For Immediate Release
Contact:
Tony Young
GOED Media Relations Manager
tonyyoung@utah.gov | 801-538-8722
Castlight Health Selects Utah for New Location
SALT LAKE CITY (Aug. 8, 2019) — The Utah Governor’s Office of Economic Development (GOED) today announced Castlight Health, Inc. will open a new location in Utah adding up to 235 jobs and $4.6 million in new state revenue and an estimated $3.1 million in capital investment over the next five years.
“Castlight Health will be a great addition to Utah’s growing healthcare and technology industry sectors,” said Val Hale, executive director at the Utah Governor’s Office of Economic Development. “Healthcare is important to Utahns, and we’re glad Castlight chose Utah.”
Castlight Health offers a comprehensive health navigation platform that guides users to their best available healthcare resources, resulting in lower healthcare costs, higher engagement, and improved outcomes. Through its unique combination of hundreds of health data integrations and machine learning that leverages this dataset to personalize the user experience, Castlight simplifies healthcare for 20 million users and more than 260 companies.
“We are excited to open Castlight’s Center of Excellence in Utah,” said Siobhan Nolan Mangini, president and CFO of Castlight Health. “The Salt Lake City area provides access to a talented workforce that will enable us to deliver innovative healthcare technology solutions to our customers. We want to thank the Governor’s Office of Economic Development for helping us find the right home for Castlight’s newest location.”
Castlight Health will create up to 235 jobs in Utah over the next five years. The total wages in aggregate are required by statute to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $115,887,125, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate payroll and sales tax, are estimated to be $4,601,934 over the next five years.
“We are confident Castlight will find our state and industry welcoming and entrepreneurial, and in-line with its drive for growth and innovation,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Castlight Health joins an increasing number of healthtech companies establishing operations in Utah. The depth, breadth, and talent of our tech workforce and the ease of access from the West Coast are appealing.”
Castlight Health may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Increment Finance (EDTIF) tax rebate. As part of the contract with Castlight Health, the GOED Board of Directors has approved a post-performance tax rebate not to exceed $920,387. Each year that Castlight Health meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
About Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax rebates. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years.
About the Utah Governor’s Office of Economic Development (GOED)
Under the direction of Gov. Gary R. Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.
About Castlight Health
Castlight is on a mission to make it as easy as humanly possible to navigate healthcare and live happier, healthier, more productive lives. Its health navigation platform connects with hundreds of health vendors, benefits resources, and plan designs, giving rise to the world’s first comprehensive app for all health needs. Castlight’s platform guides individuals — based on their unique profile — to the best resources available to them, whether they are healthy, chronically ill or actively seeking medical care. In doing so, Castlight helps companies regain control over rising healthcare costs and get more value from their benefits investments. Learn more at castlighthealth.com.
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For Immediate Release
Contact:
Tony Young
GOED Media Relations Manager
tonyyoung@utah.gov | 801-538-8722
Intermountain Electronics to Expand in Carbon County
SALT LAKE CITY (Aug. 8, 2019) — The Utah Governor’s Office of Economic Development (GOED) and Carbon County today announced Intermountain Electronics, Inc. will expand in Utah adding up to 289 jobs and $21.5 million in new state revenue and an estimated $12.5 million in capital investment over the next 15 years.
“It’s exciting to see Intermountain Electronics expand its operations in Carbon County,” said Gov. Herbert. “One of my administration's most important economic goals is to create 25,000 jobs in rural parts of our state, and expansions like this one go a long way in creating valuable jobs and opportunities. I wish Intermountain Electronics and the Houston family the very best of luck as they move forward on this project.”
“The vitality of rural Utah’s economy depends on the commitment of local entrepreneurs, like John Houston,” said Senator Mitt Romney. “I am grateful for John’s commitment to creating jobs in Carbon County with the expansion of Intermountain Electronics. His investment in eastern Utah will have a lasting impact on the community for generations to come.”
Headquartered in Price, Utah, Intermountain Electronics, Inc. designs and manufactures custom power distribution equipment for industrial customers. The company initially serviced the coal mining industry in Carbon and Emery counties. Since 2010, Intermountain Electronics has diversified by adding customers in the oil and gas, utility, renewable energy and data center sectors.
“We have deep roots in Carbon and Emery counties, and are excited to proceed with this expansion in Price,” said Phil Blackburn, CEO at Intermountain Electronics. “While we have other facilities outside of Utah that we considered for this expansion, the strong interest and collaboration from officials at both the county and state level helped us become comfortable with proceeding here. We have other challenges ahead — including growing our local staff. The support from both Carbon and Emery counties and the state of Utah gave us confidence that we have strong local partners to address these challenges going forward. We thank them for their efforts.”
Intermountain Electronics will create up to 289 jobs over the next 15 years. The total wages in aggregate are required by statute to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $251,564,824, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate payroll and sales tax, are estimated to be $21,582,270 over the next 15 years.
“This is a regional win for Carbon and Emery counties,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Intermountain Electronics weighed expansion options in neighboring states, but the counties, Utah State University, and the local school districts demonstrated the resources and commitment to workforce development that the company appreciated.”
Intermountain Electronics may earn up to 30 percent of the new state taxes they will pay over the 15-year life of the agreement in the form of a post-performance Economic Development Increment Finance (EDTIF) tax rebate. As part of the contract with Intermountain Electronics, the GOED Board of Directors has approved a post-performance tax rebate not to exceed $6,474,681. Each year that Intermountain Electronics meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
“Intermountain Electronics’ decision to expand here in Carbon County is vital to the future of our local economy,” said Larry Jensen, Carbon County commissioner. “The scale of its expansion will ensure many of our children will not have to leave for employment and other local businesses will see growth as demands for products and services increase. We are very grateful to the Houston family and the Intermountain Electronics staff for their investment in our community, and we are committed to supporting their efforts well into the future.”
About Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax rebates. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years.
About the Utah Governor’s Office of Economic Development (GOED)
Under the direction of Gov. Gary R. Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.
About Intermountain Electronics (IE)
IE is headquartered in Price, Utah and provides custom electrical and process equipment to the mining, oil and gas, power and utility, and data center industries. IE has factories in Price, Utah, Denver, Colorado, Centralia, Illinois, and South Point, Ohio, and is continually looking for committed individuals with experience or interest in engineering and manufacturing. To learn more, visit ie-corp.com, or contact Bob Dyreng at (435) 637-7160.
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