An aerospace company looking to expand its Department of Defense operations is eyeing El Paso County, according to the Office of Economic Development and International Trade. The company, which OEDIT did not name, has been assigned the name “Project Oak.” It is a common practice for companies to remain unnamed through the incentive process of economic development projects. If the company chooses El Paso County, it could add 150 new jobs. The EDC approved just less than $2 million in job growth incentives during its meeting on Thursday morning. “Should the company grow its Colorado operations, hiring is expected to draw significantly from transitioning service members already based in the Front Range, with talent retention benefits to the state,” an announcement from the economic development office said. “The jobs will principally include engineers and technicians, as well as buyers, managers, planners and technical writers. The company currently has 158 employees.” The company is considering either El Paso County or Elbert County. Because El Paso County has a higher average annual wage, it was used as the basis of the application, OEDIT said. The region is attractive to the company behind Project Oak because of its proximity to “specialized talent” in related fields and the proximity to military installations run by the Air Force and Space Force, the economic development office said. The planned 150 new jobs will have an average annual wage of almost $86,000. El Paso County’s average is roughly $60,500. But the company cannot tap into the $2 million approved by the EDC unless the job growth figures are met. It has eight years to meet the minimum requirements set out by OEDIT if it decides to expand to Colorado. In addition to El Paso and Elbert Counties, the company is considering the state where its headquarters is located. OEDIT staff were unable to share what state that is. Other projects approved at the Thursday meeting included: Project Cedar: A company that manufactures and distributes painting and blasting equipment for various sectors was approved for $1.2 million in job growth incentives by the state. It is considering moving its headquarters to the Denver metro area but is also exploring Dallas, according to OEDIT. The company anticipates adding 97 new jobs with an average annual salary of $143,000. Project Electron: A company in the quantum industry that is considering expanding to Boulder County. The state approved $2.7 million in job growth incentives. The company expects to add 150 new jobs with an average annual salary of $168,000. ...read more read less