Title
A Resolution approving an Economic Development Agreement between the City of Colorado Springs and Project Bullseye
Presenter:
Bob Cope, Economic Development Officer
Shawna Lippert, Senior Economic Development Specialist
Body
Summary:
Project Bullseye is a rapidly growing small business that provides cybersecurity, software, and engineering solutions to government customers. The technology company has a unique approach to their services offered. Project Bullseye intends to expand into a new strategic location to expand their capabilities and to be in proximity to customers. Colorado Springs is one of at least three locations the company is considering for their expansion plans. Project Bullseye is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project Bullseye plans to secure and remodel an existing commercial location, mostly of office space. Additionally, the company plans to add secure facilities in the future. The company currently employs 214 employees at its Colorado Springs location, and over the next eight years plans to hire an additional 620 employees. With the creation of these new full-time jobs, Project Bullseye desires 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.
Background:
Project Bullseye has investment plans for business personal property, construction materials, and job creation for its Colorado Springs facilities. The company estimates that it will invest $3.4 million in purchases of construction materials, furniture, fixtures, machinery, and equipment. The company expects to hire 620 new full-time employees over the next 8 years at an average wage of $153,125.
The Executive Branch is recommending that th...
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