SUBJECT: A Resolution Authorizing the Town of Erie to enter into a Sales Tax Rebate and Incentive Agreement with Elementum 3D for the Purposes of Economic Development
DEPARTMENT: Economic Development
PRESENTER: Ben Pratt, Economic Development Director
TIME ESTIMATE: 10 minutes
FISCAL SUMMARY:
Cost as Recommended: $132,125.00
Balance Available: N/A
Budget Line Item Number: N/A
New Appropriation Required: No
STAFF RECOMMENDATION:
Approve resolution authorizing the Sales Tax Rebate Incentive Agreement.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Elementum 3D is an Erie based additive manufacturing research and development company that specializes in creating advanced metals, composites, and ceramics primarily for the aerospace industry. On November 9th, 2020 Elemenetum 3D won the Gold Medal in the US Air Force's Advanced Manufacturing Olympics, and was selected by NASA to partner through their Announcement of Collaboration Opportunity program.
In October 2020, the Economic Development Department was informed that Elementum 3D was experiencing considerable growth which would require them to either relocate their existing headquarters (located at 400 Young Court), or expand into a new facility. Elementum3D indicated that in order to relocate or expand in Erie, they would require some financial assistance to remain competitive within the market.
Since then, the Economic Development department and Upstate Colorado (Lead Economic Development Agency for Weld County) have met with Elementum 3D to identify local and county assistance that could support their expansion efforts and retain them within Erie. The attached proposal developed by Upstate Colorado is the result of those meetings. Elementum 3D has confirmed that with this assistance they are confident they will be able to meet their job creation and facility growth goals as outlined in their application (included with proposal document).
Project Expansion Summary:
Elementum 3D will maintain ...
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