A card payment platform company aiming to make fleet and gasoline payments easier for drivers will roll into Draper with a project expected to result in 97 high-paying jobs over the next two decades.
K-Dimensional Holdings Inc., known as Coast, will be aided by a tax incentive approved by the Governor’s Office of Economic Opportunity board at its April meeting. The nearly $10.6 million project will result in new jobs paying an average of $126,405.
“We were pleased to have support from EDCUtah (Economic Development Corporation of Utah) and the Utah Governor’s Office of Economic Opportunity on this site selection decision,” Stephen Rosen, Coast vice president of operations, said in a prepared statement. “Our expansion into Utah will help us accelerate our business and continue to drive monetary and time savings to Coast customers.”
New York-based Coast offers a financial services platform that simplifies fleet fuel payments and expense management across industries. Its platform provides payment integration solutions to fleets, designed to make fleet administration easier than traditional financial services, ultimately helping businesses save time and money by using software to track fleet spending, customize spending rules and prevent fraud. It says any businesses operating vehicle fleets can benefit, from companies with five vehicles to those with 100.
Rosen told the GOEO board that the company was started four years ago. About a year ago, it realized it needed to expand “and found that Utah and Salt Lake City would be a great place for that growth.” The company currently has 16 employees at The Gateway in Salt Lake City.
“We’re so happy to have them here,” Rex Buys, business development manager at EDCUtah, told the board. “They’ve been a wonderful company to work with. We’re grateful that they’ve chosen our state, and Salt Lake County specifically, and we just hope that this great relationship with them will continue.”
Kellie Challberg, Draper’s assistant city manager, said Coast’s new leased location will be near The Point, a development underway near Point of the Mountain.
“Mayor [Troy] Walker and I had the opportunity to meet with Coast a few weeks ago and they explained their business model, and we’re just really happy to have them,” Challberg told the board.
The state tax credit incentive is for up to $1.47 million over 20 years. New total wages for the project are estimated at $140.3 million during that time, and new state tax revenue is projected to be $9.8 million.
“Utah is proud to support businesses that drive innovative solutions shaping our state’s future,” Ryan Starks, GOEO’s executive director, said in a prepared statement. “By simplifying fleet management and associated expenses, businesses can focus on what truly matters: growing their operations. Streamlining these processes not only saves time and reduces costs but also fosters economic growth in Utah by empowering businesses to reinvest in their communities.”
“Coast’s decision to expand into Utah speaks volumes about the strength and momentum of our tech and fintech sectors,” said Scott Cuthbertson, president of EDCUtah. “Its expansion from New York highlights Utah’s strong business climate and deep talent pool, and we look forward to the impact Coast will have on our economy and innovation landscape.”
“Draper City is eager to welcome Coast to our community,” said Mike Barker, Draper city manager. “The proposed office space is in a great location — close to housing opportunities for all income ranges, quality restaurants and retail, and a transportation system that provides easy access to Salt Lake and Utah county. We believe Coast will be a great addition to Draper, and its business model will fit nicely with other thriving Draper businesses.”
GOEO does not provide upfront cash incentives. Each year that an incentivized company meets the obligations in its contract with GOEO, it will qualify to receive a portion of the new, additional state taxes the company paid to the state.