The following projects were approved at the July 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 incentives requiring approval for these kind of projects are:
Job Growth Incentive Tax Credit
These awards do not guarantee that the company will accept the offer and/or expand or relocate to Colorado.
PROJECT NAME: Project Juniper
Summary
The company behind Project Juniper is a manufacturer of renewable energy generation systems that combines multiple renewable energy sources. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company is currently located in the UK and is looking to establish their HQ and a brand-new manufacturing facility in Colorado, serving North America and beyond.
In addition to Colorado, the company is considering Texas, Delaware, and California. Within Colorado, the company is considering Golden in Jefferson County. One of the main drivers for this location is Colorado’s Glo Park and its proximity to the National Renewable Energy Laboratory NREL.
Jobs
Project Juniper, should it occur in Colorado, expects to create 137 net new jobs at an average annual wage of $83,380, which is 112% of the average annual wage in Jefferson County. The jobs will include engineers, operators, and supervisors. The company currently has 15 employees, none of whom are in Colorado.
Incentive
Up to $1,838,896 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 137 net new full-time jobs at a minimum average annual wage (AAW) of $74,386 (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 new jobs in the renewable energy sector and support one of the Governor’s top priorities, setting Colorado on a path to 100% renewable energy for the grid by 2040 and position Colorado as a leader in the clean energy economy. The company wants to leverage local manufacturing and engage local suppliers, making it a valuable addition to Colorado’s renewable energy landscape.
In addition, the company aims to create STEM-focused apprenticeships through local educational providers across the state, which will strengthen Colorado’s economy by helping students and the workforce gain the skills they need to build their careers.
PROJECT NAME: Project Cypress
Summary
The company behind Project Cypress provides innovative engineering, design and drafting services, specializing in production-level industrial equipment. The company behind Project Cypress is considering adding a new location to their engineering firm to serve the North American market. In addition to Colorado, the company is considering Missoula Montana, Portland Oregon, or Colorado Springs Colorado. Colorado’s talent pool and supply chains have motivated the company behind Project Cypress to consider Colorado as a potential location for their expansion.
Jobs
Project Cypress, should it occur in Colorado, expects to create 42 net new jobs at an average annual wage of $79,286, which is 125% of the average annual wage in El Paso County. The jobs will include Engineers and salespeople. The company currently has 10 employees, none of whom are in Colorado.
Incentive
Up to $299,115 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 42 net new full-time jobs at a minimum average annual wage (AAW) of $### (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 net new jobs in the engineering sector which has cross-cutting impacts across a range of industries; situating expertise from companies like these in Colorado supports the growth of other companies and the ability to provide unique and specific support to their capital expansion buildout needs.
PROJECT NAME: Project New Vernon
Summary
The company behind Project New Vernon focuses specifically on defense and space technologies and services in the United States.
Project New Vernon represents the company’s efforts to open a manufacturing facility in the United States for delivering Electric Propulsion thrusters. The facility will also host a workshop for space telemetry ground equipment, offices and meeting rooms. In addition to Colorado, the company is considering Irvine, California. Within Colorado, the company is considering the Denver Metro area. Colorado’s talent pool, world class aerospace ecosystem and supply chain considerations have motivated the company behind Project New Vernon to consider Colorado as a potential location for their expansion.
Jobs
Project New Vernon expects to create 20 net new jobs at an annual average wage of $158,060, which is 167 percent of the annual average wage in Denver County. The jobs will include Engineers, Technicians, and Operators. The company currently has 286 employees, 2 of whom are in Colorado.
Incentive
Up to $371,751 in performance-based Job Growth Incentive Tax Credit over an 8-year period, 96 months, is requested from the EDC.
This incentive is contingent upon:
- The creation of up to 20 net new full-time jobs at a minimum average annual wage (AAW) of $94,497 (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 net-new jobs in Colorado for one full year before any credits become vested.
- Before any credits are issued, the company must create and maintain at least 20 net new full-time jobs.
Consideration
This project would support the state’s economic goals by creating net new jobs in the Colorado economy in one of the state’s most important industry sectors.