Title
A Resolution Approving an Economic Development Agreement Between the City of Colorado Springs and Entegris, Inc.
Presenter:
Bob Cope, Economic Development Officer
Chelsea Gaylord, Senior Economic Development Specialist
Body
Summary:
Entegris, Inc. delivers advanced materials for semiconductor and life science industries across the globe. The company has three major divisions across its portfolio, Advanced Materials Handling, Specialty Chemicals & Engineered Materials, and Micro-Contamination Control. The Colorado Springs location is producing products that directly impact the supply chain of the COVID-19 vaccine production. Entegris is expanding operations at its existing location at 4405 Arrowswest Drive in order to produce products critical for vaccine production. The company currently has 285 employees locally, and over the next four years plans to hire an additional 38 employees. With the creation of these new full-time jobs, Entegris desires to invest in business personal property and construction materials for its facilities and product expansion. The Executive Branch is recommending that the City provide certain performance-based incentives for the company investment and job growth.
Background:
Entegris has investment plans for business personal property, construction materials, and job creation for its Colorado Springs facilities. The company estimates that it will invest $3.2 million in purchases of construction materials and $21 million machinery and equipment for a total investment of $24.2 million. The company expects to hire 38 new full-time employees over the next 4 years at an average wage of $58,092.
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 ...
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