The company expects to pay $90 million over the 10-year span of the agreement, according to the Utah Governor's Office of Economic Development (GOED). NFP also will pay approximately $6 million in new state taxes. The facility will employ more than 200 workers within 10 years.
“This is an incredible opportunity for Nature Food Products and the State of Utah,” said Steven Lau, NFP partner. “We look forward to a thriving and successful long-term partnership with the state and community. Additionally, Nature Food Products would like to thank the State of Utah and GOED for assisting us through the process and providing an incentive to locate and develop a new facility in Utah.”
As part of a contract with NFP, the GOED board of directors 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.
GOED approved tax incentives for the development, which include a maximum cap tax credit of $1,397,452 as a post-performance Economic Development Tax Increment Finance incentive. The EDTIF is 20 percent of the net taxes NFP will pay over the 10-year deal. NFP will earn a portion of the tax credit for each year the company meets the criteria in its contract with the state of Utah.