Colorado economic group offers 3 companies $11.6 million in incentives

The Colorado Economic Development Commission approved the three incentive packages Thursday during its monthly meetings.
2 min. read

Colorado officials are offering $11.6 million to three undisclosed companies considering creating hundreds of jobs in the greater Denver metro area.

The Colorado Economic Development Commission approved the three incentive packages Thursday during its monthly meeting. The group is not required to identify who is requesting the taxpayer dollars unless the company accepts the offer.

Until companies and their projects are publicly announced the Colorado Office of Economic Development and International Trade refers to them using code names.

"Project Kayak" was offered the largest incentive package out of three Thursday at $7.93 million in Job Growth Incentive Tax Credits.

The American-based cloud computing and distribution company currently has 50 employees in the Denver metro area and is considering expanding in Washington, Texas, California or Colorado, said Michelle Hadwiger, a deputy director of the economic development office.

"Due to the sensitive nature of the project further identification would jeopardize the confidentiality of the client," Hadwiger told the commission. "Project Kayak is considering Denver for a new corporate office to support the company's cloud computing services that will support the company's global operations."

In exchange for the incentive dollars Project Kayak is offering to create 411 net new full-time jobs with an average annual salary of $90,500.

"Project Jungfrau" is considering Michigan or Colorado for expansion. The company has a global presence with over 2,500 employees in more than 20 countries including 175 in Colorado.

"The automation technology created by the company reduces the labor required to manage and move materials within hospitals and throughout healthcare systems and eliminates opportunity for human error in medication management," Hadwiger said.

The economic development commission offered $876,897 in tax credits in exchange for 64 net new jobs. Project Jungfrau has expressed interest in expanding to a 31,000-square-foot office in Westminister and 51,000-square-foot office in Broomfield, she said.

A Boulder-based information technology company could get $2.75 million to go from 54 employees in Colorado to 115 by 2020. "Project Snapshot" outgrew its current space since starting in 2007. The company sales software and services to renewable energy businesses and is reportedly considering either Oregon or Colorado for the new jobs.

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