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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: GVTucker who wrote (77230)	3/25/1999 12:04:00 PM
From: Paul Engel	Respond to of 186894

Intel Investors - & Scumbria - Intel To Establish Research Center in Utah We can now thank Orin Hatch for his help with Intel's FTC "investigation". Paul {=========================} Thursday March 25 8:19 AM ET Intel Plans Utah Research Center By AMY STEINBERG Associated Press Writer RIVERTON, Utah (AP) - Intel Corp. (Nasdaq:INTC - news) will buy 150 acres to build a major research and development campus, a move heralded by the governor and mayor as great news for families dependent on high-paying jobs. ''The real beneficiaries of this will be our children and our grandchildren and our families,'' said Gov. Mike Leavitt at a press conference Wednesday at Riverton City Hall. Mayor Sandra Lloyd called it a ''red letter day for Riverton.'' The Santa Clara, Calif., microprocessor manufacturer plans to break ground in three to four months, Lloyd said, but is not saying much about its plans for the research campus. Company officials did not attend the press conference. Intel spokesman Bill Calder said the first occupants will be the 350 employees Intel already has in Taylorsville, another suburb southwest of Salt Lake, and American Fork to the south, in Utah County. In talks with state and city officials over the past year, Intel has said the campus could eventually employ 6,000 to 8,000 in seven buildings. And, Leavitt said, the jobs will be good ones. ''These are better than average jobs. These are family wage jobs,'' the governor said. State officials have been told the jobs would pay an average of $50,000 per year. Calder said Intel exercised a purchase option for the acreage Wednesday. The company had notified the city of its plan Tuesday evening, Lloyd said. The land, now a welfare farm belonging to The Church of Jesus Christ of Latter-day Saints, is along the Bangerter Highway, which leads to the Salt Lake International Airport. That access was a key part of Intel's decision to put its research facility in Utah, Lloyd said. Intel was impressed by the state's ''good business climate'' and the ''tremendous support'' local officials have given the project, Calder said, as well as the proximity of the land to major highways. Company officials have said the proximity to two universities with engineering programs - the University of Utah in Salt Lake and Brigham Young University in Provo - also was an advantage. Calder said the company has no firm construction time line or schedule, nor a firm construction plan for the first building. The state's Business and Economic Development Board in September gave the company a $5 million industrial assistance loan, the largest the state has ever offered as a business development incentive. The loan will become a grant provided Intel creates 6,000 to 8,000 jobs with salaries averaging $50,000 a year. The Riverton City Council in November approved the master site plan of the Intel campus' first phase. The Riverton council in December also approved several incentives to draw Intel. Among other things, it established an Economic Development Area to freeze the taxable value of the 150 acres that will become home to Intel's campus and adopted a budget that gives the microchip manufacturer more than $10 million in tax incentives over a 12-year period to offset the cost of roads, utilities and other improvements to the site.