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Various state and local incentives help ease a myriad of expenses incurred by relocating or expanding companies. Local governments and the state of Colorado grant make awards case-by-case based on job creation, wage quality, and capital investment. Major incentive areas include job creation, employee training, tax rebates, expedited permitting and licensing, and infrastructure improvements.
Companies starting or expanding operations in Adams County may also qualify for several state incentives. Below is a summary of key programs with extensive information on additional programs available on the Colorado Office of Economic Development & International Trade’s website.
A performance-based program for businesses pursuing job creation projects that are competing with at least one other state and where the incentive is a major factor in the decision.
A program which provides assistance to Colorado companies operating in seven advanced industries the opportunity to receive capital from investors.
A program providing a state income tax credit of $1,200 per new full-time employee for businesses involved in the maintenance and repair, completion or modification of aircraft located within approved Aviation Development Zone airports.
Colorado FIRST grants are for companies that are relocating to or expanding in Colorado and provide funds only to net new hires. Existing Industry grants focus on providing assistance to established Colorado companies in order to remain competitive within their industry, adapt to new technology and prevent layoffs. Deadline for applications: July and December.
This program provides federal, state and local government contract procurement assistance by educating and consulting with Colorado companies. The Colorado PTAC Westminster office is co-located with Adams County Regional Economic Partnership.
Adams County advocates strongly for industry expansion and proactively offer incentives to companies creating high paying, quality jobs.
Adams County Government’s Community and Economic Development Department coordinates and awards potential incentives based on overall economic impact to Adams County’s economy, which includes capital investment, job growth, and wage levels.
For incentive consideration, typically:
- A company must be a primary employer establishing either a new or expanded facility in Adams County;
- The company’s average wage should meet or exceed the county’s average wage of $52,247;
- Company must be in the negotiation phases of the project;
- Company must be considering sites outside of Adams County;
- Capital investment must total $1 million or more; and
- New jobs should be created, or significant numbers of existing jobs retained.
Under certain circumstances, ACED will elevate Projects of Significance for a greater incentive package due to notable projected impacts to Adams County related to high job creation or capital investment, or establishment of a corporate headquarters.
The types of municipal incentives vary from city to city within Adams County and are negotiated on a case-by-case basis, determined by local criteria. If Adams County provides a business incentive package, the local municipality is required to provide at least a match.
Businesses making capital investments, creating new jobs, rehabilitating old buildings, contributing to economic development plans, and doing research and development in the Adams County Enterprise Zone may be eligible to receive certain tax credits from the state. An eligible company must be located in the Enterprise Zone and have a tax liability with the state. See our Enterprise Zone section for program details.
The Tax Cuts and Jobs Act passed in 2017 paved the way for the Opportunity Zone program, created to spur investment in designated census tracts. Adams County Economic Development (ACED) led the research and designation of census tracts, securing nine Opportunity Zones in Adams County. ACED is your primary contact to explore Opportunity Zone investment and development projects in Adams County. See our Opportunity Zones section for more information.
Adams County benefits from and is in the service area of the Town of Limon’s Foreign Trade Zone (FTZ) No. 293. An FTZ is a U.S. Port of Entry, where commercial merchandise, both domestic and foreign, receives the same Customs treatment it would if it were outside the commerce of the U.S. The FTZ designation helps lower the costs of Adams County businesses engaged in international trade and can provide a competitive advantage that companies need to keep there manufacturing or distribution operations in the U.S.