Newsletter March 2010

Volume 1 Issue 5                                                                                                                                                   March 2010

 

Over $20M Invested In Laramie and Albany County

Since the inception of the Business Ready Community Grant and Loan Program (BRC) and the Community Facilities Grant and Loan Program (CFP), Albany County has seen $21,325,617 awarded to 12 projects (two have had multiple phases) in order to advance economic development in our community. The true value of this money will continue to be realized for many years because the return on investment remains in Albany County. The return is placed in designated economic development funds to be rolled into future projects that support economic development activities.

Earlier this decade, the Wyoming Business Council determined that even with Wyoming's business-friendly climate, the lack of shovel-ready sites across the state where businesses could get up and running within a few short months was inhibiting economic development. Governor Freudenthal agreed with this assessment and pushed for the creation of the BRC, which the Wyoming Legislature authorized and funded in 2003. Two years later, Governor Freudenthal supported funding options where the state helped renovate existing buildings into community centers. The Legislature responded by creating the CFP in 2005.

BRC provides financing for publicly owned infrastructure that serves the needs of businesses and promotes economic development within Wyoming. Municipalities, counties, and joint powers boards are eligible to apply for funding. BRC has traditionally offered three types of funding. However, proposed rule changes (waiting for the Governor's signature) will expand the types of grants and revise maximum awards and matches.

• Business Committed Projects - Funding for businesses committed to locate or expand in the community. All projects are judged on job creation criteria. Maximum award is $3 million (will be $1.5 million if rules are approved.)

• Community Readiness Projects - Funding for communities that want to build facilities to ready themselves for new business development under a specific strategy or plan of action. Although no specific company is required to locate or expand in the community, a demonstration that appropriate planning has been conducted and capacity exists to accommodate new business development is necessary. Maximum award is $1.5 million. (will be $1 million if rules are approved.)

• Community Enhancement Projects - Funding for communities that want to improve aesthetic character or quality of life through such activities as landscaping or the addition of recreation and convention facilities.  The ultimate goal of these activities is to make the community more attractive for business development under a specific strategy or plan of action. Maximum award is $500,000. (will be $250,000 if rules are approved.)

• Data Center Cost Reduction Program - Funding to help offset electricity and broadband costs for data centers. Maximum awards are $2,250,000 and match requirements are related to wages above the county median wage and capital investment by the data center.

• Main Street/Downtown Projects; Child Care/Senior Care - Two new categories of projects will help communities with their downtown development efforts and help address child care and senior care problems. Each grant will have a $1million maximum award.

Match Requirements
If new rules are approved, BRC Business Committed Grants will require a 5 - 10% match based on the total grant request. For projects costing $250,000 or less, a minimum 5% match of project costs is required. For projects over $250,000 a minimum 10% match of project costs is required. BRC Community Enhancement Grants require a 50% match of total project cost and the maximum award is $500,000. Community Readiness, Main Street/Downtown Projects, Child Care/Senior Care, and Community Facility projects up to $250,000 require a minimum match of 10% of eligible project activity costs and projects over $250,000 require a minimum match of 15%.

Process and Local Value
The grants are made to local government entities and joint powers boards and are used to assist with infrastructure development and/or development of a business committed facility.  Businesses usually enter into a lease with the government entity or joint powers board, with the term and rate based on the number of jobs created.  As the municipality or joint powers board receives the lease payments from the business, the collected money is recaptured, deposited into a specific fund, and then reused again within the community for future infrastructure development and/or business development. The true value of this program is that the funds stay within the community to be utilized perpetually overtime.

The following chart shows all of the projects that have been funded in Albany County since the inception of the BRC and CFP programs:

Please note that the details of these programs are subject to change. For the most updated information about the Wyoming Business Council's BRC and CFP or the other valuable programs offered, please visit the community assistance link at www.wyomingbusiness.org

 

 

LEDC March Client Report

As always, we encourage you to contact us for more information about our activities.

Click Here for all of the "Hot" clients as of 3/16/10.  In the meantime, please remember the best leads for Laramie come from existing businesses and residents.

Please note: all of LEDC's clients are kept confidential unless they specify otherwise.

 

 

Partner Recognition

For over 40 years Dooley Oil Company has been a strong member of Laramie's business community. Started as a petroleum products wholesaler, this 100% local, family-owned business has found success in a difficult industry through dedicated customer service, a diversified business plan, and comprehensive knowledge of their products and the systems their products power and support. Through on-the-ground interaction and building great trust with customers, the company has grown to support a fleet of 18 tractor trailers and about 75 full-time jobs, 30 of which are based here in Laramie.

Dooley Oil Company, a full-line Shell distributor, operates facilities in Laramie, Cheyenne, Casper, and Fort Collins and services customers throughout the Rocky Mountain Region. This year marks the 20th anniversary of their Colorado location and it continues to be a success. In fact, Dooley Oil Company holds permit #1 in Colorado for the Rocky Mountain Double Trailer (a 28-foot trailer attached to a 48-foot trailer, with a total length of about 100 feet.)

The Laramie facility acts as the corporate headquarters and primary distribution point.  Every product is routed through this branch in 6000 gallon loads. After delivery, the products are repackaged and sent to the three other locations. Each of the facilities has a full line of products available, including bulk oil and cardlock fueling. Dooley's cardlock fuel system allows users access anytime day or night and accurately records each fill-up in order to provide customers with an in-depth profile of fuel usage. Fuels available with the cardlock system include diesel, off-road diesel, bio-diesel, and unleaded. Dooley's fuel site saves businesses valuable time and money by eliminating risks and expenses associated with owning fuel tanks, such as spillage, theft, maintenance, and additional liability insurance.

Although the foundation of the business is built upon wholesale oil and fuel products, Dooley Oil Company has successfully diversified its business to secure other revenue streams. It owns several convenience stores in Casper and Laramie, car washes, and a transportation company. This diversification has helped Dooley Oil Company thrive in an ever-changing industry where consolidation is commonplace. According to John Dooley, President of Dooley Oil Company and LEDC Board Member, "this industry has seen more change in the past five years than in the previous 35. I used to have about 14 competitors in Colorado, now I only have three."

In addition to wholesale, it has also been successfully involved with the retail side of the fuel and oil business. Dooley Oil Company can provide any petroleum product that you need in any size from a quart up to 10,000 gallons. The employees pride themselves on not just being familiar with the products available, but with truly understanding how to best maintain and service the equipment that utilizes their products. Over the past 40 years the organization has developed vast knowledge on heavy-duty equipment and diesel engines and is able to add tremendous value to its customers.

Dooley Oil Company is also committed to being a good corporate citizen to Laramie and the other communities it has operations. In addition to supporting LEDC, the company also contributes to the United Way and the University of Wyoming. Dooley Oil Company is also active in supporting youth programs in Laramie.

For more information on Dooley Oil Company and its many products and services, please visit www.dooleyoil.com.

 

 

Gro-Biz Conference A Success!

This past February at Laramie's Hilton Garden Inn, Wyoming Entrepreneur Procurement Technical Assistance Center (PTAC) and Senator Enzi hosted the 2010 GRO-Biz Conference.  As one the sponsors of the conference, LEDC was able to provide free registration to Digital Blues, a large format print shop that has been doing business in Laramie for the past three years.

This conference provided a terrific opportunity for small businesses from Wyoming and surrounding states to come together, meet with federal and state procurement representatives, attend workshops, and learn more about government contracting. Over 200 people attended the conference, including more than 50 representatives from federal and state agencies, over 85 different small businesses, and 10 small business vendors.

Senator Enzi gave an engaging opening keynote address, and then took time to visit with many of the small businesses in attendance. Senator Enzi's support of this annual conference has been unwavering since the first GRO-Biz conference was held in 2002, and it is his ongoing commitment to Wyoming small businesses that makes this opportunity possible each year.

Other conference highlights included keynote presentations by Dan Hannaher, SBA Region VIII Administrator; Beth Torres, Outreach Program Manager with the Center for Veterans Enterprise, and Even Brande, President and CEO of the Laramie-based firm Handel Information Technologies, Inc. Beth Torres highlighted the new Federal Contractor Certification training program in her presentation, which is now available to Wyoming small businesses through the Wyoming Entrepreneur PTAC.

Brett Bott, owner of Digital Blues, was very impressed with the entire GRO-Biz Conference. "Absolutely," replied Brett when asked if the information could help grow his business, "from what I learned at the conference, I could potentially add an additional full-time employee".

The Wyoming Entrepreneur PTAC provides free and confidential training and counseling to Wyoming firms that are interested in government contracting. Its funding partners include the Wyoming Business Council, University of Wyoming, and Defense Logistics Agency. For more information about the PTAC, or to request assistance, visit the PTAC online at: www.ptac.wyomingentrepreneur.biz

 

 

LEDC LEAD$ Reward Program

You could receive up to $10,000 in a cash reward for a tip that leads to the location of a quality business to the City of Laramie and/or Albany County. LEDC will pay $100 for each new job that the company projects it will create during the first 12 months of operation. The reward will be paid at the time of the official location announcement. Maximum amount available per LEAD is $10,000.

What is a LEAD?
A LEAD can be a friend, someone seated next to you on a plane, a relative, someone you meet on vacation, or a business associate that might be considering expanding into a new market. Just the name and contact information of any of those people is a LEAD to us.

Hometown leads are our BEST contact for quality businesses that might be ready to make a move. All we need is the name and contact information, and the LEDC staff and Board will do the rest. Next time you have a possible LEAD, reward yourself, and contact us for the rest!

Residents who live and work here are our best referral system.