Last week, the Utah Governor’s Office of Economic Development awarded Rincon Research Corporation a post-performance tax reduction for its expansion in Draper, Utah. The corporate incentive is part of the state’s Economic Development Tax Increment Financing program.
As part of the agreement, Rincon projects to add 125 new, high-paying jobs and invest $144,755,651 in Salt Lake County over the next 20 years.
Rincon Research is a small, employee-owned company that provides advanced engineering, research and technology system solutions for U.S. defense, intelligence and space programs. Founded in 1983 and headquartered in Tucson, Arizona, the company has experienced steady growth across the defense and intelligence communities.
“As an employee-owned company, every investment we make is a long-term bet on our people,” said Diana LaFoley, president and CEO of Rincon Research. “Our growth has always been driven by our ability to attract and retain strong technical talent, and Utah’s universities and workforce give us a good base to build from.”
Rincon intends to leverage Utah’s talent pipeline of engineering, computer science and STEM graduates to fill workforce roles in digital signal processing, RF sensing, satellite communications, artificial intelligence and signal analysis. The company also plans to develop university partnerships and engage in the Department of Defense’s SkillBridge program to support service members transitioning to civilian employment.
Over the next 20 years, the company is expected to create some $612.5 million in wages and nearly $21 million in new state tax revenue.
