Title
A Resolution Approving an Economic Development Agreement Between the City of Colorado Springs and Project Fusion.
Presenter:
Bob Cope, Economic Development Officer
Chelsea Gaylord, Economic Development Project Manager
Body
Summary:
Project Fusion is an advanced engineering and Original Equipment Manufacturer (OEM) that provides specialized hardware and software solutions to the Department of Defense and commercial customers associated with advanced satellite communications and assured position, navigation and timing. The company's core competencies span several mission areas including space situational awareness, electronic warfare, antennas, custom trailers, technical support services, and other synergistic products and services. Project Fusion is relocating its corporate headquarters to Colorado Springs for the community's economic environment and growth of the region's space operations industry. The company currently employs 73 people in Colorado Springs and 128 company-wide. The company is currently located in several facilities across Colorado Springs and desires to expand its number of full-time employees and invest in manufacturing equipment and construction materials for its facilities. The Executive Branch is recommending that the City provide certain performance-based incentives for company investment and job growth.
Previous Council Action:
N/A
Background:
Project Fusion has investment plans for business personal property, construction materials, and job creation for the following Colorado Springs locations: 2050 Cygnet Heights; 1525, 1535, and 1537 Vapor Trail; and 2506 Zeppelin Road. The company estimates that it will invest $13.5 million in purchases of construction materials, manufacturing equipment, and furniture and fixtures. The company expects to hire 59 new full-time employees over the next 4 years at an average wage of $98,554.
The Executive Branch is recommending that the City enter into an Economic Development ...
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