El Paso County; Colorado Springs pushes to win advanced manufacturing plant. | So Good News
The Colorado Economic Development Commission on Thursday morning contributed $3.88 million to Colorado Springs and El Paso County to win an advanced manufacturing facility that could help the nation’s efforts to restore domestic semiconductor production.
Semiconductors Project Garnet, codenamed for a company that creates electronics and process solutions for life sciences and other high-tech industries, is looking to invest more than $1 billion in a two-phase project that could create more than 1,000 jobs. Colorado.
The $3.88 million award approved by the state’s Strategic Fund is tied to the creation of 597 net new jobs and a $631 million investment in the first phase of the project. The jobs created will pay an average wage of $69,096, and technicians, chemists; Engineers Includes manufacturing and warehouse operations. Incentives are effective up to $6,500 per assigned job and will be available over a 60-month period.
El Paso County once served as a secondary hub for semiconductor manufacturing before the pursuit of cost savings. But now there is a concerted push by the federal government to bring more advanced manufacturing back into domestic factories, fearing national security disruptions could threaten national security.
“This is an opportunity for Colorado to really get on the map,” Michelle Hadwiger, director of global economic development for the Colorado Office of Economic Development and International Trade, told commissioners at a monthly meeting Thursday morning.
A representative of Project Garnet, identified only as Bill, said the $4 billion company has 70% of its capacity in Asia and that the new facility is expected to become a regional supplier for companies such as Intel, Micron and Texas Instruments. . The company, which has been in El Paso County for three decades, is looking to add a 1 million-square-foot facility.
An additional $1.79 million in cash incentives was extended to Project Olive, a California life sciences company that helps improve laboratory workflow procedures. Investing $784 million in capital, it is considering expanding its presence in Frederick, which has about 520 people with an average annual wage of $89,094. Also in progress in Raleigh, NC.
The EDC also approved three more awards of Job Growth Incentive Tax Credits, or payroll tax credits, tied to future hiring in the state on Thursday.
- Project Tart is a Washington state-based manufacturer of energy efficient custom homes and workforce housing. Mesa County is being considered for the manufacturing facility, which will employ 44 people with an average annual wage of $54,273. EDC is Caldwell; Idaho and Ogden; Utah, Raised $543,546 in tax credits to pass competing sites in Utah.
- Project Root is a developer of low-earth orbit technologies that reduce the launch weight of spacecraft. It is the headquarters, It is looking to metro Denver for a research and development center and eventually a manufacturing facility. The first phase of growth could bring 60 jobs to the area, paying an average annual wage of $80,433. The EDC approved $547,577 in incentives associated with those jobs.
- Frozen fresh food maker Project Kumquat to relocate headquarters to Arapahoe; Looking at Douglas and Jefferson counties. EDC added $541,661 associated with 50 new jobs paying an average of $70,577 per year. Locations in Arizona and Utah are also being reviewed.
Gov. Jared Polis announced Thursday that his policy adviser and legislative adviser, Eve Lieberman, will replace Patrick Meyers as COEDIT’s executive director Jan. 1. Meyers replaced Betsy Markey as director in April 2021 and retained her position as head of state. Funding received under the American Rescue Plan Act and the Infrastructure Investment and Jobs Act is overseen by the Colorado Office of Recovery. Meyers will remain the state’s chief recovery officer.