Infab Corporation Expands Hildale, Utah, Operations
Don Cusick, Chairman of the Board said, “we searched throughout the U.S. for the best place to expand our operations but fell in love with Utah, it’s people and the opportunity to make a positive impact on the state and the community.”
CEO Brittany Lepley added, “Infab has grown tremendously these past ten years and we have assembled an excellent team of people along the way. We are very much looking forward to bringing this team spirit to Utah and to be the employer of choice!”
Tom Fink, vice president of operations at Infab will take over the management of the Utah facility effective June 1, 2019 under the newly created title of president of Utah operations.
Infab plans to create up to 90 jobs in Utah over the next five years. The total wages in aggregate are required to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $11,148,000. The projected state tax revenue is a result of corporate, payroll and sales tax. Projected new state tax revenues, as a result of corporate, payroll and sales tax are estimated to be $789,753.
“Infab is experiencing rapid growth and will be a great addition to Hildale,” said Val Hale, executive director of the Governor’s Office of Economic Development. “This project will help rural Utah create new jobs and be a benefit to the skilled workforce in Washington County.”
“Anytime we can help a county diversify its economic base with the addition of a manufacturing project, it’s a good day,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “When that manufacturing project lands in a rural community that’s striving to transform itself and bring good jobs to its residents, it’s particularly gratifying. Congratulations, Hildale, and welcome, Infab.”
Infab may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Finance (EDIF) tax credit rebate. As part of the contract with Infab, the GOED Board of Directors has approved an EDTIF post-performance tax credit not to exceed $157,951 representing 20 percent of the estimated $789,753 of new state revenue, which may be earned over five years. Each year Infab meets the criteria in its contract with the state, the company will earn a portion of the total tax credit rebate.
The Utah Legislature has authorized economic development incentives in the form of post-performance tax rebates. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met.
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