Urban and Rural Business Services

As part of GOED’s vision for Utah to lead the nation as best performing economy, Urban and Rural Business Services (URBS) promotes entrepreneurship, innovation and collaboration within the state to grow existing businesses and build a sustainable economic environment . URBS leads out on GOED’s objectives to engage the population in starting new companies and support the expansion of Utah businesses . Additionally, URBS leverages its centralized ability to convene public and private partners statewide to create truly statewide economic solutions .

Workforce Development

Workforce continues to be one of the most voiced concerns of businesses throughout Utah . Creating a skilled workforce is critical for helping to fill jobs and allowing our economy to continue to grow . GOED has been looking for strategic ways to develop a workforce strategy that includes all stakeholders .

Under the direction of the Lt . Governor, GOED has convened a workforce stakeholders group to develop meaningful solutions for industry . This process has brought to fruition several innovate initiatives, including new education and training programs that directly serve our targeted industries . To date initiatives have and are being developed that directly serve IT, advanced manufacturing, aerospace, defense and others .

GOED convenes and develops solutions with one goal in mind: help businesses find skilled labor, and help our stakeholders to find meaningful employment for all Utahns .

Ben Hart Managing Director

Ancillary URBS Programs

Utah Recycling Market Development Zones, U.C.A. 63N-3-4

Businesses within a Recycling Zone can claim state income tax credits of 5 percent on the investment in eligible equipment for the handling and/or consumption of recycled materials . Currently recycling zones are located in 12 of the 29 counties . Fifty companies within these zones have invested more than $372 million in machinery and equipment since 1997 . In 2013, 15 companies have invested more than $18 .1 million, and received tax credits totaling $900,000 .

Private Activity Bond Authority, U.C.A 63N-5

The Private Activity Bond Authority Review Board is charged with managing the State’s volume cap for the following programs: Private Activity Bond Authority Program (PAB) and the Qualified Energy Conservation Bond Program (QECB) . PAB is Utah’s tax-exempt bonding authority to create a lower-cost, longterm source of capital for: 1) promoting the economic health of communities by providing affordable housing; and 2) assist new or existing companies with funding for manufacturing facilities and equipment . QECBs are taxable bonds issued for a number of energy conservation initiatives including energy reduction in public buildings, mass commuting facilities and energy technology research .

Approved Projects for CY2014

Note: PAB operates on a calendar year . Allocation amounts are from CY2014, but estimated job creation figures are from FY2014 due to when the bonds were issued .

Enclave at1400 South, an affordable low-income multi-family housing development located in Salt Lake City, financed with Private Activity Bonds.

Approved Funding Categories Volume Cap Allocation Amount Number of Projects Number of Loans Number of Permanent Jobs Created Number of Construction Jobs Created Number of Other Temporary Jobs Created

Multi-Family Housing $17,600,000 1 N/AP 12* 425* 25* Manufacturing

Single Family Homes $124,666,500 N/AP 3,329 N/AP 253**

Student Loans $0

Qualified Redevelopment Projects Qualified Energy Conservation Bonds $0

$4,300,000 1 5 N/AP – Not Applicable * Numbers from two projects closed and started construction in FY2014; however, one project received allocation in CY2013, the other project in CY2014 . ** Direct, Indirect and Induced Jobs .