Loveland’s development incentives begin to see return
Of the 11 businesses to which incentives were provided, nine have met the city’s incentive agreement requirements.
Two, Colorado vNet and Lightning Hybrids Inc., have failed to do so.
Colorado vNet, which received a $900,000 cash incentive, is no longer in business, a casualty of the recession.
The majority of its incentive went toward real estate improvement, according to Loveland Economic Development Director Betsey Hale. Because of this, City of Loveland property taxes for the building in which Colorado vNet was located increased from $14,145 in 2005 to $16,086 in 2011.
When Colorado vNet requested the funds in 2008, it estimate it would create 450 jobs within four years. The company produced lighting, media, security and climate systems for high-end homes, and when the real estate market tanked, so did vNet’s business.
In December 2009, Loveland City Attorney John Duval filed suit with Larimer County District Court against vNet owner Bill Beierwaltes in an effort to
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