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$7M in incentives to aerospace company could spur 500 new jobs

DENVER — An aerospace company with a large existing presence in Colorado could bring 500 new jobs to Boulder County with an assist from $7.05 million in tax incentives.

The Colorado Economic Development Commission approved the offer of incentives Thursday for an unnamed company referred to by Colorado Office of Economic Development and International Trade staff as Project Tycho.

It is the commission’s practice not to identify companies OEDIT is recruiting until incentives are accepted. 

Project Tycho is “developing one innovative business platform with three disruptive verticals: space transportation, space destinations and space applications,” according to an OEDIT memo. “The company behind Project Tycho and its affiliated companies have produced thousands of space systems, subsystems, and components to customers worldwide while engaging in hundreds of space missions.”

For Project Tycho, which has 1,800 employees, 1,200 of whom are in Colorado, “continued growth has created capacity constrictions for both manufacturing and support operations,” the memo said. “Expanded manufacturing facilities are required to handle the simultaneous production of multiple spaceplanes. Additional space will also be required for expanded administrative, engineering, and support operations.”

Mike Falleroni, a site selector representing Project Tycho, said that the expansion is a “very important potential project. Very competitive as well.”

Project Tycho is also considering Florida for its expansion.

Should the company accept the EDC’s incentives offer, it would be expected to create 500 new jobs that pay an average of $115,670 over a period of eight years. Jobs would include roles in production, support, and management, according to OEDIT. 

“The decision behind Project Tycho’s eventual location is contingent upon proximity to available talent, supply chain, and incentive support from the communities under consideration,” OEDIT documents said.

Source: BizWest