What's Happening?
The Colorado Economic Development Commission has approved a $3.9 million incentive package to assist Alterra Mountain Co. in relocating its headquarters to Upper Downtown Denver. This package includes a $1 million loan and a $1 million grant, alongside
$1.9 million in Job Growth Incentive Tax Credits. The incentives are tied to the creation of 106 new jobs, with an average annual wage of $131,071. Alterra, known for its Ikon Pass and ownership of 19 North American ski resorts, plans to invest $20 million in the move and establish an outdoor recreation hub. The relocation aims to revitalize a vacant building and attract other outdoor recreation companies to co-locate with Alterra.
Why It's Important?
This development is significant as it highlights Colorado's commitment to supporting the outdoor recreation industry, a vital sector for the state's economy. By relocating to Upper Downtown, Alterra Mountain Co. is expected to boost local employment and stimulate economic activity in the area. The move also addresses the issue of underutilized office spaces in Denver, potentially leading to increased foot traffic and business opportunities. The incentives reflect the state's strategic efforts to retain major employers and enhance its position as a hub for outdoor recreation businesses.
What's Next?
Alterra Mountain Co. is expected to finalize its relocation plans and begin the process of establishing its new headquarters in Upper Downtown. The company will likely work closely with the Colorado Office of Economic Development and International Trade to ensure compliance with the incentive conditions. Additionally, other outdoor recreation companies may be encouraged to join Alterra in the new hub, further enhancing the area's economic prospects. The success of this initiative could influence future economic development strategies in Colorado.
