The Governor’s Office of Economic Development (GOED) Business Development Board met Friday and approved Economic Development Tax Increment Financing (EDTIF) incentives for two industry-leading companies. Jet Aviation a maintenance and repair company, was offered a blended Industrial Assistance Fund (IAF) and EDTIF incentive of $8,315,000 to encourage their move to the Ogden airport. IAF incentives are post-performance cash incentives. EDTIF incentives are a post performance incentive based on a tax credit of a portion of new state tax revenue collected from payroll, sales and corporate income taxes previously paid.

Jet Aviation plans on an investment of $6.9 million in an expansion of its business operations for the worldwide company. The company plans to hire over 650 new full-time employees within the next 15-year period at an average salary above 150% of the Weber County average wage. Over the same period, the company will be paying new state wages of $420 million. New State tax revenue is expected to exceed $27.7 million during the same period.

Jet Aviation was founded in Basel, Switzerland in 1967. Their initial business model focused on providing maintenance, repair on business and corporate aircraft. Jet Aviation enjoys an excellent reputation with all major aircraft and component manufacturers and has been designated as a factory-approved service center for many of those organizations around the world. In addition, aviation authorities worldwide officially recognize Jet Aviation as an authorized maintenance and repair facility. Maintenance capability ranges from helicopters, turboprops and business jets to larger aircraft such as the Airbus A319, Boeing Business Jet and a recently signed agreement for the first Boeing 787 V.I.P. configuration. The proposed operation at the Ogden airport will be a major addition to the full service capacity of the airport.

Also receiving an incentive offer of $1,901,000 from the GOED Board was Reckitt Benckiser, a major household products company. Reckitt plans on constructing a distribution and logistics Center.  The capital investment will be $35 million in the new facility.  The company plans to hire 140 new full-time employees within the next 10 year period at an average salary above 125% of the Tooele County median wage. Over the same period, the company will be paying new state wages of $49million. New State tax revenue is expected to exceed $9.5 million during the same period. Reckitt Benckiser has not made a final decision regarding the location of the project and is considering potential locations in Nevada and Utah for the new facility.

Reckitt Benckiser is the parent company for many household products such as Lysol, Woolite, Spray & Wash, Electrasol, Air Wick, Mucinex, Delsum, and French’s.  The roots of Reckitt Benckiser trace back to 1814. Benckiser’s core business derived from industrial chemicals and has subsequently diversified into other household products, including starch, washing blue and black lead for polishing. Reckitt Benckiser delivers better solutions in household cleaning, and health & personal care to customers and consumers for the ultimate purpose of creating shareholder value.