Biomerics may earn up to 20 percent of the new state taxes they will pay over the eight-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate.
Biomerics, a leader in the medical device and biotech industries specializing in the design, development, and production of medical devices for diagnostic and interventional procedures, was considering an expansion in late 2015. The company had grown rapidly over its nine years in existence, opening offices in Utah, Minnesota, and Ireland. As customer demand grew, the company found a need to expand not only its manufacturing capacity, but its headquarter capacity as well. With this new expansion, the company would officially establish their corporate headquarters. Having nearly equal headcount in Utah and Minnesota, two states with thriving life science industries, they narrowed down their decision between these two states.
Among other considerations, the cost of doing business and incentive offerings were the two biggest decision drivers. Over the course of two years, they worked with BioUtah, GOED, and EDCUtah to weigh the options and facilitate conversations to gather all of the data and information they needed to make their decision.
After analyzing the costs and benefits of both locations, the company ultimately chose Utah for its corporate headquarters. The expansion will create 380 new jobs and $38.5 million in capital investment. The new facility will also have the capacity to expand to 500 jobs to meet potential growth.