The following projects were approved at the September 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 updates and recent announcements
Project Aardvark, Orbit Fab, a California-based aerospace company, announced that it has chosen Colorado. The EDC approved an award of Job Growth Incentive Tax Credits for 196 jobs in August 2021.
Project Palace, Tipico, a German online sports betting company, announced that it has chosen Colorado. The EDC approved an award of Job Growth Incentive Tax Credits for 441 jobs in August 2021.
Project Norman
The company behind Project Norman is an educational technology company that partners with institutions of higher education to develop and deliver online degree programs. The company experienced strong growth leading up to and during the pandemic, and they expect that growth to continue. They recently outgrew their office space in Denver, which has led them to consider other markets for future growth. Within Colorado, the company is considering the City and County of Denver.
Jobs
Project Norman expects to create 138 net new jobs at an annual average wage of $85,490, which is 114 percent of the annual average wage in the City and County of Denver. The jobs will include mostly operations support roles, as well as some administrative, marketing, and management roles.
Incentive
Up to $1,697,949 in performance-based Job Growth Incentive Tax Credit 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; growing the educational tech sector, which is poised for strong future growth, and has a firm foundation in the Colorado economy due to the presence of several other firms; and demonstrating that fast-growing businesses can start and scale successfully in Colorado while serving a national customer base.
Project Discovery
The company behind Project Discovery provides laboratory and analytical services to bioscience companies engaged in product discovery and development. The company is growing quickly through acquisition and innovative, organic growth. Project Discovery represents an expansion of the company’s early drug and medical device contract research services. Within Colorado, the company is considering Larimer County.
Jobs
Project Discovery expects to create 28 net new jobs at an annual average wage of $71,616, which is 132 percent of the annual average wage in Larimer County. The jobs will include mostly technicians as well as some administrative and management roles. The company currently has over 500 employees, 100 of whom are in Colorado.
Incentive
Up to $459,658 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; continuing to grow the bioscience industry--one of the state’s key advanced industries--in Northern Colorado; creating opportunities for graduates of Colorado’s community colleges by hiring workers with associate’s degrees for a range of technician role; and demonstrating that Colorado is an attractive market for business expansions even for companies with competitive facilities in lower-cost markets.
Project Linen
The early-stage company behind Project Linen creates molecular detection technology for food safety, which enables rapid onsite detection of food-borne pathogens. In advance of significant anticipated growth, the company is exploring opportunities to relocate their headquarters, research and development, and production outside of California, where they are currently located. Within Colorado, the company is considering Metro Denver.
Jobs
Project Linen expects to create 144 net new jobs at an annual average wage of $124,573, which is 166 percent of the annual average wage in the City and County of Denver. The jobs will include microbiologists, production and test engineers, sales and marketing, and management positions, among others.
Incentive
Up to $1,448,055 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; growing and diversifying the food and agriculture industry in Colorado and, in particular, the foodtech sector, which is a strategic focus of OEDIT’s.
Project Tempus
The company behind Project Tempus is a global healthcare company that develops, manufactures, and sells medical devices and healthcare technology products. The company is headquartered outside of the United States. Project Tempus represents the creation of a North American headquarters for the company as well as a global headquarters for one of the company’s subsidiaries. Within Colorado, the company is considering the City and County of Denver.
Jobs
Project Tempus expects to create 300 jobs at an annual average wage of $154,957, which is 206 percent of the annual average wage in the City and County of Denver. The jobs will include management, administrative, marketing, and finance roles, among others.
Incentive
Up to $7,652,902 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, attracting two new (related) headquarters to the state, increasing foreign direct investment from a target international market, and further growing and diversifying the bioscience industry and, in particular, the medical device sector, which is a strong and strategic sector in Colorado.