Hyperloop Arrivo Incentives Total Almost $1M in Colorado

COMMERCE CITY, CO -- The city council of Commerce City Monday approved incentives for a company building a hyper loop inspired electro magnetic superhighway test track near E470. Commerce City voted to rebate taxes and fees adding up to an estimated $182,500 to Arrivo, the California-based company which announced they would build a track and open an office in Commerce City. The incentives are based on the company's promise to hire at least 75 engineers over three years with $100,000 salaries.

Commerce City hopes the company's presence in the southeastern Denver suburb will lure other tech businesses to the town and help diversify the types of businesses, according to a slide presentation. The city hoped Arrivo's presence in town would provide "opportunity for hotels, restaurants and other commercial developments."

The state of Colorado has offered almost $760,000 in incentives to the company, if Arrivo meets proposed hiring goals within three years through the Colorado Office of Economic Development and International Trade.

The company's founders hail from Virgin HyperLoop One and SpaceX, companies associated with tech guru Elon Musk. Arrivo founder Brogan BamBrogan was a SpaceX engineer and co-founder of HyperLoop One.

The company is partnering with Colorado Dept. of Transportation for a feasibility study to see if Metro Denver could be the first area where Arrivo high-speed maglev pods could slash travel times in the region. The first test track will break grounding February, BamBrogan said.

Read more here:

Hyperloop Test Track and Research Lab Planned Near Denver

Regional Hyperloop: CDOT Announces Partnership With Arrivo

Arrivo Hyper loop Highway: Why It's Perfect For Denver Now: Interview with Arrivo CEO Brogan BamBrogan

Image via Arrivo