Adobe Expanding In Utah, Adding Up to 1,260 Jobs

The software giant will invest $90M at its Lehi, UT facility with the help of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate.


https://businessfacilities.com/2017/07/adobe-expanding-in-utah-adding-up-to-1260-jobs/
The software giant will invest $90M at its Lehi, UT facility with the help of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate.
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Adobe Expanding In Utah, Adding Up to 1,260 Jobs

The software giant will invest $90M at its Lehi, UT facility with the help of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate.

Adobe Expanding In Utah, Adding Up to 1,260 Jobs

Adobe will add up to 1,260 new high-paying jobs in Lehi, UT and an initial estimated $90 million in capital investment to the state. The company chose Utah over other possible expansion locations due to the state’s educated workforce and rapidly growing technology industry.

“As a pioneer to the Point of the Mountain development area, it has been exciting to witness the tremendous growth here for both Adobe and the state,” said Jonathan Francom, vice president of employee and workplace solutions at Adobe. “We are glad to be embarking on phase two of our marquee building in Lehi and are thrilled to be contributing to the growing economy through our local employee base.”

Lehi Utah
Adobe’s Lehi, UT campus. (Photo: Gardner Company)

A previous recipient of a post-performance incentive from the Governor’s Office of Economic Development (GOED), Adobe is receiving a new incentive for its additional investment in the state and creation of new jobs. Adobe may earn up to 30 percent of the new state taxes it will pay over the 20-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with Adobe, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $25,751,258. Each year as Adobe meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.

Adobe will embark on a “Phase 2” building in Lehi and working space expansion within its current Lehi building, adding capacity for approximately 1,260 employees over the next 20 years. The total wages in aggregate are required to exceed 110 percent of the Utah County average wage. Adobe projects the new positions will pay approximately 300 percent of the average wage. The projected new state wages over the life of the agreement are expected to be approximately $2.3 billion. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $85.8 million over 20 years.

“Adobe elevates Utah’s business community,” said Gov. Gary R. Herbert. “They play a key role in the development of the Point of the Mountain and Silicon Slopes. We look forward to their continued leadership and success in the state.”

Founded in 1982, Adobe is one of the largest, most diversified software companies in the world. Known for products including Photoshop, Acrobat Reader, Creative Cloud, Experience Cloud and more, the company employs more than 17,000 worldwide.

“Not only is Adobe a leader in Utah’s tech market, but they are also an incredible community partner,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Their continued investment in Utah is a sign of our tech community’s bright future.”

Relocating or Expanding Your Business In Utah

Considering Utah for your company’s relocation or expansion project? Check out Business Facilities’ Utah Incentives and Workforce Development Guide.

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