SoFi 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 agreement with SoFi, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,155,615. Each year as SoFi meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
SoFi Picks Utah for Regional Office, Utah Governor's Office
SoFi Opens a Salt Lake City Office Amid Rapid Growth, San Francisco Business Times
SoFi, a new kind of finance company taking a radical approach to lending and wealth management, held a ribbon cutting for their new facility in Cottonwood Heights, Utah on Thursday November 17, 2016. SoFi has been an ongoing project for EDCUtah that picked up speed in January 2016. As a financial technology company, they use technology to enable them to crowd source student loans so that investors receive a proportional return on their investment.
SoFi sought out Utah because they were looking for a location with affordable operation costs and highly trained workforce availability outside the bay area. Utah’s low turnover rates were another strong pull for the company who was seeking loyalty from their employees. California, Colorado, Idaho, Michigan, and Tennessee were location competitors for SoFi, however, a national analysis designated Utah as the best place for them to expand their business.
CBRE worked heavily with SoFi in order to find an ideal location in Cottonwood Heights. Their proximity to the airport is especially strategic as they are within 90 minutes from the Bay Area. EDCUtah supervised the company’s local relationships and aided them with the Incentive process with the Governor’s Office. SoFi will create 400 jobs in Utah including 250 software developers, and 150 customer support representatives.
The project was announced on March 10, 2016 and hired 90 employees in the first six months.