Denver Touts Economic Development Fund for Job Creation

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The city of Denver is touting its business and recruitment efforts with the release of the Office of Economic Development's annual report , which shows that the city's Business Incentive Fund helped attract and/or retain eight firms in Denver during 2012. Here are the details.

* According to a press release announcing the report, Denver Mayor Michael B. Hancock said that "lifting and connecting our neighborhoods through reinvestment" was a focus of the Office of Economic Development's plans for the year.

* The office supported 30 separate neighborhood development projects during the year, using federal Community Development Block Grant funds. In addition, a commitment was made to create and/or rehabilitate 471 affordable housing units in the city.

* The firms attracted or retained in Denver through the Business Incentive Fund represent 1,638 future jobs and $6 million in direct fiscal benefit over a five-year period, the city reported.

* The Business Incentive Fund was established in 2005 to support business relocations and expansions that result in job creation and additional tax revenues, the city reported. The fund is used to contract with firms and payments are made on a reimbursement basis for job creation as it is verified through business tax collections.

* Colorado Premium Foods was one of the businesses retained in 2012, the report stated. The company announced its plan to stay and was provided up to $100,000 to support the creation of 200 jobs over a three-year-period. The company employs 185 workers at its meatpacking facility and is adding up to 300 additional jobs.

* The Office of Economic Development also helped retain 120 high-paying engineering positions in downtown Denver through a Business Incentive Fund agreement with Zachry Engineering, the report stated.

* According to the report, business expansions are expected to provide $162.1 million in capital investment to Denver.

* Southwest Airlines was also supported through the Business Incentive Fund with an expansion in the Denver market that created a new pilot and flight attendant crew base at Denver International Airport. The base will be home to 250 pilots and 400 flight attendants, the Office of Economic Development reported.

* The Office of Economic Development served more than 35,000 individuals search for jobs with the assistance of Denver Workforce Centers, the city reported, and launched its first-ever business plan competition. The competition drew entries from more than 150 small businesses in the city.

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