Company's expansion plan could mean high-paying jobs for Colorado Springs area
A data management company is considering Colorado for its expansion plans, which would create dozens of high-paying jobs in El Paso County.
The Colorado Economic Development Commission on Thursday approved up to $573,184 in performance-based Job Growth Incentive Tax Credits over an eight-year period for Project Pancake, identified as "a leading data management company." Company identification is kept under wraps in such cases to preserve the company's proprietary information.
The company is evaluating expansion opportunities at one of its current office locations in either Colorado or Indiana, the EDC said. In Colorado, it is looking at El Paso County, indicating that it has a current office here. If it chooses El Paso County, it expects to create 50 jobs at an average annual wage of $159,257; that's 251% of the average annual wage in the county.
The jobs would include business development, customer care and software engineers. The company currently has 212 employees, including 27 in Colorado, according to the EDC.
"We have been successful at hiring locally in Colorado before and we're looking to expand those operations here and grow our employment base in the state," an unidentified spokesman for the company said in brief remarks at Thursday's EDC meeting.
The tax credits are contingent upon several factors, including the creation and maintenance of at least 20 net new jobs before any credits are issued.
The EDC noted that it had previously awarded the same company a Strategic Fund award for a different project. That award was completed, the EDC said, and "Project Pancake represents a separate and distinguished competitive project."
The Strategic Fund Job Growth Incentive, as described by the state Office of Economic Development & International Trade, "is for business expansion or relocation projects for which Colorado is in competition with at least one other state and the company has received a commitment of local government funding that matches any requested state government incentives."
