Title:
A resolution approving an Economic Development Agreement between the City of Colorado Springs and Project Jade
Presenter:
Bob Cope, Economic Development Officer
Shawna Lippert, Senior Economic Development Specialist
Body
Summary:
Project Jade is a rapidly growing veteran-owned small business that provides shared classified space and support services. Project Jade has a unique approach to the services offered and business model to address a growing problem in the market. Due to increased customer demand and market opportunity, they need to expand their capabilities and services into a new market. The company is considering Colorado Springs for their next market. Project Jade is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project Jade plans to secure an existing commercial location and remodel approximately 60,000 square feet, mostly of secure facilities. The company plans to hire 35 new employees over the next three years. With the creation of these new full-time jobs, Project Jade 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 Jade 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 $32,897,000 in purchases of construction materials, furniture, fixtures, machinery, and equipment over four (4) years, and estimates that it will invest a total of $50,365,000 million over ten (10) years. The company expects to hire 35 new full-time employees over the next three (3) years at an average wage of $165,000.
The Executive Branch is recommending that the City enter in...
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