State incentives are OK'd for 3 companies
The board approved a rebate of up to $1.5 million, equating to $2,000 per job for 750 new jobs paying 160 percent of the county median for the expansion's third phase, which could occur five to seven years from now.
Board member Mark Howell said the first two phases, encompassing 270 new jobs, will have locally produced incentives.
The company's planned capital investment in the three phases is estimated at $270 million, he said.
"This is a big, big expansion in the state. . . . We're talking over a thousand jobs here, so this is a big deal. They're all good jobs," Howell said.
The board also modified its incentive for KraftMaid Cabinetry to establish a West Jordan manufacturing facility that eventually would employ 1,500 people.
The Ohio-based company had received a $2.25 million grant from the Industrial Assistance Fund in November but wanted to switch to a tax rebate. Friday's approval refined the rebate to $3,243,000 over 10 years and eliminated the requirement that the jobs pay at least 125 percent of the county median.
The state's film production incentive fund already is tapped out for the current fiscal year, so the board approved using IAF money for what it called a "unique" opportunity.
"Because of its heavy emphasis on the state and the publicity it would bring, we're recommending that we dip into the IAF funds to do that," Howell said. "Clearly, (it's) one of the very strongest ones we've seen."
E-mail: bwallace@desnews.com
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