SALT LAKE CITY — Railroad and natural resource expansion looks imminent for Utah, as the Utah Governor’s Office of Economic Opportunity last week awarded Delaware-based Integrated Rail and Resources with a post-performance tax credit reduction.
The move was made through the state’s Rural Economic Development Tax Increment Financing program.
Unlike other states, Utah doesn’t offer upfront incentives; instead, it awards companies only after performance benchmarks are met.
Integrated Rail and Resources is projected to add 40 new, high-paying jobs and invest more than $87 million in the state’s economy over the next six years under the agreement.
“Strengthening our rural infrastructure is foundational to Utah’s long-term economic stability,” Jefferson Moss, executive director of the Governor’s Office of Economic Opportunity, said in a statement. “This investment in Uintah County reinforces the Uinta Basin’s role in driving shared prosperity across our state. By modernizing our railway and resource sectors, we are creating high-quality jobs and ensuring Utah remains a global leader in energy and logistics for generations to come.”
Beyond strengthening the Uinta Basin’s economy, the Uintah County Commission echoed Moss’ notion that the benefits will extend outward, in a statement saying the move is “strengthening our domestic energy capabilities, local supply chains, workforce opportunities and economic resilience across the state.”
Founded in 2021, Integrated Rail and Resources focuses on “potential business combinations in the North American railroad and bulk commodity sectors,” according to a release.
In late 2024, the company announced a business combination agreement with Utah-based Tar Sands Holdings II, LLC, which owns refining and real estate assets and mineral rights in a move described as the “next step in advancing a long-planned infrastructure platform in the Uinta Basin.”
“The state of Utah has been an absolute pleasure to do business in,” Mark Michel, chairman of the board of Integrated Rail and Resources, said in a statement. “We chose Utah not only to establish our operations and enhance our ability to refine and market high-demand products, but because it represents a meaningful step forward in our efforts to create long-term value by supporting the Uinta Basin.”
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