The approval was made during a meeting on Thursday, April 20, 2023, where several projects were considered, including a brand-new office by a global sports betting company, which remains anonymous for the time being.
Project Forge Will Create 807 Jobs and Bring a $40M Investment
One of the approved projects is Project Forge, an expansion project from a global leader in the online sports betting and gaming sector. The company, which remains confidential, plans to expand its brand awareness and reputation in the US by building its main office in Denver, Colorado. The expansion project will cost around $40 million to build a 120,000-square-foot office space to accommodate the company’s large workforce and offer modern amenities expected by employees.
The project is expected to create over 807 new jobs with an average annual wage of $97,238, which is 108.4% of the average annual wage in Denver County. The jobs will cover various roles in the company’s headquarters operations, including senior leadership roles, software developers, data engineers, product and customer service managers, HR positions, traders, fraud and risk supervisors, and many more. The company currently has more than 6,000 employees, none of whom are in Colorado.
Denver County Offers $14 Million Incentives to Attract Project Forge’s New Jobs
The EDC approved up to $14,055,942 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, for Project Forge. This incentive is based on the creation of new jobs in Denver County or any county in Colorado, which the company decides to locate for over 8 years. The incentive is also contingent on the maintenance of the net new jobs in Colorado for one full year before any credits become vested and the creation and maintenance of at least 20 new jobs before any credits are issued.
The company is also considering Tucson, Arizona, and Nashville, Tennessee, as possible locations for Project Forge. The final decision on where to locate the project will be based on access to talent, costs of markets where it is considering expanding, proximity to an international airport, and quality of life for its employees.
The approval of Project Forge and other strategic fund projects is expected to support the state’s economic goals by creating a large number of high-paying net new jobs in the state’s economy. The EDC continues to develop incentive packages to assist with existing business expansions and new company relocations to grow jobs in all regions of the state.