Biomerics To Build Corporate Headquarters In Salt Lake City, Utah
As part of the contract with Biomerics, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $3,004,416. Each year as Biomerics meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The company may earn up to 20 percent of the new state taxes they will pay over the eight-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. Biomerics is working closely with the local community to determine the best location for the expansion. Exact location will be announced at a future date.
Biomerics specializes in the design, development and production of medical devices for diagnostic and interventional procedures for the cardiovascular, structural heart, cardiac rhythm management and vascular access markets. The company, formed in 2009, has grown into a leading supplier for the $250 billion dollar medical device industry. Biomerics has five locations, including a recent expansion in Minnesota.
“Biomerics looks forward to expanding in Utah,” said Travis Sessions, CEO of Biomerics. “Utah provides a unique business environment and community for the growth of the company. We are proud to be part of this community and appreciate the support of GOED and EDCUtah in this important decision.”
The Biomerics project will create up to 380 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $133,035,032. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $15,022,082 over eight years.
“Biomerics is a Utah success story and a major player in both manufacturing and life sciences industries,” said Val Hale, Executive Director of GOED. “We are grateful for their commitment to support the continued growth of these industries in the state.”
“Biomerics will bring additional strength, not only to the manufacturing industry in Utah, but also to the thriving life sciences industry in the state,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah (EDCUtah). “We congratulate them and look forward to the innovative solutions they will provide to Utah’s vast medical device community.”
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