Title
A Resolution Approving an Economic Development Agreement Between the City of Colorado Springs and Project Barrel.
Presenter:
Bob Cope, Economic Development Officer
Shawna Lippert, Senior Economic Development Specialist
Body
Summary:
Project Barrel is a rapidly growing technology company that develops technology, platforms, and systems for national defense and security customers. The company specializes in technology for systems such as unmanned systems, satellite communications, and cybersecurity, to name a few. Project Barrel has several locations nationally and internationally. Over 95% of Project Barrel's customers are outside of El Paso County. Project Barrel plans to remodel 33,500 square feet at its Colorado Springs office and add 4,000 square feet of storage space. The company currently employs approximately 600 employees at its Colorado Springs location, and over the next three years plans to hire an additional 225 employees. With the creation of these new full-time jobs, Project Barrel desires to invest in business personal property, including furniture and fixtures, and construction materials for its facilities redevelopment and expansion. The Executive Branch is recommending that the City provide certain performance-based incentives for the company investment and job growth.
Background:
Project Barrel has investment plans for business personal property, construction materials, and job creation for its Colorado Springs facilities. The company estimates that it will invest $8.2 million in purchases of construction materials, furniture, and fixtures. The company expects to hire 225 new full-time employees over the next 3 years at an average annual wage of $112,000.
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 incen...
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