The following projects were approved at the June 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 Cranium
Summary
The company behind Project Cranium builds communities of affordable housing using new and novel construction technologies - prefabricated net-zero panels and 3-D construction printing. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. The company behind project Cranium is evaluating markets for its headquarters operations. In addition to Colorado, the company is considering Kansas and Texas. Within Colorado, the company is considering El Paso County. The company is particularly interested in Governor Polis’ focus on creating affordable housing.
Jobs
Project Cranium, should it occur in Colorado, expects to create 381 net new jobs at an average annual wage of $64,383, which is 107% of the average annual wage in El Paso County. The jobs will include CFO, Business Development, Project Engineers, HR, Accountants, IT, and Warehouse Employees and Managers. The company currently has 6 employees, none of whom are in Colorado.
Incentive
Up to $3,848,141 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 381 net new full-time jobs at a minimum average annual wage (AAW) of $64.383 (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.
Considerations
This project would support the state’s economic goals by creating high-paying net new jobs in the economy and growing one of Colorado’s key industries, affordable housing. Attainable and affordable housing is targeted by OEDIT, the Governor’s office, and legislation from the CO General Assembly via the IHIP Program, Prop 123, MIHA, and the 3P Office, among many other programs.
PROJECT NAME: Project Cesium
Summary
The company behind Project Cesium designs and manufactures advanced communication and networking solutions for space based connectivity. Their core technology uses active phased arrays (APAs), which are beams of RF energy that can be focused precisely where they’re needed, optimizing capacity and data rates. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
This project represents the company’s effort to build a state-of-the-art 100,000 square-foot factory for end-to-end design, manufacturing, assembly, and integration of Communications Satellites for space operations. The goal is to produce 2 satellites daily by 2025. This will also include conducting advanced Research and Development for emerging space technologies supporting next-generation solutions. In addition to Colorado, the company is considering Austin Metro. Within Colorado, the company is considering Boulder. The company is interested in Colorado’s aerospace ecosystem and its talent pool.
Jobs
Project Cesium, should it occur in Colorado, expects to create 906 net new jobs at an average annual wage of $104,819, which is 121% of the average annual wage in Boulder. The jobs will include Warehouse & Material Handling, Engineers, Technicians & Assembly, and Managers. The company currently has 140 employees, 40 of whom are in Colorado.
Incentive
Up to $12,439,410 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 906 net new full-time jobs at a minimum average annual wage (AAW) of $104,819 (100% of Boulder) 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 the economy and bolster Colorado’s key aerospace industry.
PROJECT NAME: Project Fire
Summary
The company behind Project Fire is a global sports and entertainment company and is focused on being a positive disruption to business as usual in the sports, live entertainment, and hospitality industries. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Fire is evaluating markets for its headquarters operations. In addition to Colorado, the company is considering urban centers in Texas. Within Colorado, the company is considering Denver County. The company is interested in Colorado’s corporate tax environment, its high quality of life for employees living here, and its connectivity to the rest of the US on the basis of its geographic location and direct flight options.
Jobs
Project Fire, should it occur in Colorado, expects to create 150 net new jobs at an average annual wage of $230,733, which is 257.2% of the average annual wage in Denver County. The jobs will include executive, business development, sales, legal, finance, and administrative roles. The company currently has over 30,000 employees, 74 of whom are in Colorado.
Incentive
Up to $5,305,089 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 150 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
Given the nature of this company’s employment projections, the award proposed includes a higher level of funding per Net New Job than OEDIT and the EDC regularly provides. However, the state feels confident in the appropriateness of its offer for a variety of reasons:
- OEDIT projects a strongly positive NPV for the state at the 10-year mark of its evaluation of the value of the incentive offer.
- The company behind Project Fire has an in-office policy for its employees, which means the jobs hired will be present and contributing to the local economy where the company is situated.
- The company has a strong commitment to equity, diversity, and inclusion, with internal programs dedicated to addressing systemic inequalities, a DEI education initiative that includes commitments to HBCUs, and employee resource groups for Black, Latinx, LGBTQIA+, and female-identifying employees.
- The company’s owned and operated venues conduct many charitable activities to support local social causes.
- The company is committed to environmental sustainability and ESG-oriented (Environmental, Social, and Governance) operations for its owned and operated venues.
This project would support the state’s economic goals by creating high-paying net new jobs in the economy, supporting in-office roles that will contribute to the local and state sales tax base, and bolstering Colorado’s reputation as a place to situate corporate leadership.
PROJECT NAME: Project Dots
Summary
The company behind Project Dots is a nontraditional semiconductor, design, and 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. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Dots has a 10-year plan for capital investment, research and development, and job creation to expand current capacity and capabilities. The plan includes four key projects that will require infrastructure investment, equipment investment, new research and capabilities as well as significant job creation. Across these projects, the company's 10-year plan encompasses a combined budget for capital expenditures and research development. In addition to Colorado, the company is considering Arizona and New York. Within Colorado, the company is considering El Paso County. GBD staff has been collaborating with local economic development partners who have offered a very healthy local incentive package. The company is considering expanding in Colorado due to the state’s talent pool, its concentration of small- to mid-size semiconductor supply chain companies, the state’s legislative and programmatic support for semiconductor companies, and its proximity to its current facilities.
Jobs
Project Dots, should it occur in Colorado, expects to create 189 net new jobs at an average annual wage of $96,866, which is 161% of the average annual wage in El Paso County. The jobs will include engineers, technicians, and operations professionals. The company currently has 137 employees, 135 of whom are in Colorado.
Incentive
Up to $2,827,194 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 189 net new full-time jobs at a minimum average annual wage (AAW) of $60,151 (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.
Considerations
This project would support the state’s economic goals by increasing the capacity and concentration of the state’s semiconductor industry ecosystem, which is a strategic priority of both Governor Polis’s administration and the country at large. Supporting this project would also increase the likelihood of Colorado receiving available funding dedicated to semiconductor manufacturers from the CHIPS & Science Act.