An electronic materials and process solutions company approved $3.8 million in incentives to commit to a site in Colorado Springs. It’s the largest in a group of grants awarded by the Colorado Office of Economic Development and International Trade to five companies Thursday.

In all, The OEDIT’s Economic Development Commission approved approximately $6.8 million in economic incentives. 

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Project Garnet, a company that produces materials and parts for semiconductors, life sciences and other high-tech industries intends to build a facility is expected to have $631 million in capital expenditures and create 597 new jobs in the first phase of the two-stage project. There is one other market that the company is considering, but is tight-lipped about that location. For Colorado, the company would consider a site in Colorado Springs in El Paso County.

Project Olive, a pseudonym for a life sciences company headquartered in Santa Clara, California, is interested in opening a production facility to expand its capacity. The facility would create 275 new jobs in the Town of Frederick, located in Weld County, and offer an average annual wage of $89,094. The estimated capital expenditure of the project is $784 million. Of the 17,000 current employees, 520 are already located in Colorado. OEDIT approved a $1,787,500 strategic fund incentive that will be provided over a five-year period.

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A company that started as a pushcart of handmade paletas is now looking to house it’s headquarters in Colorado, which would be home to it’s c-level executives and management operations team. The company is also considering Eagle Mountain and Pleasant Grove in Utah or Phoenix, Ariz. For Colorado, this company could be housed in Arapahoe, Douglas or Jefferson counties. This company, known as Project Kumquat, would create 50 new jobs with an average annual wage of $107,700 and was offered an incentive of $541,661 by OEDIT.

Project Root, a company that manufacturers low earth orbit technologies, is also looking for a city to place its headquarters. Wherever the company is based, it plans to aid with the commercialization of cislunar space in a partnership with the U.S. Space Force. There is currently a short sublease in Denver for this company because investors requested a physical space. The company is considering the metro Denver region to place it’s headquarters in addition to Orlando. Should the company choose Colorado, it would create 60 new jobs with an average annual wage of $80,433. OEDIT approved for $547,577 in performance-based job growth incentive tax credits.

A manufacturer of prefabricated structures is looking to create a second modular home manufacturing location. Headquartered in Washington, the company is looking to open this facility in Grand Junction but is also considering Caldwell, Idaho, and Ogden, Utah. The opening of this location would provide 44 new jobs at an average annual wage of $54,273. OEDIT approved an incentive of $543,456.

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