DENVER -- State economic leaders are hoping to more than make up for the loss of Chipotle’s headquarters as they work hard to bring a Fortune 250 company to the Denver area.
The state is prepared to throw $27 million at the company in tax incentives.
The details of the bid are being kept secret -- but as negotiations happen behind closed doors, some clues have been revealed as to what kind of company people could expect.
The Colorado Economic Development Commission voted Wednesday to offer the e-commerce company incentives to move its headquarters to the Denver metro area.
About 800 new jobs paying an average of $185,781 a year would be coming to the metro area if state leaders get their way, according to the Denver Business Journal.
“There will be a multiplicative effect through the economy from the earnings that people who are employed make,” said professor Mac Clouse with the University of Denver.
Clouse calls the bid a good deal and says the mystery company is big enough to make a difference but not too big to be an inconvenience.
The $27 million tax incentive is the second-priciest tax break offered by the Colorado Economic Development Commission.
“Some people think that’s not necessarily fair to everybody else … that you’re going to give the new person coming in a lot of tax breaks or tax incentives,” Clouse said.
The company would plan to begin relocation next year, but the whole relocation process could take about two years, according to the Denver Business Journal.AlertMe