$4.8 million CAPEX
The Economic Development Corporation of Utah (EDCUtah), the Governor’s Office of Economic Development (GOED), and Cottonwood Heights are pleased to announce that that Silicon Valley Bank (SVB) will expand its operations in that city. The three-year agreement with GOED projects 116 new jobs and capital expenditure of $4.8 million.
“The expansion of Silicon Valley Bank in Cottonwood Heights will create many high-paying jobs well above the average county wage,” said Val Hale, GOED’s executive director. “The company will also support many Utah-based technology and life science companies. We are excited to have a Silicon Slopes location of Silicon Valley Bank in Utah and wish them success as they continue to grow.”
Silicon Valley Bank serves innovative companies and their investors around the world in the technology, life science and healthcare, private equity and venture capital, and premium wine industries.
“We’re pleased to expand our presence in Utah with the support of the Governor’s Office of Economic Development,” said Phil Cox, chief operations officer of Silicon Valley Bank. “At SVB, we have the opportunity to grow and collectively make an impact on the world by supporting the innovative clients and communities SVB serves. We look forward to welcoming local talent primarily to our global operations, private bank and wealth advisory, risk and IT teams.”
The GOED Board has approved a post-performance tax credit not to exceed $346,714. Each year that SVB meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“We are thrilled with Silicon Valley Bank’s expansion and continued investment in Cottonwood Heights. The company has been a great corporate partner to the city, and we are proud to support its ongoing growth and success,” said Mike Johnson, Cottonwood Heights Community & Economic Development Director.
SVB serves half of all venture-backed companies in the U.S. and is one of the fastest-growing companies in the world.
“Utah employs more than 82,100 people in financial services and has experienced employment growth of 20.8% in the financial services industry over the last five years,” said Theresa A. Foxley, president and CEO of EDCUtah. “This is comparable to our fast-growing tech industry. Silicon Valley Bank straddles both sectors, and we’re gratified they are expanding here to capitalize on the ‘Utah opportunity.’”
For more information on Silicon Valley Bank, visit https://www.svb.com/
Erin Farr, senior business development manager, led this project for EDCUtah.
For more information on this or other projects, contact Colby Cooley, vice president of business development, at 801-323-4250, firstname.lastname@example.org.
Senior Business Development Managerefarr@edcutah.org