Broomfield OKs tax incentives for 2 firms
Last Updated: 11:33 October 15, 2012
Software developer The Active Network Inc. and food-manufacturing facilitator The Kitchen Coop will receive tax incentives for moving their operations and workers to Broomfield.
Broomfield expects the agreements will generate $38,231 in reimbursement investment with The Kitchen Coop and $21,491 with The Active Network.
The Active Network, which helps automate businesses through a cloud-based software platform, employs about 100 people at 320 Interlocken Blvd. and has said it will move up to 200 jobs to Broomfield in the next five years. It has consolidated two other offices into the Broomfield office, including one at 4750 Walnut St. in Boulder and one in Englewood. The San Diego-based company also has an office in Avon, following its acquisition last year of Resort Technology Partners LLC, which provided point-of-sale software for attractions and large resort companies including Broomfield-based Vail Resorts Inc. (NYSE: MTN). The Active Network primarily targets businesses in the recreation, promotions and event-planning industries.
The incentive agreement approved Tuesday specifies that The Active Network will receive 50 percent rebate of a 3.5 percent Broomfield use tax for all of 2012, as well as a 50 percent rebate of city and county personal property taxes each year for 10 years as long as it meets its employment schedule for each year. Portions of the rebate would be pro-rated depending on how much of its employment goals it reaches each year.
The Kitchen Coop intends to complete work by June 30 on a facility at the Skyway Center, 8835 W. 116th Circle, Broomfield, and to finalize four contracts with small food companies by the end of 2013 and 10 more by the end of 2017.
As part of the incentive agreement, Broomfield will rebate The Kitchen Coop 50 percent of a 3.5 percent use tax from January 2012 to June 30, 2013, and a 50 percent rebate of local personal property taxes each year for 10 years if it meets each year's goals set for the number of contracts it completes.
According to its website, The Kitchen Coop "provides an ideal food manufacturing space, culinary equipment, industry professionals and supplemental shared services to help small food companies become profitable, effective organizations" and sell their products to stores.
The Kitchen Coop also intends to be a business incubator, providing food manufacturers with market research, company and product branding, product development, packaging design, nutritional analysis, manufacturing efficiency, brokerage and distribution. "Our Incubator program provides mentorship, business education and technical training to our clients who may lack food industry or startup business experience," according to the website. "Incubator program entrepreneurs are paired with an industry veteran mentor who provides guidance on business planning, program management and company development. ... Incubator clients also get the benefit of our business education courses, our technical training seminars and exposure to The Kitchen Coop's network of investors, creditors and other financial resources."
More breaking news...
OIA likes proposed budget for public lands
Boulder Brands outlines 2014 for investors
TekDry attracts cash to save wet cellphones
Fresh off of a glowing 2013 earnings report that showed profit had more than doubled
According to a document filed with the