City of Colorado Springs - File #: 23-413

• File #: 23-413
• Version: 1
• Name: Project Star Trek - Frontier Technology, Inc.
• Type: Resolution
• Status: Mayor's Office
• File created: 7/28/2023
• In control: City Council
• On agenda: 9/12/2023
• Final action: 9/12/2023
• Title: : A Resolution approving an Economic Agreement between the City of Colorado Springs and Project Star Trek Presenter: Shawna Lippert, Senior Economic Development Specialist Bob Cope, Economic Development Officer
• Indexes: Economic Development Agreement

Date	Ver.	Action By	Action	Result
9/12/2023	1	City Council	adopted	Pass
8/21/2023	1	Council Work Session	referred

Title:
A Resolution approving an Economic Agreement between the City of Colorado Springs and Project Star Trek

Presenter:
Shawna Lippert, Senior Economic Development Specialist
Bob Cope, Economic Development Officer

Body
Summary:
Project Star Trek is a rapidly growing high-tech small business that provides technology services and software products to government and commercial customers. The technology company has a unique approach to their services offered. Project Star Trek 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 six locations the company is considering for their expansion plans. Project Star Trek is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project Star Trek plans to secure and remodel an existing commercial location, mostly of office space and some secure facilities. The company currently employs 70 employees at its Colorado Springs location, and over the next three years plans to hire an additional 200 employees. With the creation of these new full-time jobs, Project Star Trek 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 Star Trek has investment plans for business personal property, construction materials, and job creation for its Colorado Springs facilities. The company estimates that it will invest $15 million in purchases of construction materials, furniture, fixtures, machinery, and equipment. The company expects to hire 200 new full-time employees over the next 3 years at an average wage of $140,000.

The Executive Branch is recommending that the City ent...