The following projects were approved at the January 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 incentives requiring approval for these kinds of project are:
Job Growth Incentive Tax Credit
These awards do not guarantee that the companies will accept the offer and/or expand or relocate to Colorado.
PROJECT NAME: Project Silver Lode
Summary
The company behind Project Silver Lode is a Colorado company that produces materials within the semiconductor supply chain. They have a presence in over 70 countries and over 5,000 employees.
This project represents this company’s consideration for domestic versus foreign ceramic powder manufacturing. To make manufacturing a reality in CO, the company would invest $65 million to retrofit and equip two existing facilities. This Colorado investment is inextricably linked to a forming facility in Texas. The Colorado and Texas facilities have a symbiotic relationship that is imperative to supporting the domestic development and semiconductor subsystems and components.
The powder is an essential and proprietary ingredient to produce semiconductor subsystems and components and is currently foreign-sourced and capacity-restrained. The material required for its semiconductor-related applications can only be procured from two international suppliers and is capacity-constrained. They must produce this material to support the company’s customers in their growth and semiconductor technology leadership and are determining whether to focus efforts on Colorado/Texas facilities or overseas. In addition to Colorado, the company is considering South Korea. Within Colorado, the company is considering Jefferson County. The primary consideration factors are the cost of doing business, CHIPS, State incentive funding, talent, and logistics.
Jobs
Should it occur in Colorado, Project Silver Lode expects to create 42 net new jobs at an average annual wage of $77,567, which is 109% of the average annual wage in Jefferson County. The jobs will include R&D technicians, Maintenance mechanics, and Engineers. The company currently has 5,047 employees, 1,209 of whom are in Colorado.
Incentive
Up to $688,760 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 42 net new full-time jobs at a minimum average annual wage (AAW) of $71,136 (100% of Jefferson 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 supporting an internationally successful company leading production in the semiconductor supply chain.
PROJECT NAME: Project Geese
Summary
The company behind Project Geese is a manufacturer of interior storage systems for vehicles. Currently, their niche is the overland and car camping market. The project entails the complete headquarters and manufacturing relocation to another state with better incentives and opportunities. In addition to Colorado, the company is considering Reno, Nevada. Within Colorado, the company is considering Mesa County.
Jobs
Should it occur in Colorado, Project Geese expects to create 49 net new jobs at an average annual wage of $66,653, which is 122% of the average annual wage in Mesa County. The jobs will include operations and machine operators. The company currently has 12 employees, none of whom are in Colorado.
Incentive
Up to $535,844 in performance-based Job Growth Incentive Tax Credits over 8 years, 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 49 net new full-time jobs at a minimum average annual wage (AAW) of $54,587 (100% of Mesa County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
- The net new jobs in Colorado are maintained 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 manufacturing jobs outside of the front range in the outdoor recreation space. This ties into the work the OEDIT’s Outdoor Recreation Industry Office (OREC) does to recruit and develop the outdoor industry and the goal of OREC to support local manufacturers in the outdoor industry. Additionally, GJEP is working with the company to secure job training incentives as well as Enterprise Zone options if they are available for the properties they are interested in.
PROJECT NAME: Project Tabletop
Summary
The company behind Project Tabletop develops systems for large-scale regenerative agriculture that improves crop quality, yields, and disease and pest resistance while restoring soil health. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Tabletop has a small operation in Colorado and is considering expansion of its facility in Aurora; additionally, the company is looking to create its very own Sap Lab in Aurora, CO. This Sap Lab is designed to test the company’s products internally and will sell lab tests, data analytics, and sub licenses to its lab IP to customers in North and South America. In addition to Colorado, the company is considering Ohio where they have an existing facility. Within Colorado, the company is considering a location in the city of Aurora located in Adams County. The company’s decision for its expansion location is predicated on skilled labor force, incentive funding, and local potential client base.
Jobs
Project Tabletop, should it occur in Colorado, expects to create 43 net new jobs at an average annual wage of $70,186, which is just over 100% of the average annual wage in Adams County. The jobs will include roles in operations, shipping, management, sales, administration, and technical laboratory work. The company currently has 74 employees, 5 of whom are in Colorado.
Incentive
Up to $380,712 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 43 net new full-time jobs at a minimum average annual wage (AAW) of $69,914 (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 bolstering the expansion of Colorado’s biotech industry with a company whose products could have significant ramifications for the state’s agriculture industry.