The Colorado Economic Development Commission on Thursday offered an unnamed photonics company $627,358 in incentives over eight years in an effort to entice the firm to expand in Longmont.
Referred to by Colorado Office of Economic Development and International Trade staff and documents as Project Beam, the mystery company “specializes in photonics and optics for satellites, directed energy laser systems, and coatings.”
It is the practice of the commission not to identify companies that OEDIT is recruiting until incentives are accepted.
Project Beam “seeks to combine several existing facilities in one, larger facility,” according to an OEDIT memo. “The company is also pursuing benefits through the CHIPS Zone designation in Longmont,” which was approved for a CHIPS Zone in 2024, making qualifying companies in advanced technology sectors eligible for special tax incentives.
Functioning similarly to Enterprise Zones, which provide tax incentives for companies operating in economically distressed areas, the concept for Colorado’s CHIPS Zones was developed on the heels the $280 billion Creating Helpful Incentives for Producing Semiconductors and Science Act, also known as the CHIPS and Science Act or simply the CHIPS Act. That bill, signed into law in 2022 by President Joe Biden, provides support for strengthening the nation’s position in semiconductor and advanced technology research, development and manufacturing.
The Longmont CHIPS Zone is made up of three non-contiguous areas in the western part of the city: One is just southwest of the Vance Brand Airport, north of Nelson Road and east of 75th Street. Another is northwest of Ken Pratt Boulevard and west of Hover Street; while the third is nearby on the east side of Hover Street, south of Pike Road.
The company behind Project Beam, which is also considering Ohio and Michigan for new operations, expects to invest $41 million in its expansion effort.
The firm currently has 600 employees, 25 of whom are in Colorado, according to OEDIT.
Project Beam expects to create 44 new jobs at an average annual wage of $135,455 over the next eight years. The new jobs will include engineers, managers, and manufacturing technicians.
To receive the full incentives amount offered by the EDC, Project Beam would need to create 44 jobs that pay an average yearly salary of $97,721.
