Colorado approves $11 million to lure firms and jobs

By Dennis Huspeni September 16, 2021 | updated 4 years ago

Colorado capital (copy) — Getty Images The U.S. and State flags fly at Denver’s Capital
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An education technology, food-safety technology, bioscience and medical device company might be headed to, or expanding in, Colorado with the promise of more than $11 million in economic incentives to create more than 600 jobs, the state’s Economic Development Commission decided Thursday.

The commission approves incentives presented by the Colorado Office of Economic Development and International Trade.

It uses code names to protect the confidentiality of companies, as most are also being wooed by other states.

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The biggest of the recent projects is called Tempus. It’s described as “a global healthcare company that develops, manufactures, and sells medical devices and healthcare technology products,” according to office documents.

The company is looking to locate its North American headquarters in Denver, as well as a global headquarters for one of its subsidiaries. It’s also got 12,000 employees located in New Jersey and Texas, so it’s looking there as well, said Andrew Trump, office business development manager. Colorado now houses six similar firms.

“We’re a global diagnostics and life sciences business,” a company representative told the panel. “We have a significant presence on the East Coast and the Mid-West with team members all over the United States. So we need a North American headquarters before the end of the year.”

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“Denver is attractive to us because of its large millennial population, technology presence and it’s a hub for the life sciences sector.”

It would create 300 jobs here, at an average salary of $154,957 for management, administrative, marketing, and finance roles. Commissioners approved an incentive package totaling $7.65 million in Job Growth Incentive Tax Credits over the next 8 years.

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Project Linen “creates molecular detection technology for food safety, which enables rapid onsite detection of foodborne pathogens,” according to the office. It’s also looking at Austin, Texas or remaining in California’s Bay Area for a combined headquarters and development facility.

As a newly formed company, it only has four employees and contractors.

The company has promised to create 144 new jobs, at an average salary of $124,573, in exchange for $1.45 million in tax credits. Jobs include microbiologists, production and test engineers, sales and marketing workers, and manages.

Commissioners put requirements in the offer that the company must “raise significant amounts of capital” before accepting it. Commissioners agreed the company would help with “growing and diversifying the food and agriculture industry in Colorado and, in particular, the foodtech sector which is a strategic focus …”

Project Norman is described as “an educational technology company that partners with institutions of higher education to develop and deliver online degree programs.” It’s experienced significant growth during the pandemic, as classroom learning moved online for many educational institutions.

The company has outgrown its Denver location. It’s agreed to create 138 new jobs with an average salary of $85,490 in exchange for $1.7 million in economic incentives.

Finally, Project Discovery “provides laboratory and analytical services to bioscience companies engaged in product discovery and development.”

It’s looking to create 28 jobs in Larimer County for an “expansion of the company’s early drug and medical device contract research services.” It currently has 500 employees, 100 of which are in Colorado.

Those jobs come with a $71,616 average salary. Commissioners approved $459,658 in tax incentives over the next eight years.

The company is also looking at Indiana and Missouri.