Title
A Resolution Approving An Economic Development Agreement Between The City Of Colorado Springs And Meyer Burger
Presenter:
Bob Cope, Economic Development Officer
Shawna Lippert, Senior Economic Development Specialist
Body
Summary:
Meyer Burger Technology is an industrial manufacturer of solar cells and solar modules. The company intends to manufacture solar cells in Colorado Springs They are an international company headquartered in Switzerland. Meyer Burger is publicly traded on the SIX Swiss Exchange under the trading symbol MYBUF. This has been a competitive project as the company was considering other US locations for expansion. Meyer Burger is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Meyer Burger plans to secure and remodel an existing Facility in Colorado Springs. Additionally, the company plans to hire 380 employees over the next three years. With the creation of these new full-time jobs, Meyer Burger 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.
Background:
Meyer Burger has investment plans for business personal property, construction materials, and job creation for its Colorado Springs facilities. The company estimates that it will invest $403.5 million in purchases of construction materials, furniture, fixtures, machinery, and equipment. The company expects to hire 380 new full-time employees over the next 3 years at an average wage of $77,842.
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 incentiv...
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