Title
A Resolution Approving an Economic Development Agreement Between The City Of Colorado Springs and Trisco Foods, LLC
Presenter:
Bob Cope, Economic Development Officer
Chelsea Gaylord, Economic Development Project Manager
Body
Summary:
Trisco Foods, LLC is an Australian family-owned food and beverage manufacturer that was founded in 1875. One of the company's key products is a food syrup that assists with dysphagia, or difficulty with swallowing, a common challenge for elderly individuals. Currently, this product takes six weeks to reach the United States. In order to reduce wait times and enhance product delivery to consumers, the company desires to establish its first production facility in the United States, to service the domestic market, with plans to reach supporting export markets in Europe and South America in the near future. The Executive Branch is recommending that the City provide certain performance-based incentives to induce the company to locate in Colorado Springs and enable investment in manufacturing equipment, construction materials, and job creation.
Previous Council Action:
N/A
Background:
Trisco Foods, LLC has investment plans for business personal property, construction materials, and job creation for its first US manufacturing facility. The company estimates that it will invest $7 million in purchases of construction materials, food manufacturing equipment, furniture and fixtures. The company expects to hire 55 new full time employees over the next 4 years at an average wage of $57,584.
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 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 R...
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