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Nearly 300 new Utah jobs are expected to come from two incentives offered Thursday by the Governor's Office of Economic Development.
The GOED board approved a post-performance tax rebate of up to $326,360 to Entrata, a property-management software company in Lehi, which is looking to expand its operations in Utah, creating about 190 jobs and generating a company investment of $6 million.
The board then sought to entice Peek, a San Francisco-based company that helps people book activities for trips, to establish a regional office in Utah. A tax rebate of up to $206,215 was offered to Peek if it creates 100 jobs paying 110 percent of the average in the county where it sets up shop.
Both are five-year agreements.
"After extensive research and market diligence," said Peek CEO and co-founder Ruzwana Bashir, "it became incredibly clear that Utah provided the perfect mix of employee talent, technology DNA and a hard-working culture to make this new operation a home run for our rapidly growing company."
She said Peek expects to pay $17.2 million in wages over the life of the agreement. New state taxes during that time are projected to be nearly $1.4 million.
This is the kind of company Jeff Edwards, president and CEO of the headhunting Economic Development Corp. of Utah, wants to see moving to the Beehive State.
"One of the most exciting aspects of doing economic development is when we see truly innovative companies come to Utah and enhance the ecosystem we already have," he said. "Peek is a great example of this a paradigm-changing company that can make both our IT and outdoor products industry clusters better."
Entrata is evaluating multiple sites for its new facility, said GOED spokesman Michael Sullivan.
Operating in Lehi since 2003, when it was called Property Solutions International, Entrata said $38.1 million in new wages will be generated by the expansion along with $1.6 million in new state revenues. Entrata employs about 1,400 people worldwide.
"The economic climate and booming IT infrastructure of 'Silicon Slopes' has been integral to the growth and development of our company since day one," said Entrata CEO Dave Bateman, referring to companies in a high-tech corridor in northern Utah and southern Salt Lake counties.
"We're proud to call Utah home," he added, expressing appreciation for community support "as we continue to innovate and advance our technology."
That's gratifying to GOED Executive Director Val Hale.
"Entrata has experienced exciting growth at multiple locations since they opened," he said. "I'm pleased to see they've chosen to expand within the business friendly environment of their headquarters' state and am certain they will see that pay off."
Investor and philanthropist Pierre Lassonde, founder of the Lassonde Entrepreneur Institute at the University of Utah, will be the featured speaker Friday at the 10th annual Governor's Utah Economic Summit at Grand America Hotel in Salt Lake City.
Nu Skin Enterprises and Sky West Airlines Chairman Jerry Atkin will be honored at the daylong event, which also features 14 breakout sessions focusing on investment, innovation, cool technologies, strategic management and people.