Title
A Resolution of the Colorado Springs City Council approving the boundaries of a proposed area of the city to be submitted to the director of the Colorado Office of Economic Development for designation as a CHIPS Zone under the Colorado CHIPS Zone Act.
Presenter:
Shawna Lippert, Economic Development Manager
Jessie Kimber, Economic Development Officer
Body
Summary:
The CHIPS Zone Program is a State of Colorado incentive program, managed by the Global Business Development Division at the Colorado Office of Economic Development & International Trade (OEDIT). Local municipalities must apply for a CHIPS Zone for their respective area with a signed Resolution. The goal of the CHIPS Zone is to enhance and strengthen the efforts to attract semiconductor manufacturing and advanced industry companies and to retain existing sector businesses in the state. Approval of a Zone would enable local businesses to apply for tax credits through the State of Colorado under state law. There are no fiscal impacts to the municipality. The program does not require financial support from the City. The program is a State of Colorado tool to attract and retain eligible companies in the specified sectors. The program does not affect City zoning, City overlays, or City land use. The Executive Branch is recommending that the City approve the State of Colorado tax incentive program to attract and retain local businesses in eligible sectors.
Background:
The CHIPS Zone Program is a State of Colorado incentive program, managed by the Global Business Development Division at the Colorado Office of Economic Development & International Trade (OEDIT). The CHIPS Zone was created through House Bill 23-1260 in May 2023 to maximize incentives available to eligible semiconductor and advanced manufacturing companies in Colorado. Municipalities, counties, and groups of the two may apply through the Colorado Office of Economic Development and International Trade to the Economi...
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