SHERIDAN — A new agreement will change ownership of land and buildings for a few local entities.

The Sheridan Economic and Educational Development Authority Joint Powers Board approved several land exchanges and grants during a meeting Monday afternoon. The swaps include several different aspects that will, among other things, allow Sheridan College to make use of a new location for its construction technology program and result in additional building space for The Hub on Smith.

The agreements involve SEEDA transferring ownership of First Light Early Education Center on East Brundage Street to Seven Pillars, LLC — which owns EMIT Technologies — in exchange for five acres of property on Solutions Way, just east of the Sheridan College campus across Interstate 90.

SEEDA then agreed to gift the five acres of mostly vacant land to the Northern Wyoming Community College District.

A separate agreement approved Monday includes Seven Pillars granting 26 acres of additional land on Solutions Way to the NWCCD for economic development and educational purposes. Those 26 acres sit next to the five exchanged acres and include a 25,000-square foot building that will house the Sheridan College construction technology program.

Pending approval from the NWCCD Board of Trustees Wednesday evening, the college will accept the land grants and subsequently gift its construction technology building located on Brooks Street to The Hub on Smith.

In total, Sheridan College will have 31 new acres of campus, The Hub on Smith should have a new building to help with its homecare program and Seven Pillars will take ownership of the First Light property that includes about one acre of land holding a 49,600 square-foot early childhood facility and parking area.

Paul Young, SEEDA Board Chair and NWCCD President, said Seven Pillars initially approached the college about the possibility of gifting the land on Solutions Way. Young believes the agreements will significantly aid Sheridan College.

“This is really wonderful for the college, because between the two parcels of property — of course, it’s on the other side of the interstate, but really it’s going to be great for the future of the college and the future of our economic development in our community,” Young said.

The land will allow for more construction tech opportunities, and Young also mentioned future possibilities like heavy equipment training and hosting an incubator for high-tech companies.

As part of the agreements, NWCCD will report to SEEDA on a regular basis and provide updates on what is happening with the Solutions Way property for the next 10 years. Robert Briggs, NWCCD planning director and SEEDA administrator, also said the property must be used “for economic and educational development of the Sheridan community and projects that result in education, business, cultural and social services opportunities.”

All of the properties are being exchanged in their current conditions other than the relocation of a sump drain on the Solutions Way property at an estimated cost of $4,564 to be covered by SEEDA. Briggs said the drain, which empties water away from the 25,000 square-foot facility’s foundation, will be relocated farther away from the building.

Assuming the NWCCD board approves the agreements Wednesday, SEEDA will handle closing costs on the properties, which Briggs estimated will cost $500 or less.

The NWCCD board meets Wednesday at 6:30 p.m. in the Whitney Academic Center. SEEDA meets next for a special budget meeting scheduled for July 17 at 4 p.m.