Title
A Resolution Approving an Economic Development Agreement Between the City of Colorado Springs and Project Beach.
Presenter:
Bob Cope, Economic Development Officer
Chelsea Gaylord, Senior Economic Development Specialist
Body
Summary:
Project Beach is a rapidly growing communications technology company that makes it easy for businesses to build relationships with customers through videos in email, text, and social media. The company has an international presence in over 40 countries and sends over 126 million minutes of video through its products each year. Project Beach is expanding its headquarters location in Colorado Springs from 18,700 square feet to 28,700 square feet and currently employs 121 people company-wide. Over the next four years, the company plans to hire an additional 186 new employees and relocate 40 existing employees to Colorado Springs. With creation of these new full-time jobs, Project Beach desires to invest in business personal property, including communications equipment, and construction materials for its facilities expansion. The company is also currently under review for state of Colorado incentives, which requires a $1:$1 local match. The Executive Branch is recommending that the City provide certain performance-based incentives for the company investment, job growth, and to provide a qualifying local match for state incentives.
Background:
Project Beach has investment plans for business personal property, construction materials, and job creation for its Colorado Springs facilities. The company estimates that it will invest $1 million in purchases of construction materials, communications equipment, and furniture and fixtures. The company expects to hire 186 new full-time employees over the next 4 years at an average wage of $82,642.
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 p...
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