SHERIDAN — The Wyoming Business Council Board of Directors Wednesday recommended approval of a funding Sheridan Economic and Educational Development Authority requested for a planned project in Sheridan’s Hi-Tech Business Park.
The board’s recommendation calls for the award of a $1,369,785 to SEEDA for the board’s plan to build a 40,000 square foot manufacturing facility in the business park, which it plans to lease to Vacutech to accommodate the local company’s expansion.
The recommendation will need to be approved by the Wyoming State Loan and Investment Board next month.
That loan would be combined with another loan SEEDA was previously awarded for the same project. The WBC awarded SEEDA a nearly $3 million grant and a $1.225 million loan for the project in October 2017, but bids for the project exceeded its original budget.
The bids led to SEEDA requesting additional funding.
SEEDA’s latest request originally asked for a $1,094,785 Business Committed Grant and a $275,000 Business Committed Loan, but the WBC board decided to recommend granting the combined amount of those requests as a loan, per a WBC staff recommendation.
The SLIB board’s next meeting is scheduled for Jan. 17 in Cheyenne.