Title
A Resolution approving an Economic Development Agreement between the City Of Colorado Springs and Project Short Circuit
Presenter:
Jessie Kimber, Economic Development Officer
Shawna Lippert, Economic Development Manager
Body
Summary:
Project Short Circuit is a technology company that engineers innovative solutions for government and commercial customers. The company is searching for a U.S. location to expand their capabilities. This is a competitive project as the company is considering other U.S. locations for expansion. Project Short Circuit is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project Short Circuit plans to secure and remodel an existing Facility in Colorado Springs. Additionally, the company plans to hire 70 employees over the next eight (8) years. With the creation of these new full-time jobs, Project Short Circuit plans to invest in furniture, fixtures, machinery, equipment, and construction materials for its facilities development and expansion. The Executive Branch is recommending that the City provide certain performance-based incentives for the company investment and job growth.
Background:
Project Short Circuit has investment plans for purchases of furniture, fixtures, machinery, equipment, construction materials, and job creation for its potential Colorado Springs facilities. The company estimates that it will invest $2.2 million in purchases of construction materials, furniture, fixtures, machinery, and equipment. The company expects to hire 40 new full-time employees over four (4) years (length of term), and a total of 70 new full-time employees over the next eight (8) years, at an average wage of $153,125. The Executive Branch is recommending that the City enter into an Economic Development Agreement to provide certain performance-based incentives for the company to invest in furniture, fixtures, machinery, equipment, construction materials, and job creation. ...
Click here for full text