The State Loan and Investment Board (SLIB) approved a $2 million Community Development Readiness loan to Campbell County for improvements at the CAM-PLEX and moved forward with a $9.35 million Large Project Economic Development Fund loan to WYTEC, doing business as Innovive in Cheyenne, at its quarterly meeting Thursday.
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 Loan
- Campbell County requested 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. (SLIB approved full funding.)
LARGE PROJECT ECONOMIC DEVELOPMENT FUND
About the Program: The Wyoming Business Council provides recommendations for the Economic Development Large Project program. The state treasurer will set the terms of the loan after SLIB review. The governor has final approval of the projects before returning to the treasurer's office where the he/she 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. (SLIB approved the process to move forward for negotiations in the State Treasurer's office.)
For more information about these projects, visit the Wyoming Business Council website, www.wyomingbusiness.org, or call 1-800-262-3425.