The following projects were approved at the December 2024 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 incentive requiring approval for these kinds of projects is:
Job Growth Incentive Tax Credit
This award does not guarantee that the company will accept the offer and/or expand or relocate to Colorado.
PROJECT NAME: Phoenix
Summary
The company behind Project Phoenix is a solar manufacturer. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
Project Phoenix is reviewing various alternatives to set up their first solar cell factory. In addition to Colorado, the company is considering New York. Within Colorado, the company is considering El Paso County. The main drivers for their decision are the existing infrastructure as well as incentives.
Jobs
Project Phoenix 2024, should it occur in Colorado, expects to create 378 net new jobs at an average annual wage of $105,509, which is 167% of the average annual wage in El Paso County. The jobs will include C-level executives, engineers, and production operators. The company currently has 170 employees, none of whom are in Colorado.
Incentive
Up to $6,251,201 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 378 net new full-time jobs at a minimum average annual wage (AAW) of $63,362 (100% of El Paso 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.
Consideration
This project would support the state’s economic goals by creating high-wage net new jobs and supporting Colorado’s transition to clean energy. The project would bring green jobs and support Colorado moving towards zero emission buildings as outlined in the Governor's administration’s roadmap to 100% renewable energy by 2040.
PROJECT NAME: Legacy
Summary
The company behind Project Legacy is a privately held, independent risk management and insurance brokerage firm with offices in a number of states. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Legacy is expanding into the western United States and is in search of an office that will service their expected new coverage area. In addition to Colorado, the company is considering Kansas City, Missouri. Within Colorado, the company is considering Arapahoe County. The company’s location decision is driven by access to talent, competitiveness of tax climate, and potential available clientele.
Jobs
Project Legacy, should it occur in Colorado, expects to create 124 net new jobs at an average annual wage of $158,081, which is 191% of the average annual wage in Arapahoe County. The jobs will include sales, customer service, and administrative roles. The company currently has over 1,100 employees, 57 of whom are in Colorado.
Incentive
Up to $1,706,915 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 124 net new full-time jobs at a minimum average annual wage (AAW) of $82,615 (100% of Arapahoe 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.
Consideration
This project would support the state’s economic goals by creating high-paying net new jobs in a competitive market in the US and expanding Colorado’s financial services industry.
PROJECT NAME: Omega
Summary
The company behind Project Omega is a financial service firm from Colorado. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind project Omega is evaluating a short list of locations to expand with a new ops center. In addition to Colorado, the company is considering Illinois, Michigan, and North Carolina. Within Colorado, the company is considering Boulder county. The main drivers for this project are the access to talent, costs of business, and incentives.
Jobs
Project Omega, should it occur in Colorado, expects to create 232 net new jobs at an average annual wage of $213,146.55, which is 238% of the average annual wage in Boulder County. The jobs will include associate, director, and managing director financial service advisors. The company currently has 48 employees, 33 of whom are in Colorado.
Incentive
Up to $3,801,494 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 232 net new full-time jobs at a minimum average annual wage (AAW) of $89,544 (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.
- Guardrail: The company will have to provide proof they have raised capital needed to execute this project prior to contracting for this incentive, via bank statements or other such documentation.
Consideration
This project would support the state’s economic goals by creating net new high-paying jobs in Colorado’s financial service sector and continue our state’s strong partnership with a well established Colorado company.