Fri, Dec 12, 2008
Plant May Support Expansion Into Commercial Aerospace
Sector
The
Utah Governor's Office of Economic Development (GOED) Business
Development Board met this week, and approved an Economic
Development Tax Increment Financing (EDTIF) incentive for a new ATK
manufacturing facility.
For decades, Utah has been home for several ATK divisions and
Utah wants to be proactive in securing this potential major new
plant and the 800 full-time positions it will create over the next
20 years. The Board has offered an EDTIF incentive of $32.732
million over the 20 year period as a refundable Tax Credit based on
30% of new state revenue collected. New State tax revenue would
exceed $109 million during the same period. EDTIF incentives are a
post performance incentive based on a tax credit of a portion of
new state tax revenue collected from payroll, sales and corporate
income taxes previously paid.
ATK will be evaluating the state and local incentives and will
be making a decision in the near future. ATK is considering an
investment of over $250 million in the construction of a new
composites manufacturing facility as it considers expanding its
business in commercial aerospace. If ATK decides to construct the
new facility in Utah, it would ramp up the 800 new positions at an
average of 175% of the Davis County average wage. Over the 20 year
period, the new positions would receive wages of $1.6 billion.
"This potential capital and workforce investment in Utah will
further strengthen Utah's position as a world leader in Aviation
and Aerospace composites. It will also benefit hundreds of Utah
families and the communities in which they live. ATK has been and
will continue to be a major employer and contributor to the high
quality of life our citizens enjoy," said Governor Jon
Huntsman.
ATK is a $4.6 billion Aerospace and Defense Company with
operations located in 21 states, employing over 17,000 staff. The
workforce in Utah is 5,840.
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