Colorado approves nearly $20 million in incentives in return for 1,020 potential new jobs

The Colorado Economic Development Commission on Thursday approved $19.9 million in state tax incentives requests from four companies looking to bring 1,020 potential new jobs to the state.

Project Windward, the codename used for the largest request, is a Colorado-based consumer goods company that sells products worldwide. It is considering Broomfield for a new digital commerce center that would employ 625 people at an average annual wage of $112,880.

If the company brings the jobs to Broomfield within an eight-year window, it would be eligible to receive up to $12.5 million in Job Growth Incentive Tax Credits, which would lower the company’s future state tax bills. The company is also considering Ohio and Massachusetts for the new digital commerce center.

“The company is really trying to expand its global distribution channel support, which includes digital commerce as well as wholesale and retail,” said a company representative, who didn’t provide his name. The company’s owners reside in Boston, which is why Massachusetts is under consideration. It also has acquired a “huge” amount of space in Ohio.

A battery maker, codenamed Project 14er, received approval for $4.67 million in incentives. The company is looking at Boulder County for a new research and development facility that will help it develop a longer-lasting battery design that can compete with electric vehicle makers like Tesla. The facility is expected to create 188 net jobs at an average annual wage of $97,819.

The company already has 53 employees in Colorado and the state is on the shortlist of locations because of its engineering talent and the need for a dry climate with less than 1% relative humidity to produce batteries. Other states in the running are also arid — Nevada, Arizona and New Mexico.

Project Triangle, a California startup that has invented a vertical takeoff and landing aircraft design, received $2.5 million linked to the creation of 186 new full-time jobs in El Paso County. The jobs, which are concentrated among engineers and business administrators, are expected to pay an average annual wage of $120,645.

“We are a venture aircraft design company and we have invented a very novel aircraft design,” the company’s CEO told commissioners. The new craft is expected to provide taxi and delivery services, he said.

El Paso County interests the company because of its ability to accommodate flight testing, lower operating costs and pool of engineering talent. Texas is also in the running.

Project Baseball, a Maryland company that provides fraud detection services for mobile devices, is considering relocating its headquarters to Denver, Boulder or San Diego. The movie could bring 21 jobs to the state, including five of which may be in rural areas. The company received approval for $158,902 in Job Growth Incentive Tax Credits and $25,000 if it locates five jobs in rural areas.

Source: Read Full Article