Colorado offers $12 million in incentives to companies with high-paying jobs

Posted by Ryan Ropero on Sep 29, 2016 1:00:00 PM

Colorado Economic Development Commission members approved more than $12 million in job-growth incentives for six different companies Thursday, including several whose average salary would exceed $100,000 if they were to accept the tax credits and grow their work force in Colorado.

The incentive approvals were unanimous from the 11-member board appointed by the governor’s office. “These companies that pay $120,000 and $140,000 on average, they don’t get much resistance, do they?” noted Dick Monfort, managing partner of the Colorado Rockies and an EDC member.

The companies that received incentive offers — they must accept them and have someone employed in each position for a year before getting per-job tax credits — are:

  • “Project Elektra,” an unidentified, privately-held information technology firm based in the metro Denver focused on wealth-management databases for Fortune 500 companies. EDC members offered it $5.2 million to create as many as 293 new jobs at an average salary of $140,956.
  • “Project Red Rocks,” an unidentified information technology firm that is considering relocating its headquarters from Atlanta to Denver. EDC members offered $2.6 million for it to create 108 new jobs at an average salary of $100,278.
  • “Project Duke,” an unidentified publicly traded health and bioscience company that manufactures non-surgical devices to remove collagen and is looking to relocate its headquarters from California to either Arapahoe County or Nevada. EDC members offered $2.3 million in incentives to create 130 new jobs at an average annual salary of $121,323.
  • “Project Selene,” an unidentified United Kingdom-headquartered manufacturer of air-purification devices that is looking to add a manufacturing plant requiring an $8 million investment. EDC members offered it $1.2 million to create 67 jobs at an average salary of $72,612.
  • Coastal Cloud, a Florida-headquartered firm that provides customer-relationship-management tools for small businesses and public-sector organizations, is looking at creating a office to service customers in the Mountain West and Pacific areas, and is looking at Steamboat Springs among four regional options. EDC members offered $786,404 for it to create 51 jobs at an average salary of $73,039.
  • Jibe Consulting, an Oregon-based information-technology firm looking to add a service center in either Denver or Houston. EDC members offered it $33,000 to create 34 jobs at an average annual wage of $73,559. The lower offer came from the Strategic Fund, which often is used by companies that do not expect to have a tax liability in the next five years and, therefore, would not benefit from tax credits.

Click here to read the full Denver Business Journal article. 

Topics: News, Press Coverage

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