Delta Area Development, Inc.

Developing a stronger economy for Delta County.

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Colorado Economic Development Commission (EDC)

The Colorado Economic Development Commission (“EDC” or “Commission”) was created by the Colorado Legislature in 1987 to encourage, promote, and stimulate economic development in Colorado, through the use of incentive and marketing funds. The EDC receives an annual General Fund appropriation which is used in incentive packages to support economic development projects throughout the State, to support business expansions and relocations, for relocation projects that have the potential to generate new jobs, and for marketing programs and special projects.

Incentive funds are typically used to support business expansions and relocations which have the potential to generate new jobs throughout the state. Marketing dollars generally support programs such as the state’s designated Enterprise Zones and marketing activities conducted by the Department of Agriculture and the Office of Economic Development and International Trade.

State of Colorado Incentive Projects. The Colorado EDC receives a limited appropriation of funds each year to support expansion and/or relocation projects throughout the state. The EDC reserves the right to use the appropriation as discretionary funds primarily targeted for high impact projects.

When considering projects for funding, the EDC weights the following factors to determine the impact of the project in Colorado:

• The economic conditions of the region where the project is located
• The quality of the jobs to be created (including the number of jobs and the salary level of the new positions)
• The amount of local support for the project (including financial support)
• The overall economic impact of the project in the region where it is located

In addition, the EDC gives special consideration to projects that are located in rural or distressed regions and to projects that support existing Colorado businesses.

Colorado Job Performance Incentive Fund

The Job Creation Performance Incentive Fund (PIF) provides a performance-based incentive payment to qualifying companies that have created net new jobs paying above average wages. The program is designed to support and encourage new business development, business expansions and relocations that have generated new jobs throughout the state.

Three million dollars will be available annually to fund this program.1

After maintaining new jobs for one year, an employer has 90 days from the last day of the month in which the jobs were filled to submit an incentive application. The first month in which an application may be submitted is January 2007 (for jobs created in January 2006). Incentives will be awarded to applicants in the order in which the EDC receives complete, accurate and eligible applications (first come, first serve) until all of the funds have been expended.

Employers located in a rural area must hire at least five new full-time jobs within one calendar month and employers located in an urban area must hire at least 10 new full-time jobs within one calendar month. Businesses with multiple locations within Colorado may combine locations to meet the minimum job creation requirements as long as all jobs are hired within the same month. If one or more of the locations are located in an urban area, the minimum job creation requirement is 10 new full-time jobs.

Eligible new jobs (net new jobs) are those jobs that are in addition to the three year full-time employee average (from the preceding three years) and can only be counted one time.

The employer must maintain all of the new jobs for at least one year in order to claim the incentive.

The following chart shows the incentive levels - based on the new employees’ average wage rate for the last 12 months when compared to the county average wage rate (based on information provided by the Department of Labor and Employment).

Businesses should review the State’s Web Site after October 1, 2006 for specific requirements and application instructions. Information on this program will be located under Business Finance at www.AdvanceColorado.com.

After maintaining new jobs for one year, an employer has 90 days from the last day of the month in which the jobs were filled to submit an incentive application. The OEDIT Business Finance Staff will facilitate application review/disbursement process generally within 60 days after receipt of application.

A business can submit multiple applications as long as they meet the program requirements. Businesses already receiving an incentive from the EDC may not receive an incentive from this program for the same net new jobs.

Colorado Enhanced Incentive Program

The Enhanced Incentive Program (EIP) provides an additional performance-based incentive payment to companies that have qualified under the State’s Job Creation Performance Incentive Fund (PIF) and have created new jobs paying at higher-than-average wages. The program is designed to support highly desirable and high-impact deals.

Applicants must first be eligible for the PIF Program in order to be eligible for the EIP. Incentives will be awarded to applicants in the order in which the Colorado EDC received complete, accurate and eligible applications (first come, first serve) until all program funds have been expended. The EDC reserves the right to vary from the criteria as necessary and appropriate.

The following chart shows the incentive levels - based on the new employees’ average wage rate for the last 12 months when compared to county average wage rate (based on information provided by the Dept. of Labor and Employment).

Upon receipt of a PIF application, the OEDIT Business Finance Staff will determine if an applicant is eligible for enhanced incentives.

Businesses should review the State’s Web Site after October 1, 2006 for specific requirements and application instructions. Information on this program will be located under Business Finance at www.AdvanceColorado.com.

Colorado Housing and Finance Authority (CFHA)

CHFA offers a broad range of programs that support economic growth in Colorado’s urban and rural communities. Their programs offer financing for loans of up to $25 million, with no minimum loan requirements. The equity that the business is required to provide is usually 10%, but this varies with specific programs. Non-refundable application fees also vary by program. CHFA interest rates are fixed for the term of the loan and are competitive with the market rate.

CHFA works cooperatively with public agencies and private lending institutions to create a pool of capital to serve Colorado’s growing small business market. CHFA also develops partnerships with lenders and communities to provide creative financing mechanisms where needed. CHFA’s source of loan funds varies with each program. For further information, please contact CHFA at (303) 297-7329.

 The Colorado International Trade Office (ITO)

The Colorado International Trade Office was established in 1983 as a division of the Governor’s Office of Economic Development and International Trade. Its two primary functions are to assist Colorado companies with exporting their products and services, and to attract foreign investment into the state for continued job creation. The ITO office assists companies with export counseling, market research, protocol information, and trade shows and trade missions. For further information, contact the ITO at (303) 892-3840.

Enterprise Zones

The Delta County Enterprise Zone was established in 1986, and as of January 1, 2003, Delta County was designated as an Enhanced Rural Enterprise Zone, allowing for additional tax benefits over what may be available in other parts of Colorado. The program provides incentives for private enterprise to expand and for new businesses to relocate. Some of the tax benefits include:

• A $2,500 per job tax credit in connection with a “new business facility”1
• A 3% investment tax credit
• Double job tax credit for agricultural processing
• $200 job tax credit for employer-sponsored health insurance
• 10% job training credit
• 3% research and development tax credit
• Exemption from state sales and use tax for manufacturing and mining equipment
• Credit to rehabilitate vacant buildings (up to $50,000 - special conditions apply)
• 25% credit for contributions to local enterprise zone projects (up to $100,000)
• Local government tax incentives

EREZ credits earned in excess of the taxpayer’s liability may be carried forward for up to seven years (the regular EZ new job credits have a five year carry forward).

1 An expansion of an existing business facility may be considered a “new business facility” if the expansion adds at least 10 employees, if the expansion adds at least 10 employees or a 10% increase over the previous annual average, if the expansion is at least $1 million in investment, or, if less, at least doubles the original investment in the facility. Excess credits may be carried forward five years.

Job Training

The Colorado FIRST/Existing Industries Program assists primary industry employers with short term, fast track training. The existing industry program was created to maintain the competitiveness of the existing industry base and provide job security for Colorado workers. The programs are administered jointly by the Office of Economic Development and International Trade (“OED”) and the Colorado Community College and Occupational Education System (“CCCOES”). This partnership strengthens the programs’ goal to promote and encourage the expansion and well-being of existing Colorado companies to attract new businesses to Colorado.

Colorado FIRST - This program is designed for companies who are relocating to Colorado or are undertaking a major expansion. Grants are usually funded based on the number of jobs and quality of jobs created. To apply for a job training grant, Contact:

Small Company Grants – Companies with 50 of fewer employees in a state fiscal year (July 1 – June 30) are eligible to apply for training funds.

Competitive Grants – Companies adding a significant number of new full-time jobs to their workforce may apply for Colorado FIRST funds by creating a training plan. For more information, contact the Small Business Development Center at (970) 874-8772.

The Colorado Workforce Centers administers and provides a menu of employment services in “One Stop” Workforce Centers to citizens and employers throughout Colorado. The Colorado Workforce Center at Delta is one of these centers, and provides integrated employment and training services that meet the needs of both job seekers and employers.

There are three levels of Workforce Center services: Core, Intensive and Training. All Core, or basic, job-seeker services are available to any member of the public. Intensive and Training Services are available based upon particular factors. The eligibility criteria used to determine what levels of service can be accessed by certain populations are dictated by the many sources of funding that come into the Department.

Some of the services provided for employers by the Colorado Workforce Center include:

• Professional employer account representatives
• Customized recruiting and job screening services
• Labor market information
• Customized training, on-the-job training, financial assistance programs information
• Workforce transition assistance
• Internship/apprenticeship program management
• Employment law information
• Assistance with tax credits for hiring special populations

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