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Jan 15, 2012 3:00 PM by Matt Stafford

Third of CO firms that got state job money failed or merged

DENVER (AP) - Records show one-third of the companies that got state aid to create Colorado jobs between 2000 and 2007 went out of business or merged.

The Denver Post reported Sunday that economic incentives arranged through the Colorado Economic Development Commission have a mixed record.

The newspaper says 50 companies negotiated with the commission for state aid during that period, and 18 got far enough along in the process to get money.

Six of those went out of business or merged. All but one of the firms that merged cut jobs.

State officials say Colorado law requires a company to maintain the jobs it promised for at least a year before it gets any money from the commission's strategic fund.

Officials say they regularly review jobs data provided by the companies.

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