The following projects were approved at the April 2023 Colorado Economic Development Commission meeting. The Colorado Economic Development Commission (EDC) develops incentive packages to assist with existing business expansions and new company relocations to grow jobs in all regions of the state. They typically meet on the third Thursday of every month.
The incentives requiring approval for these kinds of projects are:
Job Growth Incentive Tax Credit
Strategic Fund Job Growth Incentive
Location Neutral (LONE) Worker Incentive
These awards do not guarantee that the companies will accept the offer and/or expand in relocating to Colorado.
PROJECT NAME: Project Eye in the Sky
Summary
The company behind Project Eye in the Sky deploys innovative space communication solutions. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
This project represents an expansion opportunity that would include an antenna factory to expand production capability and keep pace with customer demand. This will support advanced projects for national defense that will require unique facility and infrastructure needs. In addition to Colorado, the company is considering West Texas and Florida. Within Colorado, the company is considering Boulder County. The cost of doing business and access to talent are the primary considerations for this project.
Jobs
Project Eye in the Sky, should it occur in Colorado, expects to create 451 net new jobs at an average annual wage of $121,421, which is 140 %of the average annual wage in Boulder County. The jobs will include manufacturing technicians, executives, and engineers. The company currently has 72 employees, 69 of whom are in Colorado.
Incentive
Up to $4,928,623 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
The creation of up to 451 net new full-time jobs at a minimum average annual wage (AAW) of $86,333 (100% of Boulder County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
The creation and maintenance of at least 20 net new jobs before any credits are issued.
Considerations
This project would support the state’s economic goals by high-wage net new jobs for a manufacturing facility that will support our concentration of satellite companies in Colorado.
PROJECT NAME: Project Columbia
Summary
The company behind Project Columbia is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. Through a strong network of professional distributors, dealers, rental stores and retailers in more than 125 countries, the company offers a wide range of products across a family of global brands to help golf courses, professional contractors, underground construction professionals, groundskeepers, agricultural growers, rental companies, government and educational institutions, and homeowners – in addition to many leading sports venues and historic sites. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Columbia is evaluating locations for a new center of excellence for the research and development functions of their robotics division. In addition to Colorado, the company is considering Minnesota where its company headquarters are located. Within Colorado, the company is considering Weld County. The company behind Project Columbia will base its decision on the cost of the markets it is considering and the relative value of economies of scale in its respective operations in Colorado and Minnesota.
Jobs
Project Columbia, should it occur in Colorado, expects to create 45 net new jobs at an average annual wage of $106,889, which is 179.6% of the average annual wage in Weld County. The jobs will include engineers, customer support administrators, and technicians. The company currently has over 11,000 employees, 27 of whom are in Colorado.
Incentive
Up to $519,626 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
The creation of up to 45 net new full-time jobs at a minimum average annual wage (AAW) of $59,501 (100% of Weld County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
The creation and maintenance of at least 20 net new jobs before any credits are issued.
Considerations
This project would support the state’s economic goals by creating high-paying net new jobs in an advanced industry sector in Colorado.
PROJECT NAME: Project Forge
Summary
The company behind Project Forge is a global leader in the online sports betting and gaming sector, known for its excellence in technology innovation that has shaped the industry over the last twenty years. The company’s many different technology departments, alongside its extensive customer support organization, have enabled it to become one of the most respected names in the industry. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
Project Forge’s expansion seeks to bring the company’s reputation and brand awareness to the US as its newest growth frontier. While the company has a presence in New Jersey, the project will serve as a formal stake in the ground, the main office for the US. The Company estimates over $40 million in capital investment to build out, customize and furnish approximately 120,000 sq. ft. of office space to accommodate its large workforce and offer the kind of environment and amenities expected of today’s employees. In addition to Colorado, the company is considering Tucson, AZ and Nashville, TN. Within Colorado, the company is considering Denver County. The company’s decision on where to locate Project Forge is based on access to talent, costs of markets where it is considering expanding, proximity to an international airport, and quality of life for its employees.
Jobs
Project Forge, should it occur in Colorado, expects to create 807 net new jobs at an average annual wage of $97,238, which is 108.4% of the average annual wage in Denver County. The jobs will include senior leadership roles, software developers, data engineers, product and customer service managers, HR positions, traders, fraud and risk supervisors, and many more covering the full gamut of the company’s headquarters operations. The company currently has more than 6,000 employees, none of whom are in Colorado.
Incentive
Up to $14,055,942 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
The creation of up to 807 net new full-time jobs at a minimum average annual wage (AAW) of $89,700 (100% of Denver County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
The creation and maintenance of at least 20 net new jobs before any credits are issued.
Considerations
This project would support the state’s economic goals by creating a large number of high-paying net new jobs in the state economy.