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Salt Lake City — School Improvement Network has announced a major expansion of its Salt Lake offices, expected to create more than 700 new jobs in Utah over the next decade.
The company signed a 10-year incentive agreement with the Governor’s Office of Economic Development. Over the course of the 10 years, the company is expected to pay out more than $5,960,275 in new state wages. About 470 of the expected new jobs will pay at least 125 percent of Salt Lake County’s average annual wage including benefits. The other 230 jobs will have a variety of pay rates as they are created over the coming years. School Improvement Network will also renovate an abandoned Salt Lake City office.During the life of the agreement, School Improvement Network is expected to pay more than $15,000,000 in new state taxes and invest more than $10,000,000 in capital expansion.
“We are honored to receive this incentive, and share in the Governor’s vision of helping Utahn’s achieve a better education and quality of life,” said Chet Linton, CEO and president of School Improvement Network. “We look forward to supporting the governor in his education and economic work as we continue in our cause of helping 100 percent of students become college and career ready.”
The GOED Board of Directors has approved a maximum cap tax credit of $3,114,789 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the net taxes School Improvement Network will pay over the 10-year life of the agreement. Each year as School Improvement Network meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.