Colorado’s Economic Development Commission on Thursday approved economic incentives for a European telecommunications and weather monitoring satellite company to open a subsidiary in Broomfield. 

Dubbed Project SAM — company names are kept private during the competitive location process — could receive up to $110,094 in Job Growth Incentive Tax Credits if the company ends up building in Colorado and creating the estimated 20 jobs the project will bring. 

The company is also looking at metro Denver and Huntsville, Alabama. 

It wants the new site to “assemble, integrate, test and commercialize optronic equipment,” according to the information filed with the Office of Economic Development and International Trade. The company describes itself as a “lead innovator in the satellite defense and communications realm.”

The jobs would be high paying, averaging $156,215 annually. That’s 142% of the average annual wage in Broomfield County. Jobs include site managers, engineers, and marketing and project managers.

The company icurrently has 470 employees, none of whom are located in Colorado. 

“This project would support the state’s economic goals by supporting international aerospace leaders in setting up their U.S. presence in Colorado,” according to OEDIT.