Community Readiness

About Community Readiness

In a BRC Community Readiness project, no specific business is committed to expand or locate in the community. Instead, the community is focused on building necessary infrastructure to prepare for future business development supported by community planning documentation.

The Wyoming Business Council (WBC) has developed a new Business Ready Communities (BRC) grant and loan program application effective Dec. 1, 2021. This application is better aligned with the State of Wyoming’s economic development strategy, recently adopted program rules, and newly established evaluation criteria. Staff also updated the new application to clarify some questions past applicants felt were confusing.

Revenue Recapture Plan

Revenue generated by the applicant must be recaptured at a negotiated rate commensurate with the public investment. A minimum of twenty-five percent (25%) of net revenue generated must be reimbursed to the BRC fund up to the original grant amount of the project. Revenue recapture requirements may be satisfied by repayment of a BRC loan or via revenue recapture payments unless otherwise prohibited by governmental rules or regulations.

• All funds recaptured at the local level shall be placed in segregated economic development account.

• No more than fifty percent (50%) of local recapture may be used for operational expenses if matched dollar-for-dollar by local funds.

• Revenue recapture must be repaid to the BRC fund annually or according to a schedule agreeable to Business Council staff.

 

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