Lured by a $20 million incentive from the Utah Governor’s Office of Economic Development, Goldman, Sachs & Co. will double its employee roster in Salt Lake City to more than 700, officials announced last week.
Gov. Jon Huntsman Jr. made the announcement after meeting with Goldman’s senior management in New York.
The investment banker will get a tax rebate over 20 years for adding up to 375 jobs paying more than $75,000 annually.
The rebate will compensate the company for adding 15,500 square feet of office space at the company’s existing 80,000-square-foot space in Research Park.
Goldman’s Research Park office opened in 2000 as a service center for clients. The site was designed for about 450 employees. In 2001, the company moved functions from offices in New York, London, Zurich, and Hong Kong to Salt Lake.
The expansion would boost state revenues by $25 million over 10 years and $82 million over 20 years, according to the governor’s office. The added employees would earn an estimated $311 million over 10 years and $887 million over 20 years, the state estimates, while the capital investment would be $20 million.
Goldman would continue to receive a five-year, $400,000 industrial assistance fund grant awarded by the state in 2001. Salt Lake City also offered low-interest loans of up to $1 million.
