AvidXchange

Project Name

Cottonwood

Date Announced

3Q 2017

“Utah is a great hub for technology and innovation, and AvidXchange looks forward to being a larger part of the tech community and creating a positive impact on the local economy with the creation of over 200 jobs.” -- Michael Praeger, CEO and co-Founder

Jobs

218

Investment

$3.5 million

Incentives

AvidXchange may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with AvidXchange, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $359,247. Each year as AvidXchange meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.