Thornton lands Intrex Aerospace
Council members have approved an incentive package that paves the way for the fifth largest employer to move to the city of Thornton.
Council unanimously approved on Aug. 28 the incentive package for Intrex Aerospace to relocate its operation from Louisville to 12777 Claude Court. Intrex Aerospace does computer-controlled machining work in the aerospace and defense industry.
“A priority of this City Council has been working to attract new primary jobs to the city of Thornton,” City Manager Jack Ethredge said in recommending approval prior to the vote. “We have a company interested in relocating to Thornton and increasing its employment as a result of that move.”
The city is giving Intrex Aerospace a 1.875 percent use-tax rebate for materials the company will use on improvements it will make on the property, and a 2.25 use-tax rebate for new manufacturing equipment bought over the next five years.
There is no monetary cap on the incentive, which will expire in five years.
Adam Krueger, Thornton’s manager of business attraction, estimated the city grant would total about $117,188 over five years; with a net tax revenue to the city of approximately $166,543 over five years.
“This is just direct tax revenue, it does not reflect the additional benefits of having 120 people working in the middle of our city, and the impacts it’ll have on the surrounding retail and amenities,” he said.
“The spirit of this incentive is really to encourage the company to buy new equipment. The more equipment they buy, the more stable the business is, the more people they’re hiring to run that equipment. At the same time the more revenue the city gets.”
Krueger said the site improvements on the 70,000-square-foot facility will be finished in 2013, and the company will move in equipment in the middle of next year and begin operations shortly after that.
“Some of the project benefits to the city of Thornton first and foremost will be the jobs created in the city,” he said.
The company currently employs 65 people and has plans to add 55 positions in the next five years.
“Which total 120 jobs at the facility in Thornton, which will make them the fifth-largest primary employer in the city,” Krueger said.
The company’s average wage is $45,760 annually, which is 8 percent above the Adams County average wage, he said.