The Sheridan Economic and Educational Development Authority approved a grant application to the Wyoming Business Council on Tuesday that would help cover the cost of constructing a new facility for the company.
According to the grant application, an “internationally recognized heritage company in a specialized manufacturing industry” has chosen Sheridan as a relocation site.
The application also indicates that the company has asked that its name and specific industry remain anonymous in order to not disrupt its current operations. If the grant is approved, the project timeline indicates the company’s relocation will be officially announced in January.
“That’s pretty typical for large relocation projects because there is so much competition,” said Brandi Harlow, northeast regional director for the Wyoming Business Council.
Grant application materials state that while the company’s “current location is ‘pushing’ it to relocate based on a combination of regulations, economics, and culture, the company has several options for where to put down new roots.”
The company plans to create 70-90 jobs over the next few years in Sheridan with only a handful of current senior employees relocating. The company has also indicated it anticipates hourly wages for its positions to range from $20-25.
“This is why we formed SEEDA,” said Dr. Paul Young, Northern Wyoming Community College District president and SEEDA board member. “We have a lot of things going for us and we’re starting to see the results.”
If the grant is approved, SEEDA would construct a facility to meet the company’s needs and lease the building to the company with a purchase option after several years, though the revenue recapture portion of the project is still being finalized by SEEDA board members. The building would be approximately 100,000 square feet, with the majority of it being used for manufacturing activities, though some space would be used for offices and product testing and demonstration.
The building would be located on 9 acres in the High-Tech Park located on the north side of the city.
As part of the grant, SEEDA would put forward a cash match of $322,874 from its reserve funds and the 9 acres of land valued at $1,960,200. In return, SEEDA is asking for a Business Committed grant in the amount of up to $12,592,090.
The grant application states that the new company would plan to move all office-related functions to Sheridan by June 2018 and have the manufacturing operations underway in the new facility between December 2018 and February 2019.
Sheridan College will likely play a key role in workforce development for the company. The demand for skilled workers will support a new track within one or more of Sheridan College’s career technical education programs— machine tool technology and welding technology, according to grant paperwork.
Sheridan Mayor Roger Miller, also a SEEDA board member, said the project would provide a boost to the state and local efforts to diversify the economy. He also noted that he hopes the jobs created will help keep more local youth in the area.
“Anytime you create a significant amount of jobs like that, there is an impact of indirect benefits as well,” Harlow said. “It helps local businesses; it helps the housing market; it boosts all of the businesses out there. The trickle down effect is significant.”
Original Source of Article: http://thesheridanpress.com/80962/seeda-approves-grant-application-to-bring-new-business-to-community/
The Sheridan Press | By Kristen Czaban|November 1st, 2017