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Washington County Economic Development Council Utah Alliance for Economic Development RICHFIELD MEETING Friday, 13 July 2012.

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Presentation on theme: "Washington County Economic Development Council Utah Alliance for Economic Development RICHFIELD MEETING Friday, 13 July 2012."— Presentation transcript:

1 Washington County Economic Development Council Utah Alliance for Economic Development RICHFIELD MEETING Friday, 13 July 2012

2 26th Annual Corporate Survey & 8th Annual Consultants Survey

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7 Utah Corporate Incentives EDTIF Tax Credit EDTIF Tax Credit Enterprise Zones Enterprise Zones Industrial Assistance Fund Industrial Assistance Fund Life Science and Technology Tax Credits Life Science and Technology Tax Credits Recycling Market Development Zones Recycling Market Development Zones Renewable Energy Development Incentive Renewable Energy Development Incentive Rural Fast Track Rural Fast Trackhttp://goed.utah.gov/relocate/incentives/#

8 Financial Incentives by GOED New High Paying Jobs New High Paying Jobs Improve Standard of Living Improve Standard of Living Diversify State Economy Diversify State Economy Increase Tax Base Increase Tax Base Attract and Retain Top-level Management Attract and Retain Top-level Management Retain Utah College Graduates Retain Utah College Graduates Applicant Financial Strength and History of Stability Applicant Financial Strength and History of Stability Number and Salary of Jobs Created Number and Salary of Jobs Created Amount of New State Tax Revenue Amount of New State Tax Revenue Long-term Capital Investment Long-term Capital Investment Competition With Other Locations Competition With Other Locations Targeted Industry Targeted Industry Post Performance – Ensures Return on Investment Post Performance – Ensures Return on Investment Grants or Tax Credits Grants or Tax Credits Commitment From Local Government Commitment From Local Government –Provide Incentives –Establish Economic Development Zone

9 Value-added companies and jobs

10 Facilitate incentive programs for existing businesses Facilitate incentives for desirable value- added companies

11 Existing Value-Added Companies Expansion of Capitol Investment and Jobs Expansion of Capitol Investment and Jobs Offset Building, Impact and Other Fees Offset Building, Impact and Other Fees Promissory Note & Incentive Agreement Promissory Note & Incentive Agreement Delayed Fees Placed in Impound Account Delayed Fees Placed in Impound Account Impound Account Charged Interest Impound Account Charged Interest Electrical Payments Credited Electrical Payments Credited Limited Time – 3 to 5 Years Limited Time – 3 to 5 Years Any Remaining Balance to be Paid Any Remaining Balance to be Paid Post Performance Post Performance

12 Existing Value-Added Companies Using Existing RDA Using Existing RDA Capitol Investment Capitol Investment Quality and Quantity of Job Creation Quality and Quantity of Job Creation Offset Building, Impact and Other Fees Offset Building, Impact and Other Fees Property Tax Reimbursement Property Tax Reimbursement Post Performance Post Performance

13 Recruitment of Value-Added Companies Using EDAs and CDAs Using EDAs and CDAs Capitol Investment Capitol Investment Quality and Quantity of Job Creation Quality and Quantity of Job Creation Infrastructure Improvements Infrastructure Improvements Property Tax Reimbursement Property Tax Reimbursement Sales Tax Sharing Sales Tax Sharing Post Performance Post Performance

14 Recruitment of Value-Added Companies No Redevelopment Area Available No Redevelopment Area Available Funding From Annual Budget Funding From Annual Budget Enterprise, Reserve and General Funds Enterprise, Reserve and General Funds Short Time Horizon Short Time Horizon Smaller Incentive Amount Smaller Incentive Amount Small Capitol Investment Small Capitol Investment Job Creation – Lower Pay – Benefits Job Creation – Lower Pay – Benefits Post Performance Post Performance Administration Difficult Administration Difficult

15 Washington County Economic Development Council Utah Alliance for Economic Development RICHFIELD MEETING Friday, 13 July 2012


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