Larimer County to provide incentives to Intel

FORT COLLINS – The Larimer County Commissioners agreed earlier today to work out a 10-year tax incentive program with Intel Corp.
The incentive package would relieve the company’s business personal property tax burden by up to 50 percent. The requested relief would apply to the $20 million in capital improvements the company expects to make as well as for taxes on existing equipment, now valued at $810,000.
According to estimates, the tax incentive would excuse the company from paying more than $83,000 during the 10-year period. The Northern Colorado Economic Development Corp. presented the commissioners with positive data. Estimates indicate that a $20 million capital equipment investment from Intel would translate into about $56.9 million in direct and secondary economic benefit during the first five years. The Northern Colorado EDC also reported that direct public revenue to the county during that period would be about $437,000.
“It just doesn’t get any better than this in the economic development world,´ said J.J. Johnston, president and CEO of the Northern Colorado EDC. He referred to the fact that Intel chose an existing vacant building, retained hundreds of existing jobs and has already added many jobs to its Fort Collins team.
Intel closed on its $13 million purchase of Celestica’s Fort Collins facility on Jan. 6. The company will move its more than 300 Itanium chip design team members to the building after completing certain renovations to the site.

on Facebook on LinkedIn