In an unconventional move, the Colorado Economic Development Commission responded quickly early Monday to help land an outdoor recreation retailer’s headquarters for downtown Denver.

Alterra Mountain Co., creator of the Ikon Pass, is considering moving its office from the River North Art District to downtown Denver.

Commissioners voted to approve almost $4 million in grants and job creation tax rebates for “Project Odysseus” at an emergency meeting at 7 a.m. Monday.

Economic incentive applicants to the Colorado Office of Economic Development and International Trade may remain anonymous using project names, as they are often seeking incentives from other states.

In this case, officials said, the company is also looking at Salt Lake City.

“This project will help revitalize a vacant building to create a hub for outdoor businesses in the metro area and provide a landing place for key outdoor recreation businesses,” Deputy Director Sean Gould said. “Moving forward on this initiative is contingent on Project Odysseus signing a long-term lease in the metro area.”

When one commissioner asked why there was the urgency of an emergency meeting, he was told the company is having a board meeting soon to finalize plans for a headquarters move.

The EDC approved a package of incentives, including a $1 million loan with no interest and a $1 million grant to Project Odysseus, which will in turn offer $250,000 grants to “support individual company recruitment projects at that location and in the area,” Gould said.

Commissioners also offered Project Odysseus $1.9 million in Job Growth Incentive Tax Credits for up to 106 jobs over the next eight years with an average salary of $131,000.

There are several clues pointing to Alterra, the rival of Vail’s Resorts Epic Pass, as the company behind Project Odysseus.

State officials mentioned the company already secured a $7 million, 2% loan.

It sounds really close to what the Denver Downtown Development Authority offered Alterra Mountain Co. to move its headquarters to Upper Downtown as part of its Open Denver program, which allows the city to use up to $40 million to help attract companies to the city’s urban core as part of Mayor Mike Johnston’s wider $100 million investment to spur job growth.

It was among the first winners of this new program to help cover upgrade, relocation and build-out costs when the DDDA authorized last week lending up to $7 million to the company if it chooses to move its headquarters to Upper Downtown.

Alterra’s headquarters is currently in RiNo at 3501 Wazee St. Alterra did not respond to a request for comment.

Officials also mentioned Project Odysseus was granted a job growth tax incentive in 2019 and has made good on those hired. The EDC awarded Alterra $1.7 million in 2019 to add 132 jobs.

The $1 million grant for Project Odysseus is coming from an EDC strategic fund, but Gov. Jared Polis’ administration is also making a “one-time strategic supplemental inflow to the strategic fund” from the office’s “discretionary state refinanced ARPA dollars.”

That’s the American Rescue Plan Act federal aid during the COVID-19 pandemic.

“This project would anchor a significant amount of headquarters jobs in a metro area with office vacancy rates that are among the highest in the country,” said Executive Director Eve Lieberman, adding it would increase state revenue, “small business vitality across the region” and “enhance our national reputation as a place to do business.”

The plans call for a “physical hub” for one of Colorado’s “foundational industries” that acts as “a landing place that expands jobs in the outdoor recreation sector,” Lieberman said.

The company must use the grants by the end of 2030, or they go back to the EDC.

Alterra Mountain Co. was founded in 2018 and is the owner of nearly 20 ski resorts across North America, including Steamboat Springs, Arapahoe Basin and Winter Park Resort in Colorado.

It also has two locations in Utah.

Earlier this year, the company announced that CEO Jared Smith would step down at the end of the ski season and its board would create a temporary committee to lead the company until it finds the right candidate.

Denver Gazette business reporter Bernadette Berdychowski contributed to this report.