UCCS Declared Enterprise Zone
Contact: Sonya Guram, state enterprise zone coordinator, (303) 892-3804, sonya.guram@state.co.us
Tom Hutton, University Relations, (719) 262-3439, thutton@uccs.edu
The Colorado Economic Development Commission recently approved four capital projects of the University of Colorado Colorado Springs as Enterprise Zone contribution projects.
This move will provide tax credits to Colorado taxpayers who contribute to the El Paso County Enterprise Zone for the approved university projects.
“The link between universities and economic development is clear,” Pam Shockley-Zalabak, chancellor, University of Colorado Colorado Springs said. “As a university that is closely linked to its community, we appreciate the commission’s efforts to encourage individuals and corporations to invest in the future.”
Enterprise Zone designation means contributors to UCCS capital construction projects, including a new $53 million Science and Engineering Building and $12 million Campus Recreation Center as well as an in-progress renovation of Dwire Hall and a planned renovation of the Science Building, will be eligible for a state income tax credit. The credit is 25 percent of cash contributions of $500 or more. In-kind gifts, items such as corporate stock or equipment, are eligible for a 12.5 percent state income tax credit. A $1,000 gift to the university could have a net after-tax benefit of more than $500 if the contribution is eligible for the federal and state tax deduction for charitable contributions, depending on the contributor’s tax bracket.
Currently, it is estimated that UCCS contributes more than $200 million annually to the local economy. University officials believe that $750 million in annual economic impact is possible. The Colorado Springs Economic Development Corporation recently named UCCS an anchor of the community and integral to efforts to recruit new industry to the region. Last year, the university received more than $7 million in gifts to the CU Foundation.
“Individuals and corporations understand the link between a skilled workforce, the future of southern Colorado, and a high-quality comprehensive regional research university,” Shockley-Zalabak said. “This tax credit highlights that connection and provides an incentive to support it.”
UCCS worked closely with El Paso County Economic Development officials who recommended the projects to the state and supported a boundary amendment to include much of the campus in the Enterprise Zone. Nicola Sapp, El Paso County’s Enterprise Zone Administrator, cited UCCS’ “role in local efforts to attract new industry to the Zone” and “efforts to revitalize the North Nevada corridor” as two means of implementing the Zone’s economic development plan.
Shockley-Zalabak thanked Dick Monfort, chair, Economic Development Commission, for its support and credited Venkat Reddy, dean, College of Business, for his leadership in developing the proposal. Reddy thanked DeAnne McCann, El Paso County Economic Development Division, and Jerry Biggs, a member of the commission for their assistance and support.
The proposal was supported by local industries including Judith Cara, community and government affairs manager, Intel Corporation, Ahmad Kassak, director of product engineering and technology, Hewlett-Packard Company, and Scott Bryan, president, Bryan Construction. Colorado Springs Mayor Lionel Rivera, El Paso County Commission Chair Dennis Hisey, CU Board of Regent Kyle Hybl and Mike Kazmierski, president, Colorado Springs Economic Development Corporation also supported the proposal.
For more information about the tax credit or contributions to UCCS, contact Maurin Anderson, vice president, CU Foundation, (719) 536-4488.
UCCS, located on Austin Bluffs Parkway in northeast Colorado Springs, is the fastest growing university in Colorado, and one of the fastest growing universities in the nation. The University offers 29 bachelor’s degrees, 18 masters’, and four doctoral degrees. The campus enrolls about 7,600 students annually.
