The Wyoming Business Council Board of Directors recommended Thursday that the State Loan and Investment Board (SLIB) approve a loan to renovate Campbell County's CAM-PLEX events center and another loan to construct a biomedical facility for WYTEC, a company that recently expanded to Cheyenne.
The SLIB will make final decisions on the CAM-PLEX and WYTEC projects at its Aug. 8 meeting.
The board also approved a grant extension for Campbell County's Advanced Carbon Products Innovation Center (ACPIC), contingent upon legal review. The $1.5 million grant, awarded in 2017, will be used to purchase land in the Fort Union Industrial Park and construction of a 4,000 square-foot steel lab and related infrastructure. The ACPIC project will allow for the development of value-added coal projects at the pilot or pre-commercial development stages.
In other business, the board approved a contract for a three-part beef study.
Board meeting materials can be found at wyomingbusiness.org/boardbook.
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.
Community Development - Readiness
- Campbell County requests a $2 million loan for the renovation and remodel of the Energy Hall & Heritage Center at the CAM-PLEX Multi-Events Facility in Gillette. The project is expected to increase the number of events and visitors at the facility. (Board recommends funding as requested.)
LARGE PROJECT ECONOMIC DEVELOPMENT FUND
About the Program: The Wyoming Business Council provides recommendations for the Economic Development Large Project program. The governor has final approval of the projects after a SLIB review. 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.
- WYTEC, also known as Innovive, requests a $9.35 million loan to build an 80,000 square-foot biomedical facility in Cheyenne. The total project will be $17.8 million. The company plans to employ 81 workers and the economic impact to the state is estimated to be $3.16 million annually. (Board recommends funding as requested.)