State Loan and Investment Board (SLIB) Approved Funding
Friday, January 19, 2018
The State Loan and Investment Board (SLIB) approved funding for four economic development projects around Wyoming during its Thursday meeting in Cheyenne.
Among those projects was a $12,592,090 grant to the Sheridan Economic and Educational Development Authority Joint Powers Board (SEEDA). SEEDA will construct a 100,000 square-foot building in the Sheridan High-Tech Business Park to house “Project Enterprise.” Project Enterprise is an internationally-recognized manufacturer and iconic brand name that has chosen to move its corporate headquarters and manufacturing 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 Wyoming Business Council, the state’s economic development agency, will join Gov. Matt Mead and Project Enterprise executives to announce the company’s identity during a Facebook Live event on the Business Council’s Facebook page at 5 p.m. MST on Jan. 23.
Project Enterprise expects to employ 70 to 90 workers in jobs paying an average of $60,000 to $74,000 by 2023.
The board also approved a $3 million grant and $3 million loan to construct a 40,000 square-foot rail car cleaning and repair facility in the Upton Logistics Park. The company leasing the facility anticipates creating 108 jobs by 2024.
The SLIB, which comprises the governor, state secretary, state treasurer, state auditor and state superintendent, provided $1 million toward road and utility infrastructure to begin development of Phase 1 of the Buffalo Technology Business Park, and $365,567 to Lingle to demolish two dilapidated, town-owned buildings and construct a community facility.
Board meeting materials are available for review.
BUSINESS READY COMMUNITY (BRC) GRANT APPLICATIONS
Business Council staff review each application, conduct site visits, or conference calls in the case of planning grants, and make presentations to a board subcommittee before making final recommendations to the full board.
About the Program: The Wyoming Business Council administers the Business Ready Community grant and loan program, which provides financing for publicly owned infrastructure that serves the needs of businesses and promotes economic development within Wyoming communities.
· Sheridan Economic and Educational Development Authority requests a $12,592,090 grant to construct a 100,000 square-foot building in the Sheridan High-Tech Business Park to house “Project Enterprise,” which is expected to create 70 to 90 direct jobs in the next five years. Staff expects the project to improve Wyoming’s brand equity, tourism potential and add 50 indirect jobs in various industries in Sheridan. (Board approved full funding of the project as requested.) See fact sheet.
· The Town of Upton requests a $3 million grant and a $3 million loan to construct a 40,000 square-foot rail car cleaning and repair facility in the Upton Logistics Park. Rail Car Holdings would operate the facility, and the company anticipates creating 57 jobs by 2019 and an additional 51 jobs by 2024. (Board approved full funding of the project as requested.)
· The Jackson Hole Airport Board requests a $1.5 million grant and $1.5 million loan to build a new fuel farm at the Jackson Hole Airport and increase the available reserves on site. The project is expected to create three new jobs and retain existing jobs at the airport. (Board did not fund this project.)
· The City of Buffalo requests a $2,844,410 grant to build road and utility infrastructure to begin development of Phase 1 of the Buffalo Technology Business Park. (Board approved partial funding of $1 million.)
· The Town of Lingle requests a $454,700 grant to demolish a dilapidated building and renovate an existing structure into a community multi-use facility. The project will provide residents a place to hold meetings and events, in addition to providing a storm shelter. (Board approved partial funding of $365,567.)
Fact Sheet: Project Enterprise benefits and details
For more information about these projects, visit the Wyoming Business Council website, www.wyomingbusiness.org, or call 1-800-262-3425.