Title
A Resolution approving an Economic Development Agreement between the City Of Colorado Springs and Project All Natural
Presenter:
Jessie Kimber, Economic Development Officer
Shawna Lippert, Economic Development Manager
Body
Summary:
Project All Natural is a nutritional and health products developer and manufacturer. The company has locations in the U.S. This is a competitive project as the company is considering three (3) U.S. locations for expansion. Project All Natural is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project All Natural plans to secure and remodel an existing Facility in Colorado Springs. Additionally, the company plans to hire 41 employees over the next fifteen (15) years. With the creation of these new full-time jobs, Project All Natural plans to invest in business personal property, including 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 All Natural has investment plans for business personal property, construction materials, and job creation for its potential Colorado Springs facilities. The company estimates that it will invest $1.2 million in purchases of construction materials, furniture, fixtures, machinery, and equipment. The company expects to hire 19 new full-time employees over four (4) years (length of term), and a total of 41 new full-time employees over the next fifteen (15) years, at an average wage of $145,494. 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 business personal property, construction materials, and job creation. The proposed City incentives are:
Sales and Use Tax Rebate on Annual Purchas...
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