The following projects were approved at the January 2025 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
This award does not guarantee that the company will accept the offer and/or expand or relocate to Colorado.
PROJECT NAME: Airplane
Summary
The company behind Project Airplane is a manufacturer in the aerospace industry. Project Airplane represents the company's plans to construct a new seat production and customer experience center to support their growth strategy. This facility will either be located in Florida or in Colorado. The company's primary consideration is location, talent, costs, and proximity to the supply chain.
Jobs
Project Airplane, should it occur in Colorado, expects to create 191 net new jobs at an average annual wage of $85,490, which is 111% of the average annual wage in Jefferson County. The jobs will include craft workers, operatives, administrative support, and sales. The company currently has 3,000 employees, 193 of whom are in Colorado. They have recently completed a previous JGITC incentive with the State for a separate project, which closed on Dec. 31, 2023. They overperformed on job creation for their previous award, creating 70 more jobs than listed on their employment plan. They remained in excellent standing throughout their award, resulting in increased benefit to the State. The OEDIT BF&I team said they are a pleasure to work with.
Incentive
Up to $2,155,634 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 191 net new full-time jobs at a minimum average annual wage (AAW) of $76,856 (100% of Jefferson 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 the economy.
PROJECT NAME: Boron
Summary
Project Boron is the fifth company to apply for the CHIPS Refundable Tax Credit program.
The company behind Project Boron is a nontraditional semiconductor manufacturer that has capabilities to create a variety of electronics on both glass and flexible substrates. The company’s digital sensor technology provides the foundation for some of today's most innovative solutions in military, medical, industrial, and security imaging business markets.
The project includes an expansion and modernization of the company’s Colorado Springs facility, which will double its current clean room space (now at 55,000 sq ft). The new space and equipment will allow the company to increase production of its current custom products - which are used by the Department of Defense and companies in the medical, automotive, aerospace, and consumer markets — and enable an aggressive R&D agenda. The company previously received a $2.8 million Job Growth Incentive Tax Credit (JGITC) award and is seeking direct funding under the CHIPS Act.
The company expects to earn Enterprise Zone Investment, Job Training, New Employee, and Research and Development Tax Credits totaling $7.1 million over the next eight years. With the JGITC award, the company expects to earn $9.9 million eligible credits for refund from the project. In its application, it requested this total from the Commission. After evaluation, OEDIT staff recommended and the EDC approved a total award amount of $4.6 million.