The following projects were approved at the February 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 relocate to Colorado.
PROJECT NAME: Project Maverick
Summary
The company behind Project Maverick produces silicon anodes for high-energy lithium-ion batteries. Setting a precedent for scalable silicon anode production and has developed a unique manufacturing process to grow 3D structures in a roll-to-roll system. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
Project Maverick seeks a competitive location to support its lithium-ion battery production for the United States electric vehicle and aerospace markets. Project Maverick aims to produce industry-leading lithium-ion batteries utilizing anode technology to substantially improve the performance of EVs, aircraft and drones through higher-density and longer-range batteries. Project Maverick seeks a site with an existing facility, with substantial power, to support the initial phase of the project and expansion capabilities to support the full-scale buildout of the facility. In addition to Colorado, the company is considering Texas and Arizona. Within Colorado, the company is considering Adams County.
Jobs
Project Maverick, should it occur in Colorado, expects to create 332 net new jobs at an average annual wage of $68,516 which is 104 percent of the average annual wage in Adams County. The jobs will include Management, Engineering, Business Support Personnel, Technicians, Operators, and Maintenance. The company currently has 59 employees, none of whom are in Colorado.
Incentive
Up to $5,491,784 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 694 net new full-time jobs at a minimum average annual wage (AAW) of $65,312 (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.
Considerations
This project would support the state’s economic goals by 694 fair wage, net new manufacturing jobs in Colorado in a key industry. This will drive innovation across several sectors, making Colorado more competitive for future aerospace and electric vehicle projects and making more middle-wage jobs for our highly skilled workforce.
PROJECT NAME: Project Spectra
Summary
The company behind Project Spectra is an aviation company. Due to the nature of the company, further, identification would jeopardize the company’s confidentiality.
Project Spectra will establish a training center for an aerospace company. Several sites are being considered in the Denver and Phoenix metro areas, with an expectation of securing land for development by June 1, 2023. In addition to Colorado, the company is considering Goodyear, Arizona. Within Colorado, the company is considering Denver. Access to cities on the east coast and the cost of doing business are key drivers for this decision.
Jobs
Project Spectra, should it occur in Colorado, expects to create 240 net new jobs at an average annual wage of $186,500, which is 208 percent of the average annual wage in Denver County. The jobs will include Flight Instructors, Evaluators, Flight Training Instructors, Simulator Technicians, Simulator Engineers, Maintenance Supervisors, Sr Coordinators for Customer Service, Supervisors, Building Maintenance Technicians, and Facility Support Admins. The company currently has 80,000 employees, 11,000 of whom are in Colorado.
Incentive
Up to $3,790,995 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 240 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
- This project would support the state’s economic goals by supporting an existing partnership and providing connectivity to world-class access.
Considerations
This project would support the state’s economic goals by supporting an existing partnership and providing connectivity to world-class access.
PROJECT NAME: Project Beacon
Summary
The company behind Project Beacon is an aerospace engineering and analysis firm that is headquartered in Huntsville, AL. The company provides engineering, analysis, and technical management support to the Department of Defense, Federal, and commercial customers. Due to the nature of the company, further, identification would jeopardize the company’s confidentiality.
Project Beacon is a corporate expansion project that will support the US Space Force in cybersecurity, software, and modeling and simulation activities. This work will include both unclassified and classified elements, which will require office space, lab space, and closed areas for classified analysis and processing. In addition to Colorado, the company is considering Cape Canaveral, Florida. Within Colorado, the company is considering El Paso County. Colorado’s talent pool and proximity to Department of Defense institutions and supply chains have motivated the company behind Project Beacon to consider Colorado as a potential location for their expansion.
Jobs
Project Beacon, should it occur in Colorado, expects to create 71 net new jobs at an average annual wage of $115,049, which is 191 percent of the average annual wage in El Paso County. The jobs will include Senior Software, Engineer, Senior Cyber Engineer/Analyst, Program Manager, Program Controller, Modeling, and Simulation Engineer. The company currently has 555 employees, 3 of whom are in Colorado.
Incentive
Up to $1,347,612 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 71 net new full-time jobs at a minimum average annual wage (AAW) of $61,151 (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 creating net new jobs in the Colorado economy in one of the state’s most important industry sectors.
Considerations
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.