The incentive, approved Friday by the Governor's Office of Economic Development Board, would take the form of rebate of Utah taxes payable over 20 years.

State officials said the company wants to expand its current 80,000-square-foot facility by about 15,500 square feet and increase total employment to 725 employees from about 350.

Goldman Sachs spokesman Chris Williams said the company would not provide any information about its employment levels or operations, whether it has finalized an expansion here or any other details.

He would only e-mail a statement attributed to David Carlebach, managing director of Goldman Sachs, that said: "Goldman Sachs has had an excellent experience in the state of Utah over the past seven years. We strive to be an employer of choice and look forward to growing our business here in the future."

GOED board member Jerry Oldroyd said the large incentive is merited because of the company's high wages. The company's average wages are significantly higher than the Salt Lake County median wage of $32,828. In addition, the company is making a capital investment in the city of more than $20 million, he said.

In Salt Lake City, Goldman Sachs employes a variety of workers, including investment specialists.

In late 2001, Goldman Sachs was awarded a $400,000 cash incentive payable over five years. The last installment of that incentive will be paid to the company in January.

lesley@sltrib.com