May 9—The Colorado Springs City Council is poised this month to approve a $50,399 incentive for an undisclosed aerospace and defense company that plans to hire 225 people during the next three years.
Without objection, the council on Monday put a resolution supporting the incentive on its May 24 agenda that will automatically be approved unless a member objects. The incentive, which will be paid only after the company completes the expansion and hiring, is for a company under the code name "Project Barrel," which plans to spent $8.2 million remodeling and adding space in Colorado Springs to accommodate the new hires.
The incentive would be paid during the next four years via rebates of the city's sales and use tax on construction materials and furniture and equipment for the expansion. The city's Office of Economic Development estimated the project will boost local economic output by $34 million a year, or $135 million during the four-year agreement, and generate $329,000 in annual tax revenue for the city, or $1.3 million over four years.
The office described Project Barrel in a presentation to council members as "a rapidly growing technology company with multiple offices (that) develops technology, platforms, and systems for national defense and security customers" and "specializes in technology for systems such as unmanned systems, satellite communications, and cybersecurity, to name a few."
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