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Colorado approves $13 million to entice firms

The Colorado Office of Economic Development and International Trade Thursday approved $13.2 million worth economic incentives to entice three companies to either locate or expand here, creating some 800 jobs.

The biggest incentive package was approved for a European sports betting company that’s looking to create a U.S. based technology hub in Denver staffed by 441 new workers.

The office uses code names to protect the companies’ identities until they accept the approved incentives and agree to move or expand in Colorado. The companies are almost always looking at other states as well.

Vertical takeoff plane company landing in Colorado Springs

Project Palace is described as “one of the largest online sportsbooks in the world” and offers customers a software platform for sports betting.

Colorado is only one of 10 states to legalize sports betting. In June, the most recent stats available, sportsbook companies paid $1.19 million in state taxes, on $229.8 million wagered by Coloradans, according to the Colorado Division of Gaming.

“The company expects to grow quickly as it gains U.S. market share and more states permit online sports betting,” according to state documents.

The company expect to create 441 jobs in eight years, with an average salary of $96,315 for jobs like software and data engineers, and customer service. Commissioners approved up to $7.52 million in Job Growth Incentive Tax Credits.

A manufacturing company is looking to expand in Arapahoe County after growing from 30 employees to 50 in the last three years. “Project Robotico” pledged to create 163 jobs in eight years, with an average salary of $77,298, for fabricators and assemblers. Commissioners approved up to $1.1 million in tax credits.

“The company leadership, with connections to Texas, is considering that state as well as Colorado as it searches for a new facility that can accommodate its fast-growing workforce,” according to state documents.

The last company approved for incentives, Project Aardvark, is a San Francisco-based space logistics company focused on in-orbit servicing of satellites.

Australian tech firm picks Denver for second U.S. hub

Access to aerospace industry talent is a key consideration for the company, which anticipates creating up to 196 jobs in eight years with an average salary of $95,867 for aerospace and software engineers. Commissioners approved up to $4.6 million in incentives.

Landing the company in Colorado would “further diversify the nationally-significant aerospace cluster in the Front Range by attracting an innovative, early-stage company.”

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