Xi3, a computer manufacturer and subsidiary of ISYS Technologies, Inc, plans to invest about $32.2 million to expand its facility in Salt Lake City, Utah, with projections of adding 500 jobs.
Located at 299 South Main Street in Salt Lake City, the computer firm is in an area of north-central Utah stretching along a mountain range called the Wasatch Front, east of Interstate 15.
As an incentive Xi3 was awarded a 5-year refundable tax credit of approximately $2 million from the Governor's Office of Economic Development. The GOED Board of Directors approved Xi3's request for post-performance Economic Development Tax Increment Financing of $2,045,825.
The EDTIF incentive will credit Xi3 20 percent of new state tax revenues paid by it in the previous calendar year, over the 5-year length of the incentive. Xi3 expects to generate $169.7 million in new state wages and $98 million in new state revenue during the life of the incentive.
"Through its cutting-edge computer hardware innovations, Xi3 Corporation is poised to be a global leader in the industry, which is a natural fit for Utah and our next-generation programmers and engineers," said Governor Gary R. Herbert.
Roughly the size of a grapefruit, the company said its Xi3 Modular Computer utilizes a patented tri-board design that "makes it the smallest, most powerful and most energy efficient 64-bit computer on the planet." Xi3 also has a number of additional computers, servers and other products in various stages of development, with several slated for introduction this fall.
"Many journalists, media companies and corporations are starting to recognize something I discovered more than a decade ago-Utah is a great place for business, especially technology companies," said Jason A. Sullivan, founder and CEO of Xi3 Corporation. "We have a very smart, hard-working and dedicated workforce. Utah is one of one of the most beautiful parts of the country and we now have the support of the state to help us aggressively grow Xi3 here in Utah, for which I say, `Thank you.'"
"EDCUtah is pleased to see the expansion of a global company like Xi3 in Utah," said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. "Xi3's presence here further enhances our ability to grow the information technology industry and to continue to attract top-notch technology sector jobs to Utah."