Utah Offers Leading Life Science Company Incentives To Expand Operations In The State

Edwards Lifesciences exploring development of manufacturing facility in Draper

The Governor's Office of Economic Development Board has offered a post-performance incentive to Edwards Lifesciences Corporation, the global leader in the science of heart valves and hemodynamic monitoring, to expand its manufacturing presence in Utah. Headquartered in Irvine, California, the company currently has more than 6,200 employees worldwide and a manufacturing location in Utah. To accommodate its global growth, the company is exploring Draper City as an alternate manufacturing location.

"Life sciences is a key targeted industry for the state," said Derek Miller, acting executive director of GOED. "If Edwards Lifesciences expands in Draper, Utah, it will be a jewel in our state's long history of cardiac innovation."

Edwards has been offered a blended post-performance incentive by the state of $ll,521,000 over 15 years, which includes an Industrial Assistance Fund (IAF) incentive, not to exceed $1,140,000, and an Economic Development Tax Increment Fund (EDTIF) incentive of up to $10,381,000. The incentives are based on more than 1,000 new jobs being created and the current 228 jobs being retained in the state during the life of the incentive period. These jobs would be expected to exceed 125 percent of the Salt Lake County average salary, including company contributed health benefits, and pay more than $776.5 million in new wages during the life of the incentive. If the company accepts these offers and relocates its Utah operations in Draper, it expects to invest in the facility and in employee training. Net state tax revenue generated by this project would be expected to exceed $50.9 million.

Several partners have worked with GOED over the past few months to develop these incentives for Edwards Lifesciences, including Draper City and EDCUtah.