DENVER — An unidentified biotech company could be expanding its Colorado footprint in Northern Colorado.
The Colorado Economic Development commission voted Thursday to approve a tax incentive worth as much as $1,027,204 over eight years.
It is the commission’s practice not to identify companies the Colorado Office of Economic Development and International Trade is recruiting or supporting for expansion until incentives are accepted. Rather, the companies are given codenames, in this case Project Fish.
“The bioscience company behind Project Fish is a subsidiary of a publicly traded, Fortune 500 conglomerate. Project Fish would represent an expansion of the company’s bioscience manufacturing and R&D capabilities,” Colorado Office of Economic Development and International Trade documents said. “Within Colorado, the company is considering locations in Northern Colorado. In addition to Colorado, the company is considering making this investment in Indiana.”
Specific locations in Northern Colorado were not disclosed.
The company has approximately 150 employees in Colorado in addition to several thousand employees elsewhere in the United States. The firm plans to create 85 net new jobs at an average annual wage of $75,000, which is more than 100% of the average annual wage of the Colorado counties the company has under consideration, according to the OEDIT.
Should Project Fish move forward in Colorado, it “would support the state’s economic goals by creating net new jobs in the economy and growing employment in the key advanced industry of bioscience,” OEDIT deputy director and director of global business development Michelle Hadwiger said.
“It would add bioscience R&D and manufacturing roles in a labor market that recently lost several hundred related jobs with the announced closure of Novartis’ cell and gene therapy facility,” she said. “The expansion of this company in Colorado might also strengthen the long term retention of the company’s 150 jobs already based in the state.”
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