Financial services firm claims it could create 200+ jobs with $213K average pay
DENVER — The Colorado Economic Development Commission approved the offer of millions in incentive dollars Thursday to an unidentified financial services firm in an effort to entice the company into opening an operations center in Louisville.
Project Omega, as the company is referred to in Colorado Office of Economic Development and International Trade documents, claims that it plans to add several hundred high-paying jobs at the new operation, but OEDIT officials are dubious.
It is the commission’s practice not to identify companies that OEDIT is recruiting until incentives are accepted.
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“In addition to Colorado, the company is considering Illinois, Michigan, and North Carolina,” according to an OEDIT memo.
State economic development staffers “partnered with the City of Louisville” in the recruitment effort, OEDIT deputy director and director of global business development Michelle Hadwiger said, and for Project Omega’s decision-makers, “the main drivers … are access to talent, cost of business and availability of incentives.”
The EDC approved an offer of just more than $3.8 million in tax incentives over eight years.
Project Omega, which currently has 48 employees, 33 of whom are in Colorado, “expects to create 232 net new jobs at an average annual wage of $213,146.55,” according to OEDIT.
“Our office has evaluated the factors and the financials, and … we have concluded that the financial review does not support the company’s potential to create 232 net new jobs,” Hadwiger said.
To receive the tax credits, the company would have to provide “bank statements and other documentation that they have the ability to create these net new jobs,” she said.
The Colorado Economic Development Commission approved the offer of millions in incentive dollars to financial services firm.
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