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Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 1
State of Colorado Governor’s Office of Economic Development and International Trade
T3 Advisors
Request for Information July 22, 2016
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 2
Table of Contents
Colorado Team ........................................................................................... 3
Colorado: A Destination for Company Relocations & Expansions ................ 4
Coastal Companies Expanding in Colorado ..........................................................................5
Recent Company Relocations and Expansions ......................................................................8
Building Place: Talent | Housing | Transportation....................................... 9
The Presence of Tech Talent in Metro Denver ......................................................................10
A Workforce Gold Rush .........................................................................................................10
Millennial Magnet ................................................................................................................12
Higher Education in Colorado ...............................................................................................13
Training Tech Talent in Colorado ...........................................................................................13
Housing in Metro Denver .......................................................................................................14
Transportation .......................................................................................................................15
Denver International Airport .................................................................................................15
RTD Light Rail .........................................................................................................................16
Colorado’s Performance-Based Incentives & Next Steps ............................. 17
Incentive Analysis ..................................................................................................................18
Colorado’s Performance-Based Incentives ............................................................................19
Approval of State Incentives ..................................................................................................21
Next Steps with State Incentives ............................................................................................22
Local Incentives ......................................................................................................................23
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 3
Colorado Team
Below lists contact information for the project team which will grow to include incentive
experts, local economic development contacts, elected officials, etc. as the project expands.
Organization Name Title Phone / E-Mail
Colorado Office of
Economic Development &
International Trade
Sam Bailey Senior Manager, Global Business Development
303.892.3725 [email protected]
Colorado Office of Economic
Development & International Trade
Laura Blomquist
Senior Manager, Strategy & Analytics
303.892.3859 [email protected]
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 4
Colorado: A Destination for Company Relocations & Expansions
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 5
Coastal Companies Expanding in Colorado
Colorado has become a magnet for companies looking to relocate or expand their operations from
Silicon Valley and New York City. Colorado offers a cost-competitive market equipped with the nation’s
second most educated workforce. The Colorado Office of Economic Development and International
Trade (OEDIT) has taken proactive steps to ensure companies considering Colorado has a transparent
and efficient transition into the state’s business ecosystem.
The following case studies highlight several coastal companies that have made major expansions in
Colorado with the focus on hiring a highly-skilled workforce:
Gusto (Formerly ZenPayroll)
Headquarters: San Francisco, CA
Colorado Location: Denver, CO
Locations Considered: Denver, CO | Salt Lake City, UT | Austin, TX
Gusto evaluated several locations for the expansion of over 1,000
employees to grow their central operations. Gusto identified Denver,
Colorado for its growing and talented Millennial workforce,
investments in downtown Denver, and available recreational
opportunities for their millennial workforce. Gusto selected Denver,
Colorado and was approved for a $18 million dollar Job Growth
Incentive Tax Credit for the creation over 1,750 jobs.
Press Coverage: Fortune Magazine & DenverPost
FiveStars
Headquarters: San Francisco, CA
Colorado Location: Denver, CO
Locations Considered: Denver, CO | Phoenix, AZ | Austin, TX
FiveStars was visited by the OEDIT in February 2015 to discuss the
expansion of a jobs opportunity in Denver. FiveStars was planning to
double its staff and needed to dip into a new talent pool. Denver was
one of three cities considered for this new operation. A month later,
FiveStars was approved for a $3.6 million dollar Job Growth Incentive
Tax Credit for the creation of 242 jobs. The company formerly
announced their selection of Denver in April 2015.
Press Coverage: DenverPost
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 6
On Deck
Headquarters: New York City, NY
Colorado Location: Denver, CO
Locations Considered:
On Deck is no stranger to Denver. In November 2012, On Deck
opened its first presence outside of New York in Denver by
creating an operational sales center for 200 jobs. The company
identified Denver for its millennial workforce and growth of the
financial services industry. With the success of its first Denver
office, the company identified further opportunity to expand by
400 employees and was approved for a $10.1 million dollar Job
Growth Incentive Tax Credit to expand again in August 2015.
Today, the company has over 300 employees in Denver and is on
track to employ 600 employees in 2018.
Press Coverage: DenverPost
Brooklyn Boulders – Headquarters Relocation
Headquarters: Denver, CO as of March 2016
Locations Considered: Denver, CO | Salt Lake City, UT
Lance Pinn, Co-Founder of Brooklyn Boulders (BKB), sat down for
coffee in Denver with OEDIT in August 2015. The company was
ready to move the headquarters out of New York and identify a
market that balanced work and lifestyle. After conducting real
estate searches for the company, OEDIT identified viable
properties for BKB in the RiNo neighborhood that fir the
company’s needs. The company was approved for a $556,346 Job
Growth Incentive Tax Credit to support the creation of 33 new
jobs in Colorado. Today, the company’s leadership skis in Vail and
is finalizing the architectural plans for their new headquarters.
ZingFit – Headquarters Relocation
Headquarters: Boulder, CO as of May 2016
Locations Considered: Boulder, CO | Charlotte, NC | Dallas, TX
Based in East Hampton, NY, ZingFit looked West to identify a
community that could support aggressive growth within
information technology’s intersection with the fitness industry.
Having visited Boulder, the company’s founder, John Bogosian, had
found that he could easily relocate the company and hire skilled
talent to support the company’s 80% year-over-year growth.
Press Coverage: BizWest
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 7
Sunrun
Headquarters: San Francisco, CA
Colorado Location: Denver, CO
Locations Considered: Denver, CO | Phoenix, AZ
Having just met with FiveStars, OEDIT headed over to Sunrun as the
company was considering a major jobs creation project of 800
employees outside of San Francisco. Denver, Colorado was
competing with rival Phoenix, Arizona. The company identified
Arizona and Colorado for being solar-friendly, possessing a lower cost of labor as compared to California,
and developing policies that provide solar companies the ability to loop into utility companies. After two
months of evaluation, Colorado saw a major policy shift in the Public Utilities Commission making the
Rocky Mountain State the place for Sunrun. On December 11, 2015 company joined Governor
Hickenlooper and Denver Mayor Michael Hancock to welcome the company’s CEO, Lynn Jurich, and the
growth of 800 new jobs. Press Coverage: DenverPost
Partners Group – Headquarters Relocation
Headquarters: Formerly NY & CA, now Broomfield, CO
Locations Considered: Broomfield, CO | Charlotte, NC |
Phoenix, AZ | Atlanta, GA
Partners Group, a global private markets investment manager,
selected Broomfield, Colorado for the relocation of its
corporate headquarters. Colorado was identified for a growing
network of young, high-skilled financial services workers. The
company is relocating employees from California and New York
to support the company’s North American headquarters operations. The company received a $4.3
million dollar Job Growth Incentive tax Credit for the creation of 150 net new full-time jobs, however the
company now projects their job growth to surpass 400 employees in Colorado. Press Coverage:
DenverPost
General Assembly
Headquarters: New York, NY
Colorado Location: Denver, CO
Locations Considered: Denver, CO | Dallas, TX | Minneapolis, MN
New York-based General Assembly (GA) did not need much time to identify
where its next campus had to be. With the growing startup community, GA
saw Denver’s ecosystem as a major draw with a thriving startup community
demanding many of the skills offered by GA. GA was approved for a $306,571
Job Growth Incentive Tax Credit to jump start their Denver operations with 24
employees and begin offering courses. Today, GA is based at WeWork’s Platte
Street offices in the River Front Park neighborhood. Press Coverage: BuiltInColorado
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 8
Recent Company Relocations & Expansions
Colorado is experiencing a boom of in-migration of people and companies. More than one in ten
Colorado households that filed a tax return in 2014 lived in another state the year before. The majority
of individuals moving are coming from Arizona, California, Florida, Illinois, and Texas. U.S. News & World
Report named Denver the best place to live in America in April 2016.
On the business side, companies across diverse industries have identified Colorado as a major market
for growth. Diversifying away from oil and natural gas, Colorado has become home to high-growth
information technology and financial services companies. Most recently, Colorado has been able to
secure job creation projects from existing Colorado companies and out-of-state firms targeting the
millennial workforce. The following chart outlines recent relocations and expansions to Colorado:
Company City/Community Incentive Amount Net New Jobs
Altitude Digital Partners (HQ) Denver $ 2,131,851 157
Ardent Mills (HQ) Broomfield $ 5,593,675 300
Cognizant (HQ) Greenwood Village $ 8,690,622 500
Comcast Larimer $ 8,146,005 635
Coyote Logistics Denver $ 1,756,771 200
Craftsy (HQ) Denver $ 2,575,559 236
Crown Peak (HQ) Denver $ 2,955,657 198
DaVita (HQ) Denver $ 12,709,615 800
Fidelity Investments Greenwood Village $ 8,131,621 400
Granicus Software (HQ) Denver $ 3,239,369 221
HomeAdvisor (HQ) Denver, Golden, & Colorado Springs
$ 14,449,316 1,030
Ibotta (HQ) Denver $ 3,323,275 181
Inspirato (HQ) Denver $ 1,993,139 129
Intel Corporation Fort Collins & Longmont $ 5,861,005 188
Layer3 TV (HQ) Denver $ 2,903,402 312
Life Time Fitness (Information Technology Division HQ)
Boulder $ 3,517,329 220
Lockheed Martin Space Systems (HQ) Lakewood $ 15,540,178 500
Madwire Media (HQ) Loveland $ 2,920,474 346
Panasonic Enterprise Solutions (HQ) Denver $ 1,500,000 330
Personal Capital (HQ) Denver $ 1,595,358 213
ReadyTalk (HQ) Denver $ 2,420,145 160
Sierra Nevada Completion Systems (HQ)
Colorado Springs $ 23,183,766 1,323
SolidFire (HQ) Boulder $ 5,555,435 209
Viega (HQ) Broomfield $ 698,380 210
Webroot (HQ) Broomfield $ 8,529,553 443
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 9
Building Place: Talent | Housing | Transportation
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 10
The Presence of Tech Talent in Metro Denver
To better serve your evaluation of Colorado competitive workforce, our office has compiled a collection
of workforce studies of positions that routinely are sought after in the information technology space.
Furthermore, we have benchmarked the Denver community against the Austin, Texas market as a frame
of reference. Please click on each of the following links to open a workforce profile of the position:
Administrative Service Manager
Human Resources
Network and Computer Systems Administrator
Sales Engineer
Sales Manager
Sales Representative
Software Developers and Programmers
A Workforce Gold Rush
The Colorado Office of Economic Development and International Trade (OEDIT), in partnership with
Mercer Consulting, today announced the results of an economic analysis on Colorado's future economy.
The study was conducted to determine how occupations in Colorado are suited for current and future
state, national and global trends, as well as determine the type of occupations that should be retained
or recruited to meet current and future demands. The findings of the study will help OEDIT strategize its
future recruitment, expansion and retention activities.
Key Findings
Jobs:
Colorado currently has a high concentration of high-skilled, high-paying jobs and is producing
goods and services that are in demand in today's knowledge and information-based economy,
which makes the state well positioned for success in the global economy.
As a result of this economic positioning Colorado has a higher median wage ($37,946) than the
national median ($36,200).
Colorado's workforce needs are projected to grow faster than the nation, especially in the
knowledge economy jobs such as engineering, computer and business.
Growth in engineering, computer and healthcare jobs are projected to be higher than 2.5% over
the next ten years in Colorado, which is higher than the overall workforce growth.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 11
Workforce:
Colorado's existing workforce is more highly educated and skilled than other competitive states
and the nation as a whole. This has been a huge draw for knowledge based industries to the
state.
Colorado ranks third nationally in net inflow (in-migrants minus out-migrants), and is an
attractive destination across education and income levels.
Even with a strong existing workforce and net inflow we will have more knowledge based higher
paying jobs available than people to fulfill them, so it is critical to develop a comprehensive in-
state talent pipeline for the benefit of Coloradans and to continue to fuel the state's economy.
"This analysis helps us better understand the existing fundamentals of our overall state economy and
where we need to focus to ensure that we are as well positioned as possible so that all Coloradans have
access to economic opportunity in the future," said Fiona Arnold, executive director of OEDIT. "Overall,
the results show that Colorado is one of the strongest knowledge-based economies in the nation, which
positions us extremely well for future economic success. We will use these findings to help us refine our
efforts to maintain and strengthen this position while at the same time we continue to deploy significant
time and effort in areas of the state that are experiencing lagging economic conditions and
opportunities."
The report shows that Colorado's main competitive advantage is its highly educated and skilled
workforce. Compared to the nation as a whole, a greater percentage of Coloradans are employed in
higher paying knowledge based occupations such as engineering, computer and business occupations.
Additionally, Colorado has a greater percentage of workers employed in mining and professional
services, and a smaller percentage of workers employed in manufacturing and healthcare. The state's
workforce is projected to grow faster than the nation, especially in the knowledge economy.
"The United States is transitioning to a post-industrial society increasingly comprised of knowledge-
based enterprises," said Laura Blomquist, senior manager of strategy and analytics at OEDIT. "These
enterprises create higher paying jobs that typically require significant preparation through higher
education and a high degree of complexity and innovation in the work itself. This knowledge-based
economy is even more pronounced in Colorado, which is not surprising given Colorado's high
concentration of educated individuals and growth in the millennial cohort."
Findings of the report will be used to help provide future projections of occupations and industry
clusters, defining the optimal mix of occupations and wage levels across industries and how it relates to
business retention and recruitment in the state. To access the full report, please click here.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 12
A Startup Community with Recreation on the Mind
Colorado’s entrepreneurs were recently
surveyed by OEDIT and found that next to
having a Culture of Openness, Outdoor and
Recreational Activities (skiing, hiking, golf,
biking, etc.) were among some of the biggest
drivers for being in Colorado. Colorado’s
business leaders love Colorado for its
business-friendly, innovative atmosphere as
well as a community that supports active
lifestyles.
Millennial Magnet
If there has been one group on the move to and in Colorado, it has been the Millennials. Colorado has
become a destination for the Millennial generation.
Futhermore, Boulder and Golden were both recognized by NerdWallet in a 2015 article Best Places for
Millennial Job Seekers in Colorado. Here is what NerdWallet had to say about Boulder and Golden:
In April 2016, the Denver Post highlighted Colorado’s attraction to the Millennial workforce. Within the
April 2016 article Colorado has More People on the Move than any Other State, the Denver Post notes
that Colorado and the Metro Denver area have become major destinations for Millennials on the move.
The story also sourced information from Mayflower Move Insights Study. Here are a couple items noted
from the story:
Denver ranks 3rd among the cities that Mayflower’s millennial customers moved to last year
after Dallas and Chicago.
Millennials like to live in areas where other Millennials are flocking, and they used social media
to share their experience, which has helped create migration magnets.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 13
Higher Education in Colorado
Colorado is home to some of the highest ranked institutions of higher education. In Metro Denver, 42.5
percent of the population are college graduates and 90.2 percent are high school graduates. Colorado
has the nation’s second-most highly educated workforce, with 38.3 percent having a bachelors degree
or higher. The information below highlights enrollment numbers as of 2014 of private and public four-
year colleges and universities.
College or University Location 2014 Enrollment
Colorado School of Mines Golden 5,795
Colorado State University Fort Collins 27,503
University of Colorado Boulder 30,570
University of Colorado Colorado Springs 11,153
University of Colorado Denver 18,498
University of Northern Colorado Greeley 10,275
Metropolitan State University Denver 21,123
Community College of Denver Denver 10,296
Regis University Denver 9,722
Johnson & Wales Denver 1,391
University of Denver Denver 11,556
Training Tech Talent in Colorado
Outside of the traditional classroom,
companies like Galvanize
(www.galvanize.com) are creating the
next generation curriculum. Galvanize
offers intense courses through their G
School that transform individuals into
developers, data scientists, data
engineers, and other technical roles.
Galvanize has multiple locations in
Denver, Boulder, and Fort Collins.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 14
Housing in Metro Denver
The Metro Denver median sales price of existing single-family homes was $353,600 in 2015, and
$280,677 in Northern Colorado in 2014, while the national median home price was $223,900, according
to the National Association of Realtors. For renters, the average rent in the first quarter of 2016 was
$1,315 per month in Metro Denver, according to the Metro Denver Economic Development
Corporation.
As it pertains to 2015 records of condominiums and townhomes, the following chart outlines the market
in Denver and surrounding communities:
Condo & Townhomes
Adams Arapahoe Boulder Broomfield Denver Douglas Jefferson
Number of Sales
1,913 4,735 1,185 149 4,137 1,395 2,938
Total Sales Volume
$349,943,158 $924,413,966 $350,849,701 $30,849,500 $1,134,271,977 $356,813,678 $584,575,310
High Sales Price
$652,900 $1,720,000 $3,750,000 $389,000 $4,550,000 $855,000 $828,100
Low Sales Price
$32,700 $25,000 $25,931 $112,000 $24,000 $55,000 $23,000
Avg. Sale Price
$182,958 $195,230 $297,290 $247,931 $275,778 $263,357 $199,460
Median Sale Price
$184,500 $178,000 $250,000 $244,000 $211,000 $245,000 $185,000
As it pertains to 2015 records of single family detached homes, the following chart outlines the market
in Denver and surrounding communities:
Single Family
Detached Home
Adams Arapahoe Boulder Broomfield Denver Douglas Jefferson
Number of Sales
7,007 8,617 4,523 1,072 8,900 6,448 8,370
Total Sales
Volume $1,998,567,910 $3,135,957,330 $2,333,332,754 $418,271,478 $3,775,163,536 $2,891,048,297 $3,226,303,447
High Sales Price
$1,775,000 $5,940,000 $5,050,000 $2,900,000 $4,100,000 $4,300,000 $6,800,000
Low Sales Price
$23,100 $23,100 $30,000 $32,500 $22,000 $21,000 $22,000
Avg. Sale Price
$285,224 $364,400 $518,098 $393,582 $424,350 $451,753 $385,689
Median Sale Price
$265,000 $305,000 $415,500 $348,750 $350,000 $400,000 $340,000
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 15
Transportation
In Colorado, you will be able to leverage the second most educated workforce in the nation along with
world-class infrastructure such as Denver International Airport, institutions of higher education, open-
space for play and more. Furthermore, the average commute times for employees in the Metro Denver
area is 27 minutes.
Denver International Airport
At the center of the Denver metropolitan area’s aviation industry is the Denver International Airport
(DIA), the 5th busiest airport in the US. Ranked the best airport in North America by Traveler Magazine,
Denver International Airport (DIA) is served by 10 U.S.-flag and four foreign-flag airlines providing
scheduled commercial passenger services, offering exceptional access to markets. DIA schedules more
than 1,500 daily flights on scheduled commercial passenger airlines. Located 23 miles northeast of
downtown Denver and soon to be connected with the Regional Transportation District’s (RTD) light rail
system, DIA is the primary airport serving the city and state. Project Mission will be able to benefit from
being located near a light rail stop with service to Denver International Airport. Fifteen commercial
carriers provide nonstop service to more than 180 domestic and international destinations including 25
international locations in Canada, Costa Rica, Dominican Republic, Germany, Iceland, Jamaica, Japan,
Mexico, Panama and the UK. DIA has more opportunity for commercial development than any other
airport in the United States with 9,400 gross acres even after full build-out to 12 runways.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 16
RTD Light Rail The Light Rail system allows for connectivity throughout the Denver Metro area and to Denver International Airport. Below, you can find a map of existing lines and lines that have been planned for construction. The transit center and commuter rail began service from Denver to DIA on April 22, 2016, allowing passengers to connect to the city in just 35 minutes. Union Station, one of the metro area’s major infrastructure projects completed this year, serves as a transit hub for buses, commuter and light rail, and trains. Several expansion projects are underway and are expected to be completed in the coming year, connecting Denver to the airport and the surrounding suburbs. Metro Denver’s average commute time is 20 to 30 minutes. Metro Denver continues to invest in mass transit. Over $7 billion has been invested to buildout the mass transit system by 2019, adding 122 miles of rail rapid transit along six new lines. This represents the largest build out of a U.S. transit system since the Washington, D.C. Metro system. All orange lines in the graphic below are expected to be completed in 2016.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 17
Colorado’s Performance-Based Incentives & Next Steps
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 18
Incentive Analysis
Our office has calculated the following incentive values based on the project’s future growth of 313
employees at an average annual wage of $80,000. These are estimations based off available
information and are subject to further due diligence. The programs listed below are administered by the
Colorado Office of Economic Development and International Trade.
Incentive Program Description Years & Job
Growth Potential Value of
Incentives
*Job Growth Incentive Tax Credit
JGITC provides a 8-year performance-based
state corporate income tax credit to businesses
undertaking job creation projects
313 Net New Full-Time Jobs Over 5 Years
$4,996,980
*Strategic Fund
Strategic Fund provides a 5-year performance-based cash incentive to businesses undertaking
job creation projects
313 Net New Full-Time Jobs Over 5 Years
$1,095,500
Subject to ($1:$1) Local Matching Incentives
from Community
Colorado First Customized Job Training Grant
$1,200 performance-based cash grant for
customized, technical training for new
employees as identified by the company
313 Net New Full-Time Jobs Over 5 Years
Up to $375,600
Colorado Enterprise Zone Program (EZ)
EZ encourages job creation and capital
investment in economically distressed areas by providing tax
credits to businesses to promote and encourage economic development
activities
EZ Credits may be utilized
during company’s
operation in Colorado
Dependent on Company’s Final
Location
*The Job Growth Incentive Tax Credit and Strategic Fund programs are mutually exclusive. An individual
project can take advantage of one program or the other, not both.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 19
Colorado’s Performance-Based Incentives
The following information outlines the descriptions of each of the proposed incentive programs.
*Job Growth Incentive Tax Credit
The Job Growth Incentive Tax Credit provides a state income tax credit to businesses undertaking job creation projects that would not occur in Colorado without this program and that have met certain requirements under the Economic Development Commission’s (EDC) Job Growth Incentive Tax Credit Program. A business may receive funding if it proposes to create new jobs in Colorado that are maintained for at least one year. Program may operate as a pass-through tax credit and has a 10 year carry-forward. A business must also meet the requirements below:
Inter‐state competitive factors
Company must create a minimum of 20 net new full-time jobs over an 8-year period
The average annual wage of the job creation project must be at least 100% of the county average annual wage where the company locates
The Job Growth Incentive Tax Credit cannot be converted to a cash outlay if the company does not have adequate tax liabilities to offset against the incentive.
Job Growth Incentive Tax Credit Fact Sheet *The Job Growth Incentive Tax Credit and Strategic Fund programs are mutually exclusive. An individual project can take advantage of one program or the other, not both.
Strategic Fund
The Strategic Fund Incentive program supports and encourages new business development, business expansions and relocation that have generated new jobs throughout the state over a five year period. A business may receive funding if it proposes to create new jobs in Colorado that are maintained for at least one year. A business must also meet the requirements below:
Inter‐state competitive factors
The average annual wage of the job creation project must be at least 100% of the county average annual wage where the company locates
Strong level of local matching commitments ($1:$1 required) o OEDIT will work with local economic development organizations to identify the $1:$1
local match on behalf of the company.
Non-Enterprise Zone Enterprise Zone
Average Annual Wage % $ Incentive Per Eligible
Job Average Annual Wage %
$ Incentive Per Eligible
Job
100% $2,500 100% $2,500
120% $3,500 110% $3,000
140% of > $5,000 120% $4,000
130% or > $5,000
Strategic Fund Fact Sheet
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 20
Colorado First Customized Job Training Grant Program
The Colorado First Customized Job Training Grant Program provides companies relocating or expanding
in Colorado with job training grants. These job training grants support customized and technical job skills
that improve company competitiveness, employee efficiency and development, and provide resume-
building, transferable jobs skills for Coloradans. The program provides up to $1,200 per employee in
training that can be provided by one of Colorado's community colleges, a provider of the company's
choosing, or an in-house trainer. The program is highly flexible to meet the needs of innovative, growth-
oriented companies in Colorado. The commitment is subject to an evaluation of proposed training,
available legislative funding, the company’s submission and subsequent approval of the standard
training grant request and compliance with all Colorado First eligibility guidelines. Colorado First
Customized Job Training Grant Fact Sheet
Colorado Enterprise Zone Program
The Colorado Enterprise Zone (EZ) Program was created by the Colorado Legislature to promote a
business friendly environment in economically distressed areas by offering state income tax credits that
incentivize businesses to locate and develop and non-profit organizations to assist with the needs of
these communities. Colorado Enterprise Zone Fact Sheet
In-State Tuition Benefit
House Bill 07-1256 provides the Office of Economic Development and International Trade with the
ability to grant immediate in-state tuition rate benefits to employees and their direct dependents that
relocate to Colorado as a result of receiving an economic development incentive from the state or a
local government. Should your company take advantage of any state or local incentive listed in this
proposal, OEDIT will work with the company’s employees to ensure a streamlined usage of this
substantial benefit. In-State Tuition Benefit House Bill 07-1256
Venture Capital Authority & External Resources
The Colorado Venture Capital Authority (VCA) was established in 2004 to make seed- and early-stage
capital investments in businesses. The VCA was allocated $50 million in premium tax credits, which it
subsequently sold to insurance companies. The VCA selected fund manager High Country Venture, LLC,
and established Colorado Fund I and Colorado Fund II, each with approximately $25 million.
High Country Venture is independently operated and generally makes funding decisions. State approval
is limited to ensuring that businesses receiving funding meet minimum specified requirements. The
minimum and maximum investment size generally ranges from $250,000 - $3.375 million.
Venture Capital Authority Fact Sheet
Colorado is home to a variety of angel networks and venture capital firms. The following link will provide
you a list of Colorado-based organizations that may be able to assist with your company’s growth.
External Venture Capital Resources
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 21
Approval of State Incentives
The Colorado Economic Development Commission (EDC) is the governing-body that approves the Job
Growth Incentive Tax Credit and Strategic Fund for businesses undertaking job creation projects. The
EDC is comprised of 11 commissioners that meet once a month, usually on the third Thursday of the
month. Your OEDIT representative will assist in the preparation of your project for incentive approval by
the EDC.
In order to bring this project to the EDC for approval of state incentives, OEDIT will require the
following:
Item Status
Colorado Employment Plan Outstanding
Three Years of Company Financials Outstanding
Colorado Incentive Application & Cost Differential Analysis
Outstanding
As part of the approval process, OEDIT will require the items noted above prior to the EDC meeting. As a
hypothetical, if your project wanted to be approved at the September 29, 2016 EDC meeting, the
following milestones would need to be met:
Item Due Date
Colorado Employment Plan & Three Years of Company Financials
August 19, 2016
Colorado Incentive Application & Cost Differential Analysis
August 29, 2016
As mentioned before, the EDC meets every month and OEDIT will adjust timing to work in conjunction with
your project’s timeline. In addition, future EDC meetings are scheduled for October 20th, November 17th, and
December 15th of this year.
Prior to approval by the EDC, the company may not begin hiring, purchase or lease a building or land, make
any formal announcements, or other actions signaling their final selection of Colorado. The company may
provide a letter of intent for any real estate options. Your OEDIT representative can provide template
information for a letter of intent.
Approval of incentives at the EDC is the state’s commitment to the company, not the company’s
commitment to the state. The EDC will vote to approve your project for the Job Growth Incentive Tax Credit
or Strategic Fund at 9:00am MDT on the third Thursday of the month. EDC Commissioners will vote and
approve the project. Generally, projects introduced at 9:00am MDT are approved by 9:30am MDT.
Once the company has approved by the EDC, the company may make a final decision or continue their
analysis for a period of time before notifying OEDIT as to their final decision.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 22
Next Steps with State Incentives
We are thrilled at the opportunity to work with T3 Advisors and the company on this significant job creation project. As you review the proposal from OEDIT, we welcome feedback.
As part of the analysis, OEDIT would like to understand the company’s Colorado Employment Plan to evaluate the year-to-year ramp up of the company and the company’s average annual wages in Colorado. The Colorado Employment Plan allows you to articulate the company's planned job creation project over the course of eight years. In the spreadsheet marked Example, you can see a sample of how to complete the employment plan. Your company’s job creation project should be completed in the spreadsheet labeled CO Employment Plan. This will allow for the Office of Economic Development and International Trade and the City of Denver Office of Economic Development to refine and solidify incentives and programs to support the company’s expansion in Colorado.
Click on the following link to access the Colorado Employment Plan: Colorado Employment Plan Once the company has completed the Colorado Employment Plan, OEDIT will provide you with a Colorado Incentive Application to complete. The application will contain the final incentive calculations so your company will know the exact value of the states incentives. Until we receive the Colorado Employment Plan, we have provided a template version of the Colorado Incentive Application so you may review the information that will be asked of the company.
Please click the link below to access the Colorado Incentive Application: Colorado Incentive Application
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 23
Local Incentives
OEDIT will work with communities under consideration by the company to maximize a state and local
incentive package. Within the Metro Denver area, communities offer unique programs tailored to a
company’s project criteria. These programs can be deployed in conjunction with the states incentives.
Based on the available information, the company may qualify for the following local incentives:
Business Personal Property Tax (BPPT) Credit – Companies can generally receive a BPPT credit of
50% over ten years. This is subject to an evaluation or review by each individual community to
determine eligibility for the BPPT credit.
Real Estate Assistance
Workforce Development Funding for Customized Training
Discretionary Local Incentives
OEDIT will work with communities to identify further incentive calculations once the project has
provided a detailed project scope.
Governor’s Office of Economic Development & International Trade | July 22, 2016 Page 24
Thank you for considering Colorado.
Colorado Office of Economic Development and International Trade
1625 Broadway, Suite 2700 | Denver, CO 80202 303.892.3840 | FAX 303.892.3848
www.advancecolorado.com