Chamber & EDC taking more competitive approach by launching Deal Closing Fund to incentivize job creation
Today, the Colorado Springs Chamber & Economic Development Corporation announced the launch of a local Deal Closing Fund, marking a pivot towards a more proactive and competitive approach in furthering our region’s economic vitality. The Colorado Springs metro area outpaces the rest of the state in economic recovery and growth. The Chamber & EDC is laser-focused on continuing this trajectory and setting the businesses community up for sustained, longterm success with the addition of this fund, along with its ongoing economic development activity.
The fund is a public-private-partnership to incentivize the creation of new, high-paying jobs and capital investment in Colorado Springs. The program is open to new and existing businesses growing their employee base and investment in Colorado Springs.
“The Deal Closing Fund will make Colorado Springs – Olympic City USA even more competitive for highly desirable projects. The performance-based program incentivizes the creation of new high-paying jobs in our city, jobs that we need to acquire and retain talented individuals who contribute to making our city a great place to live. Kudos to the Colorado Springs Chamber & EDC for its partnership, vision and hard work to positively impact both new and existing businesses by bringing this exciting program to life.” – Colorado Springs Mayor John Suthers.
“The Deal Closing Fund is an additional and critical tool in our toolbox when vying with other communities for quality jobs and new economic investment. It will help grow jobs, encourage our existing employers to invest in place, and potentially close the competitive gap for high-impact projects considering Colorado Springs for location. Our region is growing, and this is one of several ways we can leverage state and local tools to scale strategic industries for the city.” – Johnna Reeder Kleymeyer, president and CEO, Colorado Springs Chamber & EDC
The program is performance-based, and eligible businesses must create, and maintain, net new full-time permanent jobs in Colorado Springs and have met certain requirements. Qualifying companies may be eligible to receive from $1,000 to $5,000 per net new full-time permanent job created. Maximum incentive levels are based on the region’s average annual wage. Emphasis will be given to the Chamber and EDC’s target primary industry sectors (e.g., Aerospace and Defense, Healthcare and Medical Technology, Cybersecurity and Information Technology, and Manufacturing). Projects must be considering multi-state locations and will not be considered if only moving from El Paso County into the city of Colorado Springs.
The fund will be administered, and all award decisions will be made by a three‑member committee. Bylaws will be established to set forth specific duties, terms, and other conditions for the committee. The committee will present its results annually to the Chamber & EDC’s Board of Directors, and annually prepare a written report for funding partners. This effort will be administered by the Chamber & EDC on behalf of the City of Colorado Springs to alleviate the burden of time, money, and effort on behalf of the City.
The Deal Closing Fund Committee will consist of three members, including:
- President & CEO, Colorado Springs Chamber & EDC
- Chief of Staff, City of Colorado Springs
- City Council member, appointed by peers
The Deal Closing Fund will be funded for $3 million during 2022 with the intent for funding partners to participate yearly. The participation amount would be determined yearly. The goal is for the fund to make awards from establishment through 2022, after which date the Deal Closing Fund will be evaluated and adjusted if needed.
The Chamber & EDC will seek additional contributions from funding partners including, but not limited to El Paso County, other local jurisdictions, foundations, business organizations, community organizations, and Chamber & EDC members to fund economic development activities and the Deal Closing Fund.
Interested economic development project applicants are encouraged to apply by contacting Cecilia Harry, CEcD, chief economic development officer, Chamber & EDC at charry@cscedc.com for more information. Applications will be accepted throughout the year, and the Deal Closing Fund’s Committee will review the project, program parameters, and eligibility criteria.