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Utah Incentive Program Keeps Utah Competitive in Business Recruitment, Retention Efforts
In 2006, Barnes Aerospace, a business unit of Barnes Group Inc, was out of space in its Ogden facility and couldn’t grow, despite its desire to bring more work to Utah. The company was contemplating a capital expansion that would create approximately 474 new jobs and retain 145 existing jobs–an enticing prospect for governments as far away as Singapore, which offered Barnes a seven-year, tax-free deal followed by a 20 percent corporate tax incentive valued between $20 and $30 million.
If Barnes were to stay in Utah, the company would make a $12 million capital investment at Business Depot Ogden, generate nearly $8 million in new state revenue and more than $150 million in new state wages over a 15-year period — just the type of project the Governor’s Office of Economic Development http://goed.utah.gov/ (GOED) and EDCUtah http://www.edcutah.org/ wanted to win.
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