Friday, January 18, 2013

Redwood Trust to open office in Douglas County, hire 550 Read more: Redwood Trust to open office in Douglas County, hire 550

Redwood Trust will be employing more people in CO than in CA.  Sure, they used tax incentives to attract the company. But the CO officials state they'll make up for it in income tax revenue from the employees.  Surely, CA could do this.

"We are excited about growth within the Denver area," said Brett Nicholas, president of Redwood Trust. "We've actually looked at a number of locations outside of California and determined that Colorado's pro-business environment, deep mortgage-lending and financial talent pool in the Denver area would best support our growth."

Four months ago, Redwood began looking to Arizona, California and Colorado as potential states for expansion.

"It was quick," said Ken Lund, executive director of the Colorado office of economic development. "We moved faster than any other state."

Colorado agreed to more than $5 million in tax credits from Colorado's Job Growth Incentive Tax Credit for the creation of 552 new jobs, which breaks down to $2,100 per person each year.

"The income tax more than breaks even for the state," Hickenlooper said. "It's an earned subsidy, year after year."

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