August 15, 2014

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Article

Goldman Sachs Expecting to Add 350 Jobs in Salt Lake

Press Release

August 15, 2014

Salt Lake City – The Governor’s Office of Economic Development (GOED) has extended an incentive offer to Thehttp://www.goldmansachs.com/?cid=PS_01_05_07_00_00_00_01"> Goldman Sachs Group Inc., in consideration for the company’s plan to create up to 350 additional jobs over the next 20 years.

Goldman Sachs has indicated that it plans to create up to 350 new jobs over the next 20 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 up to $1.1 billion. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be up to $43.5 million over 20 years. 

“Goldman Sachs’ growth in Utah is reflective of the quality of our people and our robust business environment,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “We appreciate Goldman’s continued commitment to grow their business in the state.”

As part of a contract with Goldman Sachs, the GOED Board of Directors has approved up to a maximum tax credit of $13,057,377 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 30 percent of the new state taxes Goldman Sachs will pay over the 20-year life of the agreement. Each year as Goldman Sachs meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive. Goldman Sachs has had a presence in Salt Lake City for just under 14 years.

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