News December 5, 2017

Business Council Meets in Cheyenne Dec. 6-7

by Jackson Hole. Media

 

The Wyoming Business Council Board of Directors will consider five Business Ready Community (BRC) grant and loan staff recommendations during its Dec. 7 meeting in the Clay Pathfinder building on the Laramie County Community College campus in Cheyenne. The meeting begins at 8:30 a.m., with the BRC requests starting at approximately 10:30 a.m. The State Loan and Investment Board will make final decisions on the recommendations on Jan. 18.

The Board and staff will also meet at 1 p.m. on Dec. 6 to discuss advisory committee reports on targeted industries and sector strategies, among other items.

A complete agenda and BRC project descriptions are available on the Business Council website.

Among the BRC requests is a $12,592,090 grant to the Sheridan Economic and Educational Development Authority Joint Powers Board (SEEDA). SEEDA wants to construct a 100,000 square-foot building in the Sheridan High-Tech Business Park, which it would own and lease to “Project Enterprise.” Project Enterprise is an internationally recognized brand and wants to relocate its corporate headquarters and manufacturing operations to Sheridan.

The company’s identity and specific industry remain confidential because of the proprietary nature of its plans and to avoid a significant workforce disruption because of its relocation.

The total eligible project cost is $14,875,164, of which $12,592,090 represents BRC Business Committed grant funds. SEEDA has committed $2,283,074 in local match funds, of which $322,874 is cash. The other $1,960,200 is in-kind match for Lot 1 in the Sheridan High-Tech Park. Project Enterprise would invest an estimated $2 million in relocation expenses and cover all capital investment in the building and lot over the life of the 20-year lease, which is expected to be well over $2 million.

The Business Council evaluates projects using an economic impact model. Staff estimate the 20-year life cycle of the project would generate:

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