The following projects were approved at the August 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 incentive requiring approval for these kinds of projects 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: Falcon
Summary
The company behind Project Falcon is a manufacturing company. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
Project Falcon, should it occur in Colorado, is adding a new manufacturing location to its already existing portfolio of facilities that would represent a US flagship facility and 20+ year commitment by the company to the chosen community. Within Colorado, the company is considering Pueblo. Cost of doing business, local talent and community investment, state support and investment in the project, and logistics are all key considerations for this project.
Jobs
Project Falcon, should it occur in Colorado, expects to create 287 net new jobs at an average annual wage that is 150% of the average annual wage in Pueblo County. The jobs will include Logistics, Maintenance, Management, Procurement, and Operations personnel. The company does not currently have a significant operating presence in Colorado.
PEDCO has committed to meeting or exceeding the required match for this program.
Incentive
$1,865,500 in a performance-based Strategic Fund incentive over a 5-year period, 60 months, is requested from the EDC at $6,500 per net new job. 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 287 net new permanent full-time jobs at a minimum average annual wage (AAW) of $81,056 (150% of the Pueblo County average annual wage).
- Or a payout of $3,000/NNJ for the creation of up to 287 net new jobs if the average annual wage is at least $54,028 (100% of the Pueblo County average annual wage at the end of the 5-year term).
- The maintenance of the net new jobs in Colorado for one full year before any grant payments are made.
- A $1:$1 local match of incentives by the PEDCO and/or grants from other community partners that match the payout and term structure of the OEDIT incentives and will not result in the possibility of a clawback by the community partners and an undermatch of OEDIT’s payouts.
Project Falcon is also being considered for approval into the Rural Jump-Start (RJS) program, which provides up to eight years of tax benefits for participating businesses that start in or relocate to Rural Jump-Start Zones and commit to creating new jobs. Tax benefits include relief from: state income tax for the new business; state sales and use tax for the new business; county personal property tax for the new business; municipal personal property tax for the new business (in participating municipalities); and state income tax for qualified New Hires.
This is the first time the EDC has considered both a Strategic Fund incentive and the Rural Jump-start Program for the same company.
Consideration
This project would support the state’s economic goals by creating net new jobs in Pueblo, providing strong alignment with local priorities, community support, and long-term economic revitalization. The project would activate dormant industrial land and expand infrastructure capacity on Pueblo’s south side. The company would be a large customer for rail, strengthening freight logistics and regional supply chains. The company has strong workforce initiatives and would work with the local community college to develop long-term training pipelines, with a focus on rural job creation and community engagement.
It is due to this strong alignment with our state priorities that OEDIT recommended the EDC make an exception and layer the Strategic Fund and Rural Jump-Start for this award. The SF would help the company offset upfront hiring costs in a competitive decision-making process, while RJS reduces long-term operational burdens. Layering both creates a compelling, comprehensive incentive package - especially important given Pueblo’s economic transition and the need to secure anchor employers.
Project Name: Split
Summary
The company behind Project Split represents a company providing custom-engineered modular manufacturing solutions. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
This project represents the company's plans to double their operations and are being offered incentives to do so in other states. In addition to Colorado, the company is considering Texas or Arizona. Within Colorado, the company is considering Adams County. The cost of doing business and state support are key factors influencing the company's decision.
Jobs
Project Split, should it occur in Colorado, expects to create 1,786 net new jobs at an average annual wage of $92,829, which is 130% of the average annual wage in Adams County. The jobs will include Finance & Accounting, and Account & Program Management, and Project Engineers. The company currently has 1,270 employees, 1,000+ of whom are in Colorado.
Incentive
Up to $24,390,607: 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 1,786 net new full-time jobs at a minimum average annual wage (AAW) of $92,829 (100% of Adams 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 economy, and supporting companies' growth in Colorado within the Aerospace sector.
Project Name: Nitrogen
Summary
Project Nitrogen became the seventh Refundable Tax Credit application approved by Colorado’s Economic Development Commission (EDC) on Thursday, August 21, 2025.
The company behind Project Nitrogen is a world-renowned fabless semiconductor company that develops an array of cutting-edge logic semiconductors. Its products enable gaming, data centers, AI, and embedded systems. It has operated in Colorado for nearly 20 years and currently has two facilities.
The project includes an expansion of facilities and lab space at both facilities. The new space will allow the company to increase its ability to complete parallel R&D projects in the area.
The company expects to earn Enterprise Zone Investment, New Employee, and Research and Development Tax Credits totaling $3.6 million over the next eight years. In its application, it requested this total from the Commission. After evaluation, OEDIT staff recommended and the EDC approved a total award amount of $1.2 million.