Gov. Owens Signs Historic $26.5 Million Economic Bill Package to Advance Colorado

Gov. Owens Signs Historic $26.5 Million Economic Bill Package to Advance Colorado

DNA Announces Partnership With OEDIT's Advance Colorado Program

DENVER, June 5 /PRNewswire/ -- Gov. Bill Owens signed six economic development bills, totaling $26.5 million, into law today. The bills will advance the state's economy by stimulating the economy across the entire state creating more jobs and higher paying wages, increasing science and technology research and the promotion of tourism, arts and film industries.

"Colorado has a great track record when it comes to common sense, job-friendly policies. Our economy remains strong. We've seen steady employment gains, increasing personal income and consumer spending, and a tourism industry that continues to expand," said Gov. Owens. "Government can't make jobs. But we can create the conditions for job growth by making our state attractive to entrepreneurs. That means keeping our tax burden among the lowest in the United States. It means attracting an educated work force. And it means supporting emerging industries. Colorado is working hard to stick to these strong fundamentals. Today's bills are part of that effort."

Representatives for each of five industries attended in support as the Governor thanked the respective legislative bill sponsors during a signing event this afternoon in the courtyard of the World Trade Center in downtown Denver.

The Colorado Office of Economic Development and international Trade (OEDIT) and the Denver Newspaper Agency also announced a new promotional initiative in partnership with OEDIT's statewide Advancing Colorado branding program. The year-long marketing program includes advertising and advertorials in The Denver Post and Rocky Mountain News.

Breakdown of the Bills

HB06-1201 Increase Funding for Tourism Promotions ($19,000,000 annually); Arts Funding ($1,500,000 annually)

Bill Sponsors: Al White and Tom Plant, and Senators Jack Taylor and Jim Isgar

The General Assembly passed legislation that appropriated $19 million annually from gaming revenues to the Colorado Tourism Office's Colorado Travel and Tourism Promotion Fund for the purpose of promotion of the State of Colorado. Also, within HB06-1201, $1.5 million from gaming revenues will go to the Colorado Council on the Arts to ensure that the cultural, educational and economic benefits of the arts are enjoyed by thousands of Colorado youth and millions of Colorado citizens and visitors every day. These funds will increase each year with inflation.

SB06-049: Transfer of the State Council of the Arts from the Department of Higher Education to the Colorado Office of Economic Development

Bill Sponsors: Senator Bob Bacon and Representative Gary Lindstrom

Under Senate Bill 49, the direction of the Colorado Council on the Arts transfers from the Department of Higher Education to the OEDIT.

HB06-1017: Job Creation Performance Based Incentive ($3,000,000 annually)

Bill Sponsors: Representative Dale Hall and Senators Jennifer Veiga and Nancy Spence

This legislation supports the creation of increasingly better jobs in Colorado. Under House Bill 1017, the Economic Development Commission has the authority to offer financial incentives to any business that creates a minimum of five new jobs in rural areas and 10 in urban areas. These jobs will have to be created and maintained for at least one year before the company can receive any incentive from the EDC. Fifteen percent of the funding appropriated to the Economic Development Commission will be earmarked for job creation within Enterprise Zones outside the Metro Denver area.

HB06-1360: Advancement of New Bioscience Discoveries at Colorado Research Institutions Through Evaluation ($2,000,000) one time funding

Bill Sponsors: Representative Jim Riesberg and Senator Ron Tupa

This legislation will support the creation of the Bioscience Discovery Evaluation Grant Program to be overseen by the OEDIT. This program will help to improve and expand the evaluation of new bioscience discoveries at research institutions with the intent of accelerating the development of new products and services. This legislation establishes a grant application process for grants of up to $150,000 per bioscience research project. Funding is limited to technology transfer offices of research institutions.

HB06-1362: Creation of Performance-Based Incentives for the Motion Picture Industry Production in Colorado ($500,000 annually)

Bill Sponsors: Representatives Tom Massey and Sheri Jahn and Senator Jennifer Veiga

The purpose of this legislation is to make available performance-based incentives for the motion picture industry. The General Assembly approved $500,000 dollars annually to the Economic Development Commission (EDC). These monies will be utilized to offer an incentive to film production companies at a rate of up to 10 percent of the total dollars spent in Colorado. The incentive would be offered in the form of a payment once the production is complete and expenditures in Colorado have been documented.

HB06-1384: State Fair Funding ($550,000)
Bill Sponsors: Representative Bernie Buescher and Senator Able Tapia

This bill helps the State Fair by repaying outstanding debt, such as the money owed for construction of the Events Center, and cover administrative and promotional expenses.

The Colorado Office of Economic Development and International Trade offers a host of programs and services tailored to support business development at every level. They include business retention and relocations services, a bioscience and emerging industries program, business finance programs like the Venture Capital Authority and CAPCO, the Colorado Tourism Office, the Colorado International Trade Office, the Colorado Small Business Development Centers, minority- and women-owned business services and economic research. For more information or to sign up for OEDIT's free eNewsletter, visit www.AdvanceColorado.com.

Source: Colorado Office of Economic Development and International Trade

CONTACT: Paula McClain of Colorado Office of Economic Development and
International Trade, +1-303-892-3896, Paula.McClain@state.co.us

Web site: http://www.advancecolorado.com/

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