Castle Rock wants to keep dollars moving within the community. In order to help influence this smart growth, the Town’s Economic Development Council is offering thriving businesses, like mywedding.com, great incentives to continue adding to the economic vitality we need for long-term success.
Based in Castle Rock, mywedding.com was acquired by Merideth Corporation earlier this year. Though the company has 75 employees based in Castle Rock, with the new parent company having headquarters in Iowa and New York, their fate became uncertain.
“Could you imagine if we couldn’t keep jobs here?” asked Marcus Notheisen, Vice-President of Castle Rock’s Economic Development Council, “We needed to try to level the playing field.”
Often, when companies are purchased by larger entities, the new parent isn’t concerned with leaving the purchased business untouched. Instead, they want the new acquisition to operate as efficiently as possible as part of the bigger picture – sometimes that can mean eliminating jobs and relocating the operation.
“After they were acquired (by Merideth), other locations (besides Castle Rock) were considered that would have offerred a less costly expansion,” commented Notheisen. Taking that into account, it became necessary for the Town and EDC to agree on an incentive package to keep Castle Rock competitive.
Since 2009, mywedding.com has been one of Castle Rock’s primary employers. Over those few years, they have experienced tremendous growth, going from 14 employees to now 75. Along with providing full-time jobs for many residents, they have the ability to market and sell more than 50% of goods outside Douglas County. Quickly, it becomes apparent how that movement of money can equate to needed tax dollars for the Town.
That’s why the incentive package for mywedding.com made sense. Especially since the new parent company had also just licensed Martha Stewart Living and Martha Stewart Weddings brands. Realizing the company’s potential and seeing the company go from 14 to 75 employees since its inception, the EDC knew they needed to consider an incentive to keep their base local.
After several meetings with the Town and mywedding.com, an agreement has been reached. Mywedding.com has signed a five year lease for their building at Castleton Way in Castle Rock and will begin construction to house 30-40 new employees. In turn the Town and EDC have agreed to give a cap incentive, not exceeding $115,000, that will be awarded over the next two years, should mywedding.com meet all requirements.
“Our goals are: 1. To create opportunities for employment for residents and 2. To keep money here for goods and services,” Notheisen said. Because the Town knows that it’s a winning ticket for everyone when good jobs stay local.