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 relocating to Colorado.
PROJECT NAME: Project Tortuga
Summary
The company behind Project Tortuga manufactures specialized electrical systems and modular data centers that enable the growth of climate-aligned power sourcing, modular infrastructure systems, and digital technologies. The company is a subsidiary of a larger company that repurposes otherwise wasted energy to fuel computational power. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company is evaluating multiple cities to locate an expansion to its manufacturing capabilities. In addition to Colorado, the company is considering Oklahoma, Texas, and Utah. Within Colorado, the company is considering Denver Metro.
Jobs
Project Tortuga, should it occur in Colorado, expects to create 78 net new jobs at an average annual wage of $79,769.23, which is 113% of the average annual wage in Jefferson County. The jobs will include project manager, engineers, painters, welders, and electricians. The company’s parent company currently has 500+ employees across the US, and 85 of whom are in Colorado working for the subsidiary.
Incentive
Up to $938,913 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 78 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 creating net new jobs in the green economy by enabling the growth of climate-aligned power sourcing.
The parent company behind project Tortuga has worked with OEDIT before and received a JGITC incentive of $3,834,062 in 2021 for the creation of 286 net new full-time jobs in Denver county.