Wyoming’s five highest elected officials recommended $12 million Economic Development Large Project loan for a Cody pharmaceutical manufacturer at its Thursday morning meeting in Cheyenne.
The State Loan and Investment Board (SLIB) originally recommended an $11 million loan for Cody Laboratories in October 2016. The project as it stood then was expected to create 39 new jobs. Since then, the firm realized the project had potential for greater impact and approached the Wyoming Business Council, the state’s economic development agency, for further support. Cody Labs asked for $22.75 million in additional funding. The SLIB recommended $12 million.
The SLIB’s decision will go before the state treasurer to determine the length and rate of the loan and then to the governor for final approval.
The SLIB also approved a $4.2 million Business Ready Community grant and loan package to Sheridan’s local economic development joint powers board and a $37,500 planning grant for the town of Guernsey.
The Sheridan Economic and Educational Development Authority will use the grant and loan package to build a 40,000 square-foot expansion near manufacturer Vacutech’s existing headquarters. The project is expected to create 76 new jobs.
Guernsey wants to use its planning grant to study projects that might help the town grow and build a more resilient economy.
Meeting materials are available for review at http://wyomingbusiness.org/slib.
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.
The Business Council board is required by statute to forward BRC grant and loan recommendations to the State Loan and Investment Board (SLIB) for final approval. The SLIB is comprised of the five statewide elected officials: the governor, secretary of state, state auditor, state treasurer and state superintendent of public instruction.
· Sheridan Economic and Educational Development Authority requests a $2,999,496 grant and $1,225,000 loan to build a 40,000 square-foot manufacturing facility in the Sheridan Hi-Tech Business Park. The facility will be leased to Vacutech with an option to purchase after five years. Vacutech has grown from 20 to 130 employees since it moved from Colorado in 2012. The company anticipates creating 76 new jobs in the next five years. (The SLIB approved full funding of the project as requested.)
· Guernsey requests a $37,500 grant to conduct a study of projects that might help the town grow and diversify its economy. The project would help Guernsey build on past successes, coordinate with the National Guard at Camp Guernsey, improve community infrastructure, identify uses for town-owned land, promote the community’s historic assets and address housing and quality of life needs. (The SLIB approved full funding of the project contingent on a request for proposal that includes specific public engagement strategies, target markets and industries and draws upon previous plans.)
ECONOMIC DEVELOPMENT LARGE PROJECT LOAN APPLICATION
About the Program: The Business Council provides recommendations for the Economic Development Large Project Loan program. The governor has final approval of the projects after SLIB reviews them and the state treasurer determines the appropriate length and rate of the loan. Through the program, the state treasurer is authorized to lend funds for the benefit of Wyoming businesses. The loan may finance purchase, construction and installation of buildings or equipment, which will add economic value to goods, services or resources within the state. A loan amount may not exceed an increase in assessed valuation created by a project.
· Cody Laboratories requests an additional $22.75 million loan to expand its pharmaceutical manufacturing facilities. The company anticipates creating and additional 18 jobs for a total of 57 jobs. The expansion will provide a direct and indirect increase in assessed valuation of about $5.8 million annually in Park County. (The SLIB approved a $12 million loan.)
For more information about these projects, visit the Wyoming Business Council website, www.wyomingbusiness.org, or call 1-800-262-3425.