A manufacturer of control systems used in the energy and aerospace, Woodward, will invest $220 million to create and equip a 944,000 square foot manufacturing campus, in Fort Collins, Colorado, hiring 400 employees and relocating 600 workers from its other facilities.
Local economic development officials predict the planned development, which will include office and retail space, will create more than 1,650 jobs during the construction phase.
The city of Fort Collins preliminarily approved incentives amounting to $23.5 million to persuade the firm to remain on Fort Collins. Incentives offered the firm include, an 80 percent rebate on the expected $4.7 use tax for equipment and construction material, another $2.7 million rebate for capital expansion, and waiver of $300,000 out of the development fee.
The city will fund moving power lines, and also relocate the Poudre River Trail. Woodward agreed to give the city 29 acres for use as open space.