Borsight Expands Ogden, Utah, Hangar Hub
“Borsight’s existing facility is the largest facility at the Ogden airport, and due to some new government contracts, the company is on the cusp of doubling revenues,” said Val Hale, Executive Director of GOED. “We’re looking forward to their success and are happy to be a part of their continued growth and expansion.”
“GOED’s commitment to Borsight will be fantastic for all of Weber County.” said Martin O’Loughlin, a Borsight executive. “We are grateful to GOED for helping to make this possible. Our leadership team, and the leaders from Ogden City who helped make this possible, all strongly believe that Borsight’s significant investment in new facilities will attract other aviation companies to the area. “
”Building on this scale assures other aerospace firms that the Ogden Aerospace-Industrial Sector is the right place to be. They grow more confident that their own relocation to Ogden will be a profitable move. So, this incentive is more powerful than just helping to create 95 new jobs; it has the potential for revitalizing the entire aviation ecosystem at the airport,” he added.
This investment will provide office and shop space for at least 95 new full-time equivalent jobs, and help offset some of the costs associated with significant capital investment at the airport. The associated hangar space will be sized for large aircraft such as USAF KC-135 Aerial Refueling aircraft and commercial Boeing 737s.
“Northern Utah continues to be a hotbed for Aerospace innovation,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah. “We are proud to see a Utah company growing at home.”
As an incentive, Borsight may earn up to 20 percent of the new state taxes they will pay over the seven-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 Borsight, the GOED Board of Directors approved a post-performance tax credit rebate not to exceed $825,008. Each year as Moog meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
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