An undisclosed veteran-owned business that provides shared access to secure facilities plans to spend $33 million over four years to expand into Colorado Springs — creating nearly 70 high-paying permanent jobs and bringing in almost $1 million in new revenue to the city.
Bob Cope, the city's economic development manager, presented the plans for "Project Jade" to the City Council during a work session Monday. He recommended the council approve next month a resolution authorizing a four-year economic development agreement between the city and the still unnamed business that provides flexible access to classified facilities for use by industry and government partners.
The company plans to secure an existing commercial space in Colorado Springs and renovate about 60,000 square feet, mostly of secured facilities, Cope said. The proposed Project Jade agreement would be for a term of four years, during which the business expects to spend $33 million to improve facilities and purchase machinery and equipment, according to a staff presentation.
To help fund its expansion, the Colorado Office of Economic Development and Trade's Economic Development Commission this month approved up to $763,182 in economic incentives for Project Jade, The Denver Gazette reported. The city of Colorado Springs would also offer up to $202,485 in economic incentives for the project, according to a staff presentation.
The agreement would generate 35 high-paying jobs over three years, including site leads, security and IT specialists, with an average annual salary of $165,000, the presentation showed.
"So, very good jobs," Cope said. "... Thirty-five (new) employees generates quite an economic and fiscal impact."
When accounting for additional jobs that could be created indirectly or through induced demand over the four-year agreement, that number rises to 67 new permanent jobs, Cope said.
Cope estimated the agreement would grow the local economy by about $57 million over four years and would generate, after incentives are accounted for, $868,386 in new city revenues during that time.
Over 10 years, Cope said the project could grow the economy by $115 million and bring in $1.8 million in new revenues.
A resolution approving the four-year Project Jade economic development agreement is scheduled to come before the City Council at its regular meeting April 11, Cope said.
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