Adobe Expands Lehi , Utah, Operations Campus
“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.”
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.
“Adobe elevates Utah’s business community,” said Governor 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.”
According to state officials, Adobe has several locations at which it could have expanded, but the company chose Utah because of the state’s educated workforce and rapidly growing technology industry. A previous recipient of a post-performance incentive from GOED, Adobe is receiving a new incentive for its additional investment in the state and creation of new jobs.
“Not only is Adobe a leader in Utah’s tech market, but they are also an incredible community partner,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah. “Their continued investment in Utah is a sign of our tech community’s bright future.”
Adobe may earn up to 30 percent of the new state taxes they 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.
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