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A bipartisan bill that would bolster up-and-coming Colorado industries by making available grants from state funds cleared a House committee Thursday, moving quickly onto a fast track.
HB 1001 would set aside $12.5 million for entrepreneurs in a range of "advanced industries" that include aerospace, advanced manufacturing, bioscience, electronics, energy and natural resources, technology, and information and infrastructure engineering.
Of that sum, $7 million would be available only to bio-science and other "clean technology" industries. Start-ups in the other covered industry groups could seek funding from the remaining balance.
"Already, Colorado’s research institutions and federal labs bring in close to $2 billion a year in advanced technology research funding,” Rep. Dave Young, D-Greeley and the bill's lead sponsor, said. "This legislation will help us leverage even more dollars, as well as accelerate the commercialization process, which will lead to more products, companies and jobs.”
The bill would set up three separate grant programs to assist with the challenges faced during the start-up process.
The first focuses on research needed to establish that a product concept is viable. It would require that the work be done in appropriate institutions within the state and the grant size would be limited to $150,000.
The second would provide funds for the early start-up stage. The maximum grant would be $250,000. At least half of the venture's employees would have to be based in Colorado.
The third grant program would allow start-ups to seek funding for needed infrastructure. The maximum award would be $500,000.
The vote in the House Business, Labor, Economic and Workforce Development Committee was 8-3.
Republicans Chris Holbert of Parker, Dan Nordberg of , and Libby Szabo of Arvada opposed the measure.
Holbert argued that the bill is not needed because entrepreneurs can obtain initial financing of business ventures from private capital funds and banks.
HB 1001 now heads to the House Appropriations Committee. Rep. Cheri Gerou, R-Evergreen, is co-sponsoring the bill.
According to statistics cited by Gov. John Hickenlooper in a press conference last week that announced the bill, industries covered by the proposed legislation account for more than 500,000 of all jobs in the state and about one-third of wages earned by Colorado workers.
Showing posts with label economic development. Show all posts
Showing posts with label economic development. Show all posts
Thursday, January 17, 2013
Thursday, December 18, 2008
Ritter Pushes Economic Development Ideas for 2009
Gov. Bill Ritter announced his economic development priorities for 2009 today, making a push for expanded access to credit and continued emphasis on renewable energy infrastructure.
Ritter's specific suggestions include:
(1) provision of tax-credit incentives for companies that create at least 20 new jobs;
(2) making available to hundreds, possibly thousands, of small and family-owned businesses immediate access to capital and credit through a Colorado Credit Reserve Program;
(3) expansion of the Colorado First workforce training programs at community colleges, especially those related to renewable energy, energy efficiency and energy conservation; and
(4) investment in "New Energy Economy" companies, projects and jobs through the Colorado Clean Energy Fund.
“Over the past two years, we’ve made smart, strategic and aggressive investments to help protect Colorado residents and retain Colorado jobs and businesses,” Ritter said. “Our 2008 business-development legislative package eased the tax burden for tens of thousands of companies, we created a Colorado Jobs Cabinet, and the proposals we are announcing today will build on the progress we have made and create new opportunities."
The first proposal would require companies seeking to take advantage of the program to apply to the Economic Development Commission and meet specific criteria. The company will be eligible for a tax credit of up to 50 percent of its annual FICA taxes on new employees. The tax credit for new employees would be calculated on a year-to-year basis for five years according to the number of FTEs on the company’s payroll at year’s end.
The Colorado Credit Reserve is a pool guaranty program originally established and administered by the Colorado Housing and Finance Authority. Ritter wants to restore the program and expand it to generate small business loans throughout the state by encouraging lenders to extend credit in amounts up to $500,000. Ritter says that the state could generate at least $50 million in new loans by committing $2.5 million to this program.
Under the "New Energy Jobs Program" Ritter is suggesting that the General Assembly increase funding by $1 million per year to the community college program. The new funds would be used to create job training programs for renewable energy- and energy conservation-related jobs and will allow community colleges to apply for cluster-based grants.
The plan also includes increased funding for the state's Clean Energy Fund. The increase would be $1.4 million, with priority for the money allotted to economic development incentives for clean energy companies.
Ritter's announcement said that his proposals are supported by the Economic Development Council of Colorado, Colorado Association of Commerce and Industry,
Colorado Concern, the Colorado chapter of the National Federation of Independent Businesses, the Northern Colorado Economic Development Council, South Metro Denver Chamber of Commerce, Adams County Economic Development, Colorado Springs Economic Development Council, Colorado Housing and Financing Authority, Colorado Bankers Association and Independent Bankers of Colorado.
Ritter's specific suggestions include:
(1) provision of tax-credit incentives for companies that create at least 20 new jobs;
(2) making available to hundreds, possibly thousands, of small and family-owned businesses immediate access to capital and credit through a Colorado Credit Reserve Program;
(3) expansion of the Colorado First workforce training programs at community colleges, especially those related to renewable energy, energy efficiency and energy conservation; and
(4) investment in "New Energy Economy" companies, projects and jobs through the Colorado Clean Energy Fund.
“Over the past two years, we’ve made smart, strategic and aggressive investments to help protect Colorado residents and retain Colorado jobs and businesses,” Ritter said. “Our 2008 business-development legislative package eased the tax burden for tens of thousands of companies, we created a Colorado Jobs Cabinet, and the proposals we are announcing today will build on the progress we have made and create new opportunities."
The first proposal would require companies seeking to take advantage of the program to apply to the Economic Development Commission and meet specific criteria. The company will be eligible for a tax credit of up to 50 percent of its annual FICA taxes on new employees. The tax credit for new employees would be calculated on a year-to-year basis for five years according to the number of FTEs on the company’s payroll at year’s end.
The Colorado Credit Reserve is a pool guaranty program originally established and administered by the Colorado Housing and Finance Authority. Ritter wants to restore the program and expand it to generate small business loans throughout the state by encouraging lenders to extend credit in amounts up to $500,000. Ritter says that the state could generate at least $50 million in new loans by committing $2.5 million to this program.
Under the "New Energy Jobs Program" Ritter is suggesting that the General Assembly increase funding by $1 million per year to the community college program. The new funds would be used to create job training programs for renewable energy- and energy conservation-related jobs and will allow community colleges to apply for cluster-based grants.
The plan also includes increased funding for the state's Clean Energy Fund. The increase would be $1.4 million, with priority for the money allotted to economic development incentives for clean energy companies.
Ritter's announcement said that his proposals are supported by the Economic Development Council of Colorado, Colorado Association of Commerce and Industry,
Colorado Concern, the Colorado chapter of the National Federation of Independent Businesses, the Northern Colorado Economic Development Council, South Metro Denver Chamber of Commerce, Adams County Economic Development, Colorado Springs Economic Development Council, Colorado Housing and Financing Authority, Colorado Bankers Association and Independent Bankers of Colorado.
Monday, November 24, 2008
Dems Create Joint Job Growth Committee
The Democratic leaders of both houses of the General Assembly will create a joint Job Growth and Economic Growth Committee to develop ways of strengthening Colorado's economy.
The committee is to develop possible legislative approaches to strengthening Colorado’s small businesses and non-profits, improve the state's infrastructure, expand its "New Energy Economy," and stimulate job growth in rural areas.
"Colorado can't wait for a future federal bailout," Sen. Peter Groff, the senate president, said. "We have serious issues to address right now, and it is up to us to find new ways to address these economic challenges."
Carroll said that he and Groff moved to establish the committee because they expect economic conditions to worsen.
“The national economic forecast is bleak; economic indicators suggest the U.S. faces a potentially deep recession,” Carroll, the speaker-designate of the House, said. “Colorado, with its diversified economy and well-trained workforce, has fared better than the nation as a whole. But our state is not immune to those forces driving the economic downturn."
The committee, which will have ten senators and representatives drawn from both parties among its members, will make recommendations to the General Assembly in January.
Colorado's economy appears to be performing, at least in some ways, better than the national economy. The state has experienced 26 consecutive months of job growth and its unemployment rate is nearly one full percentage point lower than the national rate.
The committee is to develop possible legislative approaches to strengthening Colorado’s small businesses and non-profits, improve the state's infrastructure, expand its "New Energy Economy," and stimulate job growth in rural areas.
"Colorado can't wait for a future federal bailout," Sen. Peter Groff, the senate president, said. "We have serious issues to address right now, and it is up to us to find new ways to address these economic challenges."
Carroll said that he and Groff moved to establish the committee because they expect economic conditions to worsen.
“The national economic forecast is bleak; economic indicators suggest the U.S. faces a potentially deep recession,” Carroll, the speaker-designate of the House, said. “Colorado, with its diversified economy and well-trained workforce, has fared better than the nation as a whole. But our state is not immune to those forces driving the economic downturn."
The committee, which will have ten senators and representatives drawn from both parties among its members, will make recommendations to the General Assembly in January.
Colorado's economy appears to be performing, at least in some ways, better than the national economy. The state has experienced 26 consecutive months of job growth and its unemployment rate is nearly one full percentage point lower than the national rate.
Friday, August 22, 2008
Ritter, Vestas Announce Plans to Build Large Wind Generation Facility Near Pueblo
Gov. Bill Ritter joined officials from Vestas Towers A/S, a Danish company, to announce plans to build the world's largest wind tower manufacturing plant in Pueblo.
“I applaud Vestas for continuing to invest in Colorado – this time in Pueblo – and for bringing new jobs to one of the greatest communities in the state,” Gov. Ritter said. “Vestas’ decision to locate what will be the world’s largest wind tower manufacturing plant here in Pueblo demonstrates that our New Energy Economy is benefiting every corner of Colorado.”
The $240 million capitol investment includes a manufacturing facility that will produce up to 900 steel towers annually for Vestas wind turbines, employing 450 to 550 workers, not including other contracting and consulting jobs. The plant is scheduled to open in 2009.
The tower manufacturing plant represents the largest single investment in Vestas history. Vestas officials cited easy access to rail and highways, the state's highly skilled workforce, a favorable business climate, and strong dedication and commitment from state and local leaders to growing Colorado's New Energy Economy as reasons for further expanding their Colorado operations.
Today’s announcement follows last week’s announcement that Vestas will open two new production facilities in Brighton, one to make wind blades and the other to assemble nacelles.
Nacelles are the housing units that sit atop the tower and contain the gearbox, generator and transformer. Vestas opened its first North American manufacturing facility in Windsor earlier this year.
All four production facilities amount to a $700 million capital investment by Vestas, and will result in the creation of nearly 2,500 new jobs in Colorado.
“I applaud Vestas for continuing to invest in Colorado – this time in Pueblo – and for bringing new jobs to one of the greatest communities in the state,” Gov. Ritter said. “Vestas’ decision to locate what will be the world’s largest wind tower manufacturing plant here in Pueblo demonstrates that our New Energy Economy is benefiting every corner of Colorado.”
The $240 million capitol investment includes a manufacturing facility that will produce up to 900 steel towers annually for Vestas wind turbines, employing 450 to 550 workers, not including other contracting and consulting jobs. The plant is scheduled to open in 2009.
The tower manufacturing plant represents the largest single investment in Vestas history. Vestas officials cited easy access to rail and highways, the state's highly skilled workforce, a favorable business climate, and strong dedication and commitment from state and local leaders to growing Colorado's New Energy Economy as reasons for further expanding their Colorado operations.
Today’s announcement follows last week’s announcement that Vestas will open two new production facilities in Brighton, one to make wind blades and the other to assemble nacelles.
Nacelles are the housing units that sit atop the tower and contain the gearbox, generator and transformer. Vestas opened its first North American manufacturing facility in Windsor earlier this year.
All four production facilities amount to a $700 million capital investment by Vestas, and will result in the creation of nearly 2,500 new jobs in Colorado.
Friday, August 15, 2008
Ritter, Vestas Announce Factory Expansion
Gov. Bill Ritter and Economic Development Director Don Elliman announced today that Denmark-based Vestas will significantly expand its Colorado operations by building two new manufacturing plants in Brighton.
The wind-blade production plant and nacelle assembly factory represent a $290 million capital investment and will bring 1,350 new jobs to Colorado.
“This expansion reinforces Colorado’s standing as a national and international leader in clean, modern energy for the future,” Ritter said. “It puts an exclamation point on our efforts to build a New Energy Economy that adds jobs, takes advantage of Colorado’s incredible intellectual capital, secures our energy future and helps end our dependence on foreign oil.”
Vestas opened its first North American manufacturing plant in Windsor earlier this year. The 650-employee facility will produce 1,800 giant wind blades a year.
The new Brighton facilities, which should be operational by July 1, 2010, will include a $180 million blade-manufacturing plant that will produce 1,800 blades a year and provide 650 new jobs, a $110 million nacelle assembly factory that will produce 1,400 nacelles a year and provide 700 new jobs, and a technology and production engineering office.
Nacelles are the turbine housing units that sit atop the tower and contain key components like the gearbox, generator and transformer. This will be Vestas’ largest nacelle assembly factory in the world.
The 178-acre site is located in unincorporated Weld County and will be annexed into Brighton. Vestas is purchasing 112 acres from Brighton and 66 acres from RTD, which obtained the land from the Union Pacific Railroad.
In addition, Vestas intends to build the world’s largest tower-manufacturing facility elsewhere in Colorado; the exact location has not yet been announced.
All told, Vestas’ entire commitment to Colorado represents a nearly $700 million capital investment and 2,450 new jobs.
“This is a tremendous boon for all of Colorado,” Ritter said. “It adds momentum to our push to diversify our energy portfolio and build a 21st century economy based on industries of the future. What we are doing here in Colorado can and should serve as a model for the rest of the country.”
The wind-blade production plant and nacelle assembly factory represent a $290 million capital investment and will bring 1,350 new jobs to Colorado.
“This expansion reinforces Colorado’s standing as a national and international leader in clean, modern energy for the future,” Ritter said. “It puts an exclamation point on our efforts to build a New Energy Economy that adds jobs, takes advantage of Colorado’s incredible intellectual capital, secures our energy future and helps end our dependence on foreign oil.”
Vestas opened its first North American manufacturing plant in Windsor earlier this year. The 650-employee facility will produce 1,800 giant wind blades a year.
The new Brighton facilities, which should be operational by July 1, 2010, will include a $180 million blade-manufacturing plant that will produce 1,800 blades a year and provide 650 new jobs, a $110 million nacelle assembly factory that will produce 1,400 nacelles a year and provide 700 new jobs, and a technology and production engineering office.
Nacelles are the turbine housing units that sit atop the tower and contain key components like the gearbox, generator and transformer. This will be Vestas’ largest nacelle assembly factory in the world.
The 178-acre site is located in unincorporated Weld County and will be annexed into Brighton. Vestas is purchasing 112 acres from Brighton and 66 acres from RTD, which obtained the land from the Union Pacific Railroad.
In addition, Vestas intends to build the world’s largest tower-manufacturing facility elsewhere in Colorado; the exact location has not yet been announced.
All told, Vestas’ entire commitment to Colorado represents a nearly $700 million capital investment and 2,450 new jobs.
“This is a tremendous boon for all of Colorado,” Ritter said. “It adds momentum to our push to diversify our energy portfolio and build a 21st century economy based on industries of the future. What we are doing here in Colorado can and should serve as a model for the rest of the country.”
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