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Friday, May 20, 2022

From space data to beer gardens, the Economic Development Commission approves $9 million in incentives

The Colorado Economic Development Commission approved $1.2 million in state tax credits Thursday for the Colorado craft brewer that is looking to open a production facility and beer garden in the struggling Northglen Marketplace — assuming it can move its headquarters Does not transfer out of state.

Northglen City Council has agreed to provide $1.39 million in local sales tax exemptions to the brewer and is cutting $1.2 million in the state Job Growth Incentive tax credit if Project Prima, the codename given to the company, Adds an average of 203 net new jobs with an annual salary of $88,443. The company, which currently has 50 employees in Colorado, is considering moving its headquarters to San Antonio or Houston if it doesn’t live in Metro Denver.

“We have no doubt that the company will be able to create the jobs they are hoping to create,” Michelle Hedwiger, the state’s deputy director of economic development, told the commission.

Project Buffalo, an aerospace data company with 4,000 employees, is considering Douglas County as a hub that will employ 400 people for an average annual salary of $158,475. Jobs will be in engineering as well as business and administrative positions.

To encourage the company to choose Metro Denver over competitive locations in Arizona and Virginia, where the company is based, the commission approved approximately $7.6 million in job growth incentive tax credits over an eight-year period.

A Montrose consumer products maker applying as Project Illumination received $260,827 in job growth incentive tax credits, betting it transfer 52 jobs associated with the acquisition of the Seattle-based company. The median annual salary in those jobs would be $41,692, which is 101% of the Montrose County median annual salary. Roles in production, order fulfillment and sales are among the potential jobs to come in a sector that was hit hard by the 2020 closure of the Russell Stover Chocolates plant.

On Wednesday, the Colorado Office of Economic Development and International Trade announced a decision in favor of Colorado with a September incentive award of $1.4 million under the codename Project Linen. SnapDNA, an early-stage Bay Area company that has developed a method for rapid detection of foodborne pathogens such as E. coli, listeria and salmonella, has sent a new testing facility to Austin, Texas and Broomfield in the Bay Area. Chosen, in which 144 people will get employment. Average annual salary of $124,573.

The company’s tests provide results in less than an hour, compared to the three to seven days required in specialized off-site laboratories. The company said the tests are much better at identifying the source and intensity of contamination, which can prevent an outbreak from occurring. In addition to the $1.4 million provided in tax credits, Rocky Mountain Venture Club chipped in another $250,000 in early-stage accelerator grants.

Hadwiger said another seven announcements are pending from companies selecting Colorado in other states after receiving state incentives.

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