One of the most significant tools cities and counties have to offer companies that may want to locate in Utah is Tax Increment Financing, which is a complex statutory scheme that permits in essence a rebate of a portion of real property taxes by a redevelopment agency under certain conditions. Because of our experience in representing a number of companies in transactions involving TIF, we can anticipate the likely issues and usually get them resolved favorably. We know the local players and how to effectively negotiate the best incentive package with the least onerous contractual requirements. We also represent the State’s largest redevelopment agency (Salt Lake City), and can bring to bear the general knowledge gained in doing those transactions on projects elsewhere.
We have also represented businesses in obtaining grants from the Utah Industrial Assistance Fund, financing also through industrial development bonds and exemptions from the state sales tax. We can advise on other existing incentive programs, such as job training. We helped one Fortune 100 company successfully get the State Legislature to create a new tax credit for machinery and equipment used for research purposes. In addition, we have the ability to get the best entitlement available for property and to get it as soon as possible. We can also effectively represent companies needing long-term development agreements with communities so that phased projects are possible.
Practice Group members have contacts with important officials in State government dealing with corporate relocation and environmental and other regulatory issues so that companies can get their issues heard and addressed, and with local organizations focused on company relocation.