The following projects were approved at the October 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:
These awards do not guarantee that the companies will accept the offer and/or expand in relocating to Colorado.
PROJECT NAME: Project Danish
The company behind Project Danish is a world leading supplier of wind turbine blades. The company offers blade development, manufacturing, service, and logistics. The company's global manufacturing footprint includes production facilities in or close to the major wind energy markets, with over ten production facilities and several technology hubs on four continents. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Danish plans to deploy a two-mold blade manufacturing facility to be maintained in operation for at least 20 years. The company plans to prepare the land and build a warehouse, an administrative building, a blade workshop, a post molding workshop, and a Centre of Excellence (CoE). They are also setting up a waste management system to dispose of the manufacturing waste in order to adhere to the company's high environmental standards. The company also has a robust training program for their employees at the new CoE. In addition to Colorado, the company is considering Texas and North Dakota. Within Colorado, the company is considering Pueblo. The company's main considerations are cost of doing business, and logistics/supply chain considerations, and proximity to customers.
Project Danish, should it occur in Colorado, expects to create 2,308 net new jobs at an average annual wage of $59,601, which is 117% of the average annual wage in Pueblo County. The jobs will include Operators, Maintenance, Engineers, LEAN & CoE, Management, and HR & Finance roles. The company currently has 610 employees, none of whom are in Colorado.
The Pueblo Economic Development Corporation (PEDCO), in cooperation with the City of Pueblo, Pueblo County and the Pueblo Urban Enterprise Zone estimate providing $16.5 million in local incentives, abatements and grants. The region is committed to providing financial incentives and quick time to market to support the company and ensure that Pueblo secures a competitive position for this .
Note because of the strategic location, size, sector, impact and based on the competitive dynamics of this Project, OEDIT proposes that the EDC make an exception to its traditional policy of not using both the Job Growth Incentive Tax Credit and the Strategic Fund for the same jobs.
Up to $18,532,221 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 2,308 net new full-time jobs at a minimum average annual wage (AAW) of $50,921 (100% of Pueblo 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.
$4,616,000 in a performance-based Strategic Fund incentive over a 5-year period, 60 months, is requested from the EDC at $4,000 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 1,154 net new full-time permanent jobs at a minimum average annual wage (AAW) of $56,013 (110% of the Pueblo County average annual wage).
- 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 Pueblo Economic development Corporation 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.
This project would support the state’s economic goals by developing a new strategic relationship with an internationally renowned renewable energy company. The company’s work in the renewable energy space and dedication to net zero carbon manufacturing aligns with our states leadership in the growing sub-sector of renewables; attracting this company to Colorado will support the Governor's strategic initiatives in this sector. In addition to purely adding net new jobs, they would be in the intersection between Colorado’s energy and manufacturing economy by enabling the growth of climate-aligned power sourcing. These jobs involve high level executives and managers, in addition to fair wage manufacturing jobs, both of which are critical to Colorado’s economy. This company would build the State’s skills based workforce through their robust training programs. Additionally, the company moving here would benefit their supply-chain partners and any major customers in Colorado. It promotes a key relationship with Pueblo Economic Development Corporation and supports the State’s economic development goals in the Pueblo region.