Title:
A Resolution approving an Economic Development Agreement between the City of Colorado Springs and Project Thoroughbred
Presenter:
Bob Cope, Economic Development Officer
Shawna Lippert, Senior Economic Development Specialist
Body
Summary:
Project Thoroughbred is a Colorado-Based engineering services company that provides systems engineering, software engineering, integration and testing services to the Department of Defense and other customers. The company currently employs 215 in Colorado Springs. Project Thoroughbred is planning to add a new product line and is considering Colorado and two other states for this expansion. The expansion will require additional space and renovation. Project Thoroughbred is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project Thoroughbred will be seeking incentives from the State of Colorado. Additionally, the company plans to hire 459 new employees over the next ten years. With the creation of these new full-time jobs, Project Thoroughbred plans to invest in business personal property, including furniture, fixtures, machinery, equipment, and construction materials for its facilities redevelopment and expansion. The Executive Branch is recommending that the City provide certain performance-based incentives for the company investment and job growth.
Previous Council Action:
N/A
Background:
Project Thoroughbred has investment plans for business personal property, construction materials, and job creation for its Colorado Springs facilities. The company estimates that it will invest $14.7 million in purchases of construction materials, furniture, fixtures, machinery, and equipment. The company expects to hire 459 new full-time employees over the next 10 years at an average wage of $143,625.
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 ...
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