The following projects were approved at the October 2025 Colorado Economic Development Commission meeting. The Colorado Economic Development Commission (EDC) develops incentive packages to assist with existing business expansions and new company relocations to grow jobs in all regions of the state. They typically meet on the third Thursday of every month.
The incentive requiring approval for these kinds of projects is:
Job Growth Incentive Tax Credit
This award does not guarantee that the company will accept the offer and/or expand or relocate to Colorado.
Project Name: Rey
Summary
The company behind Project Rey is a service provider in the semiconductor industry that is looking to expand its U.S. operations. In addition to Colorado, the company is considering California. Within Colorado, the company is considering El Paso County. Important decision factors are state incentives, access to talent and a positive business environment.
Jobs
The publicly traded parent company currently has almost 2,000 employees worldwide with over 100 employees in Colorado. Project Rey, should it occur in Colorado, expects to create 66 net new jobs that will include process engineers, test operators, and maintenance technicians.
The estimated average annual wage of these employees is $59,530, which, at 91% is below the average annual wage in El Paso County. However, the company provided evidence that they have paid all of their current employees a significant bonus each year and confirmed that they would pay the new employees the same bonuses moving forward. The financial analysis shows that base pay is about 70% of total pay for the types of employees included in the employment plan. This reflects a total compensation of about $84,000, which is well above El Paso’s AAW of $65,338.
Incentive
Up to $1,129,312 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 66 net new full-time jobs at a minimum average annual wage (AAW) of $56,844 (87% of El Paso County) over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
Consideration
Additionally, this company represents a niche part of the semiconductor manufacturing supply chain, demonstrating that Colorado has the full spectrum of semiconductor business activities. OEDIT staff therefore recommend lowering the average annual wage requirement for this project to provide a competitive offer, win this project, and create good paying jobs for the state.
Project Name: Captain
Summary
The company behind Project Captain is a food manufacturing company that is looking to expand their U.S. operations due to an increased demand for their products. The parent company is an international business with other divisions in locations throughout the United States and throughout the world.
In addition to Colorado, the company is considering Georgia, Arizona, and Texas. Within Colorado, the company is considering Boulder County. Important decision factors are the total cost of doing business for this expansion and incentives are an important factor to offset some of these costs.
Jobs
Project Captain, should it occur in Colorado, expects to create 110 net new jobs at an average annual wage of $99,438, which is 104% of the average annual wage in Boulder County. The jobs will include engineering, sales, and supervisor professionals. The company currently has 408 employees.
Incentive
Up to $1,555,769 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 110 net new full-time jobs at a minimum average annual wage (AAW) of $92,976 (100% of Boulder County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
Consideration
This project would support the state’s economic goals by supporting high-paying jobs in Colorado’s food manufacturing sector and contribute to an existing food and beverage ecosystem in the Boulder area.
Project Name: Oxygen
Project Oxygen is the Refundable Tax Credit name for the project considered for a JGITC under the name “Project Rey.” It was the eighth Refundable Tax Credit application to be considered by Colorado’s Economic Development Commission (EDC).
The company behind Project Oxygen is an integrated device manufacturer that produces high-performance analog and mixed signal products. It operates a packaging facility in Colorado Springs.
The company is considering an expansion of one of its facilities in either Colorado Springs or California, with a planned capital investment of 15 million and 66 net new jobs.
Project Oxygen requested a total of $1.8 million in eligible credits from the Commission, receiving a $1.1 million Job Growth Incentive Tax Credit (JGITC). The company also expects to earn Enterprise Zone Investment, New Employee, and Job Training Tax Credits – through the upcoming Colorado Springs CHIPS Zone – totaling $704,600 over the next eight years.