State office approves more than $13 million in economic incentives
The Colorado Office of Economic Development and International Trade’s Economic Development Commission on Thursday approved more than $13 million in economic incentives to entice four companies to either locate, or expand, in the state.
The biggest incentive, $8.85 million in jobs growth state tax incentives, went to a corporate travel management company that’s looking to expand in metro Denver by 1,739 jobs in the next eight years.
“Project Pilot” — all the companies are given code names as they are often in negotiations with other states — plans are described by the office as:
“The Colorado-based company has grown rapidly in recent years and anticipates revenues and employment to multiply exponentially in the coming years. This project represents a decision about where to focus most of this growth, spurred in part by the expiration of its Colorado lease and its post-pandemic physical office planning.”
Those jobs are expected to pay an average annual salary of $76,145 for sales, marketing, support, research and development, and administrative roles. The incentives also included a $135,000 cash grant from Colorado’s Strategic Fund — a five-year loan.
Pilot is also looking to possibly establish a headquarters in Dallas, Phoenix, Ariz., or Tampa Bay, Fla.
“Access to technology and sales talent is a main decision driver,” according to the application paperwork.
Other incentives were approved for:
Project Polish, which is described as “producing point-of-care diagnostic equipment. Project Polish will entail the creation of a rapid response facility to create diagnostic testing strips.”
It’s looking to create 298 jobs, at an average salary of $68,104, in the next eight years in Larimer County. Commissioners approved $2.12 million in jobs growth incentive tax credits.
Company representative, President Eric (last name not provided to preserve anonymity), said they’re looking to build a molecular diagnostics plant, and a laboratory for antibody testing on animals.
“We’re also looking at computer chip manufacturing, where the wafers will come into the plant and we’ll finalize implanting the chip,” he said. “The intent is for this to be a training and learning facility, too, for high school kids, colleges and universities and an employment training facility in the county and state.”
It’s working with Colorado State University’s infectious disease department and has received a U.S. Department of Defense contract, he said.
“Our intent is to build the plant and add to it as we progress,” he said.
Project Maroma “provides facility-related services to mechanical, engineering, and maintenance clients.”
It’s looking to create up to 261 jobs in the next eight years, with an average salary of $75,709, which is 131% of the annual average wage in Adams County. The jobs will include engineering and professional roles as well as operations support and management roles. Commissioners approved $1.14 million in economic incentives.
“Due to the company’s recent and forecasted continued growth (through additional market share and acquisition), it is evaluating its largest existing locations in order to select a location to expand the company’s support team,” according to the application.
Project Polish is also looking to locate in Utah.
Project Velvet “provides business intelligence, data management and other technology solutions to their business clients,” according to office documents.
It plans to create 69 jobs in the next eight years with an average salary of $142,710 for technical and professional positions including program managers, data and software engineers, as well as business analysts. Commissioners approved up to $856,281 in tax credits if it creates the jobs.
It’s currently got 24 employees, none of whom are in Colorado. It’s also looking at Arizona and Washington.





