May 19, 2010 10:33 AM by Bea Karnes, News First 5
The Fort Collins City Council has approved $1.6 million in tax rebates for Hewlett-Packard Co. as the company adds an engineering lab to its campus in the city.
HP plans to invest $64.4 million in an expansion that is projected to bring more than 100 high-paying jobs. Some will go to HP employees transferred from other locations.
Council voted 4-1 Tuesday to approve a business agreement including rebates of use and personal property taxes over 10 years. Even with the rebates, the city is expected to receive $2 million in tax revenue from the expansion.
Mayor Doug Hutchinson says the agreement fits in with the city's goal of supporting responsible economic development.