Title
A Resolution approving an Economic Development Agreement between the City Of Colorado Springs and Project Chocolate
Presenter:
Jessie Kimber, Economic Development Officer
Shawna Lippert, Economic Development Manager
Body
Summary:
Project Chocolate is an international innovative transportation company. The company is searching for a location for their North American headquarters. This is a competitive project as the company is considering two (2) U.S. locations for expansion. Project Chocolate is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project Chocolate plans to secure and remodel an existing facility in Colorado Springs. Additionally, the company plans to hire 105 employees over the next eight (8) years. With the creation of these new full-time jobs, Project Chocolate 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 Chocolate 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 $1.27 million in purchases of construction materials, furniture, fixtures, machinery, and equipment. The company expects to hire 55 new full-time employees over four (4) years (length of term), and a total of 105 new full-time employees over the next eight (8) years, at an average wage of $68,263.
The proposed City incentives are:
Sales and Use Tax Rebate on Annual Purchases of Business Personal Property (50% of the City's 2% General Fund Rate, or a 1% Total Rebate).
Sales and Use Tax Rebate on Purchases of Construction Materials (50% of the City's 2% General Fund Rate, or a 1% Total Rebate).
Taki...
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