Mayor Yemi applauds City Council for advancing Colorado Springs CHIPS Zones to grow local jobs and innovation

~ Colorado Springs has solidified its position as a leading hub for advanced manufacturing and semiconductor innovation with the recent approval of a resolution by the City Council. The resolution proposes the establishment of a Colorado Springs CHIPS Zone, which will allow the city to compete for new investments and high-paying jobs.

The CHIPS Zone designation will unlock access to state and federal incentives under the Colorado CHIPS Zone Act and the national CHIPS and Science Act. These programs are specifically designed to support the growth of companies involved in semiconductor design, production, and advanced manufacturing.

Mayor Yemi Mobolade expressed his gratitude to the City Council for advancing this important opportunity for Colorado Springs. He stated that with their approval of the proposed CHIPS Zone boundaries, the city is reinforcing its legacy as a high-tech manufacturing hub and accelerating its momentum as 'Silicon Mountain'. The new designation will provide businesses, both big and small, with tools to grow, innovate, and stay rooted in Colorado Springs.

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If approved by the Colorado Economic Development Commission, eligible businesses within the CHIPS Zone will be able to apply for state income tax credits for new employees, research and development, investment, and workforce training. These incentives are aimed at strengthening local supply chains, boosting innovation, and retaining high-tech jobs within the community.

Shawna Lippert, the City's economic development manager, emphasized that this initiative is a result of collaboration between various partners such as El Paso County and the Chamber & EDC. She believes that together they are creating an environment conducive for advanced manufacturing to thrive in Colorado Springs. This will not only support local companies but also attract new investments and drive high-quality job growth across the Pikes Peak region.

The proposal has now been submitted to the Colorado Economic Development Commission for review and final consideration. More information about the CHIPS Zones Program can be found on OEDIT.colorado.gov/CHIPS-Zones-Program. With this move towards becoming a CHIPS Zone, Colorado Springs is poised to further strengthen its position as a leader in advanced manufacturing and semiconductor innovation.

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