September 16, 2013

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Article

Nature Food Products Announces Utah Facility

Press Release

September 16, 2013

Salt Lake City — Nature Food Products (NFP) has announced the opening of a new facility based in Utah that is expected to create more than 200 new jobs. The company has signed an incentive agreement with the Governor’s Office of Economic Development (GOED).

Over the 10-year life of the agreement with the state, the company expects to pay more than $90 million in new state wages. During that same time period NFP is expected to pay about $6 million in new state taxes and invest more than $20 million in initial capital expansion at its Utah-based facilities. The company is considering several locations in rural Utah but a specific location has not yet been announced. All of the intended jobs are expected to pay at least 100 percent of the county’s average annual wage including benefits.

As part of a contract with NFP, the GOED Board of Directors has approved a maximum cap tax credit of $1,397,452 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes NFP will pay over the 10 year life of the agreement. Each year as NFP meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.

Nature Food Products is a food processing facility with plans to be a fully transparent meat company that produces safe, humanely handled foods. The demand for food products that meet these requirements and expectations is growing.

“Nature Food Products is excited to be partnering with the State of Utah, regional, and local governments,” said Steven Lau, NFP partner. “We look forward to a thriving and successful long-term partnership with the state and community.”
 

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