UT: Decorworx to Invest $11.5M, Expand in Cedar City, Add 164 Jobs
15 Jul, 2016
Decorworx and the Governor’s Office of Economic Development (GOED) announced the store décor company will expand its operations in Utah, adding up to 164 jobs to the community and producing an expected capital investment of $11.5 million.
“It is rewarding to help a family-owned, homegrown company like Decorworx thrive in a national marketplace,” said Val Hale, executive director of GOED. “Supporting expansions like this is important to our communities.”
Founded in Cedar City 20 years ago, Decorworx specializes in customized décor that reflects a store’s brand and targeted demographics. The company’s aim is to enhance the shopping environment and produce greater success for their clients. Enjoying rapid national success, Decorworx is now a preferred vendor for multiple groups including Associated Foods Salt Lake, Affiliated Foods Midwest and Piggly Wiggly. This represents more than 10,000 independent grocery stores nationwide. Decorworx has received 12 national design awards and is a community-minded business. New positions would include sales, engineering, design and craftsmen.
“As a result of our talented employees, Decorworx has been openly received nationwide,” said Jeff Dansie, president of Decorworx. “We find daily inspiration from our lifestyle in Cedar City and the surrounding area. It enables us to create award winning stores and true success for our clients.”
Decorworx has indicated that the expansion will create up to 164 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the Iron County average wage. The projected new state wages over the life of the agreement are expected to be approximately $29,291,381. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,590,621 over eight years.
“We congratulate Cedar City and Iron County for this tremendous win,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Anytime a local company chooses to make additional investment in-state, it’s a validation of the quality of our labor force, the effectiveness with which we manage state and local governments, and the presence of strong public-private partnerships.”
Decorworx may earn up to 20 percent of the new state taxes they will pay over the eight-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 Decorworx, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $318,124. Each year as Decorworx meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
Decorworx is working closely with the local community to determine the best location for the expansion. Exact location will be determined at a future date.
About the Utah Governor’s Office of Economic Development (GOED) www.business.utah.gov
The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships. For more information please contact: Aimee Edwards, (801) 538-8811 or email@example.com.
About Decorworx (www.decorworx.com)
The company is about our three core values: exceptional experience, premier image and on time, every time. Creating innovative designs and installing breathtaking décor is our passion and we want to share our excitement and enthusiasm with you. Our award-winning Decorworx team has strengthened independent grocers across the country by customizing their store décor to reflect their story, specific brand and demographics. We realize that each of our clients has a distinct brand and a unique story, which is why all of our superior products are designed with each individual store in mind.