Varian Medical

The GOED Board of Directors approved a tax credit of some $7.1 million in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, in anticipation of receiving more than $35 million from Varian in new state tax revenues over the fifteen year life of the agreement. Each year as Varian meets the criteria in its contracts with the state, it will earn a portion of the tax credit. Over the 15-year period the company will also pay out more than $400 million in new state wages. All of the incented jobs will pay at least 125 percent of Salt Lake County’s average annual wage including company contributed health insurance.