Grand Junction-based defense contractor and manufacturer Capco recently celebrated the opening of a new facility to construct bomb fins for the military.
Capco was awarded the contract to build the BSU-33 Bomb Fin in 2017. It recently completed its first line of the product at 640 S. 12th St., its new building for this product line. Other contractors have produced the product until recently.
On Monday, Capco received a tax incentive from Mesa County for its expansion as the Board of Commissioners unanimously approved a rebate on a portion of the company's business personal property taxes over 10 years.
In all, the rebate gives back about $17,000 of Capco's county tax payments.
"Capco is an important company," Mesa County Commissioner Scott McInnis said during Monday's hearing. "I wish we could do more, but appreciate you being here."
The rebate only covers taxes that would have been paid to Mesa County. Other taxing entities will still collect business personal property taxes from the company.
Existing companies in Mesa County can qualify if a business adds new equipment in excess of $1 million or adds at least 10 new employees. New businesses can also be eligible.
Capco's new facility where the bomb fins are produced employs 35 people and can turn out a new fin in under three minutes for 20 hours per day.
Capco President and Chief Operating Officer Peter Dawes said Monday that the company has increased its workforce by 25% over the past year and now has about 370 employees.
Dawes spoke during Monday's hearing along with Grand Junction Area Chamber of Commerce President and CEO Diane Schwenke.
"Capco has been in growth mode," Schwenke said. "We're very happy about that."
Schwenke said Capco is the seventh company to receive the tax incentive from the county since it became an option about four years ago.
The other companies to receive the incentive are Jabil Lewis Engineering, Kannah Creek Brewing Co., CoorsTek, Powderhorn Mountain Resort, Innovative Textiles and Reynolds Polymer Technology.
Dawes also told the commissioners there are some other opportunities for growth coming soon for his organization.
"The future looks good," he said.