Title:
A resolution approving an Economic Development Agreement between the City of Colorado Springs and Project Verge
Presenter:
Shawna Lippert, Senior Economic Development Specialist
Bob Cope, Economic Development Officer
Body
Summary:
Project Verge is a rapidly growing service-disabled veteran-owned small business that provides advanced modeling, simulation, and analysis for commercial and government customers. The information technology startup has a unique approach to their consulting and training services offered. Project Verge 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 Verge is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project Verge 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 plans to hire 28 new employees over the next four (4) years, and a total of 61 new employees over the next eight (8) years. With the creation of these new full-time jobs, Project Verge 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.
Previous Council Action:
N/A
Background:
Project Verge has investment plans for business personal property, construction materials, and job creation for a facility in Colorado Springs. The company estimates that it will invest $2,167,500 in purchases of construction materials, furniture, fixtures, machinery, and equipment over four (4) years, and estimates that it will invest a total of $3,652,103 over eight (...
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