The following projects were approved at the December 2021 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 project 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 or relocate to Colorado.
PROJECT NAME: Project Solve
Summary
The company behind Project Solve is a comprehensive virtual healthcare service. The company delivers comprehensive virtual care services and experiences. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
This project represents an expansion of their virtual care services in Colorado. In addition to Colorado, the company is considering virtual employees in Georgia and North Carolina, or expanding their physical presence in New York. Within Colorado, the company is considering Denver. Access to tech and virtual healthcare talent is the primary driver for the company.
Jobs
Project Solve, should it occur in Colorado, expects to create 200 net new jobs at an average annual wage of $125,827, which is 167 percent of the average annual wage in Denver County. The jobs will include data scientists and engineers. The company currently has 3,456 employees, 110 of whom are in a current office in Colorado.
Incentive
Up to $1,955,234 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. This incentive is contingent upon:
The creation of up to 200 net new full-time jobs at a minimum average annual wage (AAW) of $125,827 (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 adding 200 high wage net new jobs in the economy and supporting job retention and creation in the growing health tech ecosystem in the state.
PROJECT NAME: Project Branch
Summary
The company behind Project Branch is a health tech SaaS company that creates a practice management platform for autism therapy providers. Due to the nature of the company, further, identification would jeopardize the company’s confidentiality.
Project Branch represents a successful Australian health-tech SaaS company expanding into the United States. They are expanding their marketing and operations department in the US and hiring for roles in sales, account management, support, and product implementation. In addition to Colorado, the company is considering Tampa, Florida, and Nashville Tennessee. Within Colorado, the company is considering Denver. The decision drivers for the company are the cost of labor, access to talent, and the healthcare market.
Jobs
Project Branch, should it occur in Colorado, expects to create 120 net new jobs at an average annual wage of $80,596, which is 107 percent of the average annual wage in Denver County. The jobs will include Business Development Professionals, Account Executives. The company currently has 130 employees, none of whom are in Colorado.
Incentive
Up to $1,733,923 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC.
This incentive is contingent upon:
The creation of up to 120 net new full-time jobs at a minimum average annual wage (AAW) of $80,596 (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 net new jobs in the economy, supporting the existing autism therapy ecosystem in Colorado, and strengthening our competitive advantage in health tech companies.