Board of Directors has approved up to a maximum tax credit of $313,524 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes CSM Bakery will pay over the six-year life of the agreement. Each year as CSM Bakery meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
CSM Bakery expects to create 100 new jobs over the next six years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $12.58 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be about $1.57 million over six years. The new CSM Bakery facility has the potential to result in an expected capital investment of $30.4 million.
CSM Bakery operates 11 manufacturing facilities and two research and development centers. CSM produces a variety of cakes, cookies, brownies, muffins, bakery mixes, icings, toppings, fruit and crème fillings and laminated dough and pastries.