The following projects were approved at the October 2021 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
- 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 or relocate to Colorado.
Project Maroma
The company behind Project Maroma provides facility-related services to mechanical, engineering, and maintenance clients. Due to the company's recent and forecasted continued growth (through additional market share and acquisition), it is evaluating its largest existing locations in order to select a location to expand the company's support team. In addition to Colorado, the company is considering New Mexico, Arizona, Nevada and California. Within Colorado, the company is considering Adams County. Two of the main drivers in deciding upon a location are access to a skilled workforce and the cost of doing business.
Jobs
Project Maroma expects to create 261 net new jobs at an annual average wage of $75,709, which is 131 percent of the annual average wage in Adams County. The jobs will include engineering and professional roles as well as operations support and management roles. The company currently has over 4,000 employees, about half of whom are in Colorado.
Incentive
Up to $1,136,599 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC
Considerations
This project would support the state’s economic goals by creating net new jobs in the economy and reinforcing the importance of the company’s current Colorado workforce and facility.
Project Velvet
The company behind Project Velvet provides business intelligence, data management and other technology solutions to their business clients. The company has grown rapidly since early 2020 and in order to meet clients’ demands the company plans to continue growing its team. In addition to Colorado, the company is considering Arizona and Washington.
Jobs
The company plans to create 69 jobs in the next 8 years with an average annual wage of $142,710. The jobs would be primarily technical and professional including program managers, data and software engineers, as well as business analysts. The company currently has 24 employees, none of whom are located in Colorado.
Incentive
Up to $856,281 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months.
Considerations
This project would support the state’s economic goals by creating net new jobs in the economy. These jobs would be in the technology sector which is one of the state’s key industries.
Project Polish
The company behind Project Polish produces point-of-care diagnostic equipment. Project Polish will entail the creation of a rapid response facility to create diagnostic testing stripsIn addition to Colorado, the company is considering Utah. Within Colorado, the company is considering Larimer County, and is in discussion with the local government.
Jobs
Project Polish expects to create 298 net new jobs at an annual average wage of $68,104, which is 126 percent of the annual average wage in Larimer County. The jobs will include both technical and professional roles such as engineers, accountants, and technicians, as well as manufacturing roles. The company currently has 1 employee, and over 50 contractors, none of whom are in Colorado.
Incentive
Up to $2,122,622 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months.
Considerations
This project would support the state’s economic goals by creating new jobs in the economy and creating employment in the field of health tech. The project would create not only high skilled jobs but also provide jobs for workers in manufacturing and unskilled roles.
Project Pilot
The company behind Project Pilot is a corporate travel management company. The Colorado-based company has grown rapidly in recent years and anticipates revenues and employment to multiply exponentially in the coming years. This project represents a decision about where to focus most of this growth, spurred in part by the expiration of its Colorado lease and its post-pandemic physical office planning. In addition to Colorado, the company is considering Dallas, Phoenix, and Tampa, and is considering whether to eventually relocate its Colorado headquarters out of state. Within Colorado, the company is considering the metro Denver area. Access to technology and sales talent is a main decision driver.
Jobs
Project Pilot expects to create 1,739 net new jobs at an annual average wage of $76,145, which is 101 percent of the annual average wage in Denver County. The jobs will include sales, marketing, support, research and development, and administrative roles. The company would hope to hire remote workers from rural Colorado counties to fill 27 of the support, research and development, and administrative roles through the LONE Worker program. The company currently has 200 employees, most of whom are in Colorado.
Incentive
Up to $8,846,623 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months and $135,000 in a performance-based Strategic Fund LONE Worker incentive over a 5-year period, 60 months.
Considerations
This project would support the state’s economic goals by creating net new jobs in the economy, demonstrating that very high growth Colorado companies can continue to grow successfully in the state, and driving investment to rural Colorado communities through the hiring of remote workers through the State’s LONE Worker program.
Project Teal
The company behind Project Teal is an early-stage outdoor recreation company. The company became familiar with Colorado through the Moosejaw Accelerator program for early stage outdoor recreation companies, which has a special focus on promoting diversity and inclusivity in the outdoor industry. Project Teal represents the establishment of the company’s headquarters and consolidation of its team, which is currently spread across the country. In addition to Colorado, the company is considering Chelan, Washington and Burlington, Vermont. Within Colorado, the company is considering Gunnison. The company wants to be in an area that aligns with its brand identity, allows it to attract talent, provides access to customers, allows for distribution, and gives them access to capital (including incentives).
Jobs
Project Teal, should it occur in Colorado, expects to create 24 net new jobs over five years at an average annual wage of $65,075, which is 161 percent of the average annual wage in Gunnison County, a Tier Two Just Transition county. The jobs will include management, design, and marketing roles, among others. The company currently has five employees, none of whom are in Colorado.
Incentive
$75,000 in a performance-based Strategic Fund incentive over a 5-year period, 60 months. This award will be matched by the city of Gunnison. NOTE: EDC approved $152,000 for this project rather than $75,000
Considerations
This project would support the state’s economic goals by creating net new jobs in the economy, contributing to the continued growth of the outdoor recreation industry in Colorado, and creating jobs in a Just Transition county that will bring revenue in from outside of the state.