The following project was approved at the October 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 this kind of project 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: Pancake
Summary
The company behind Project Pancake is a leading data management company. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. Project Pancake is currently evaluating expansion opportunities at one of its office locations. In addition to Colorado, the company is considering Indiana, where they also have a current presence. Their primary consideration is the cost of doing business and access to talent.
Jobs
Project Pancake, should it occur in Colorado, expects to create 50 net new jobs at an average annual wage of $159,257. The jobs will include Business Development, Customer Care, and Software Engineers. The company currently has 212 employees, 27 of whom are in Colorado.
Incentive
Up to $573,184 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 50 net new full-time jobs at a minimum average annual wage (AAW) that is 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 supporting high-wage IT jobs and continued expansion in Colorado. The EDC has previously awarded the same company Strategic Fund award that the EDC approved for a different project. This award is completed, and Project Pancake represents a separate and distinguished competitive project.