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| Flowers, Sugarloaf & the Snowy Range |
In the last five years, LEDC has attracted 9 new businesses to Albany County, which created 369 new jobs. Their goal for the next five years is creating over 800 new jobs and employment opportunities.
This is the Challenge
Laramie and Albany County represent a center for economic growth providing the intellectual capital and business climate conducive to expansion and attraction of business and industry, entrepreneurship, and increased economic opportunity resulting in higher personal income and greater prosperity for area citizens. However, due to lack of funding there has not been the opportunity to take advantage of the potential in this area. The following statistics prompted LEDC to create Partners In Progress:
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| New Home Construction |
- Per capita personal income of $25,221 in 2001 was below the state’s rate of $29,587 and the nation’s rate of $30,413.
- The housing market, a bright spot in the national economy throughout 2003, did not grow as fast in the Laramie region—only 0.5% growth in the past three years and a projected growth of only 0.6% for the next five years.
- Even though Laramie and Albany County have enjoyed a low unemployment rate (1.8%), the majority of Laramie’s population is underemployed.
- 21% of Albany County’s population lived below poverty lines in 2000, almost twice the state rate of 11.4% and the nation’s rate of 12.4%.
This is How We’ll Meet it…
“The future belongs to communities where its citizens say, ‘what can we do?’ instead of saying ‘what can they do?”
In 2001, Laramie’s community leaders initiated a series of visioning workshops, public forums and meetings where residents contributed their ideas to the development of the Laramie Plan. People from throughout the city brought together their opinions, expertise, hopes and dreams. They infused the planning process with a determination that they should and could become a better Laramie and Albany County.
As a result of this visioning process, the LEDC created a five-year strategic plan calling for the significant increase in the level of community marketing for business development. The plan involves the creation of a new public/private sector partnership, Partners In Progress, for the City of Laramie, Albany County and surrounding areas.
With the creation of the Partners In Progress economic development partnership, an unprecedented cooperative partnership will be forged between the public and private sectors to involve business and community leaders from throughout Laramie and Albany County. When this vital initiative achieves its funding goals, LEDC will be in a position to marshal the collective resources in leadership and financial support under one banner of unity and purpose.
It’s time for the citizens of Laramie to become more active and more involved in the future of this community.
The primary goal of Partners In Progress is to create a minimum of 800 new quality jobs and more than $60 million in new capital investment and increase the per capita income by 20% in the Laramie area by 2010.
Creating new jobs and employment opportunities in Laramie, benefits everyone. Below are figures showing the projected dollars that will be added to Laramie’s economy as a result of 800 new jobs in this area.
Number of New Direct Jobs 800
Projected Wage Rate (hourly) $15.27
Total Direct Payroll $25,409,280
Calculated Indirect Jobs Created *225
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| War Memorial Stadium |
Calculated Indirect Wage Rate (hourly) $10.51
Total Indirect Payroll $4,916,057
Total Jobs 1,025
Total Payroll $30,325,337
Personal Income $21,227,736
Disposable Personal Income $18,470,253
Net Personal Consumption Expenditures $15,721,879
*rounded number
Methodology:
Personal Income: Total payroll less estimated leakage.
Disposable Personal Income: Personal income less personal tax and non tax payments.
Net Personal Consumption Expenditures: percentage of disposable personal income less interest, personal transfer payments and personal savings.
This is What it Will Cost…
BUDGET ESTIMATES FOR THE LARAMIE PARTNERS IN PROGRESS
A higher level of effort to strengthen the area economy will require additional resources. The Partners in Progress and the Laramie Economic Development Corporation will seek funding for these initiatives through multi-year commitments from both public and private sources. Preliminary estimates below include the new and expanded initiatives.
5-year program totals
Industry Analysis $ 120,000
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| Laramie Recreation Center |
Marketing Program $ 750,000
Entrepreneurial Development $ 345,000
Community Development
Infrastructure $ 230,000
Beautification $ 150,000
Economic Measurements, Community Reporting, & Success Stories $ 125,000
5-year Total $ 1,720,000
This is Our Focus…
- Job Creation
- Community Enhancement
Through…
- Expansion of Existing Businesses
- Recruitment of New Businesses
- Support for Entrepreneurial Activities
Leadership Council
Dan Furphy , General Campaign Chairman
Jack Bedessem, Trihydro Corporation
Don Black - Laramie Newspapers
John Dooley - Dooley Oil Co.
Kerry Greaser - The ACRE Co.
Mark Mader - Mader, Tschacher, Peterson & Co.
Megan Goetz - Pence and MacMillan, LLC
Ray McElwee - Groathouse Construction
Ken Grnukemeyer- American National Bank
Karen Saunders - The Mortgage Source
Program Components and Strategies
Goal # 1: Job Creation
- The primary goal of this plan is to conduct a job enhancement and creation program. A proven mechanism to accomplish these goals in other communities has been the creation of a public/private partnership. Partners in Progress is designed to bring fourth a focused effort to create opportunities in the Laramie area.
Industry Analysis
- Existing Industry Needs assessment
- Identification of the needs of industries located in Laramie is key in retaining and expanding businesses.
- Target Industry Analysis
Working with the Wyoming Business Council and Wadley Donovan, LEDC will conduct a Target Market Analysis for the Laramie area. This analysis is essential to identifying industry segments suited to Laramie. This analysis will help to focus efforts of new business recruitment, existing business expansion, and the use of higher education faculty and students. - Workforce Needs and Skill set Analysis
New and existing businesses require a labor base that can suit their needs. Workforce analysis and additional assistance to local businesses through training grants, workforce studies, and general aid will be essential to economic growth and development.
Marketing Program
Prospect Identification
- Through the Wadley Donovan Target Market Analysis, LEDC will create a list of businesses that would benefit from locating to Laramie.
- Create updated and futuristic community marketing package.
A modern marketing package is critical in order to sell Laramie to interested companies. Today’s market place requires specialized and coordinated marketing approaches that are prepared individually for each project. Use of studies such as the McCallum Sweeney site selection study will be necessary tools in the development of these packages. Advertising themes that benefit community appeal to target markets.
- LEDC will work with local companies to a design a theme to fully benefit Laramie.
Perform Recruitment calls
- Develop team to visit prospective clients and act as Trade show representatives.
- Maintain inventory of available land and buildings (updated regularly).
- A land and building database is important for new business recruitment as well as for existing business expansion. This database will be used to find the best possible location for new and existing businesses.
Establish comprehensive Existing Industry Retention/Expansion program to include, but not limited to:
- Initiate local business visitation program. A volunteer team will be created to make regular peer to peer contacts with local business people. This program will be developed to foster support for existing local industries and provide a proactive approach for addressing barriers to growth and local business issues. .
- Create headquarters calling program. In order to support retention and expansion of existing and new business, volunteer business leaders will conduct call trip to the headquarters of local businesses.
- Hold annual industry appreciation event. LEDC and Laramie will continue to celebrate the successes of Laramie and local businesses at the Big Bash.
- Assist the Public Sector in ensuring that there is adequate infrastructure to accommodate future growth. LEDC will work actively with local and state government officials as well as private entities to support infrastructure development.
- Ensure a legislative and regulatory climate is supportive of economic expansion. LEDC will be involved with our local legislators as well as groups such as the Wyoming Business Council and the Wyoming Economic Development Association to seek solutions for government barriers to economic growth.
Create an Entrepreneurial Environment
- Create venture capital or seed capital fund to assist new startup companies. This fund will help to support entrepreneurs in Laramie and assist in establishing an innovative business community.
- Establish a mentors program for new entrepreneur activity. A network of business people will be utilized to lend expertise to new and startup companies
- Ensure education and training opportunities are available for small and startup businesses. LEDC will collaborate with local schools such as the Laramie County Community College and the University of Wyoming to guarantee training initiatives.
- Encourage technology transfer research at University of Wyoming. LEDC will help the University of Wyoming to move new projects into the private sector.
- Promote optimum utilization of the Wyoming Technology Business Center (Incubator).
Goal #2: Community Enhancement
- A Public/Private Sector Partnership must be established to ensure those challenges outside the scope and mission of the Laramie Economic Development Corporation, that have an impact on economic growth and community vitality, are addressed.
- Address Non Funded Infrastructure And Community Development Needs
- Support the City of Laramie in correcting current and future infrastructure needs.
- Focus on development of telecommunication infrastructure.
The development and attraction of a new economy in Laramie can only be achieved by the enhancement and creation of an infrastructure that can handle the data transmission and reception of the future. This infrastructure must be affordable and if possible used as an incentive to attract and facilitate technology based businesses. - Support the development of affordable housing
Beautification of Laramie
- Develop a landscaping design and plan for the major entries into the City
- Apply for and develop necessary funding through grants to achieve completion of the Gateway plan by end of 2007
- In cooperation with the City determine and establish guidelines for the status of vacant commercial property.
- In cooperation with the City develop a long range “Plan of Growth” to lessen the impact of urban sprawl and maintain a strong downtown core of the community.
Communication And Reporting of Appropriate Economic Measurements
- Monitor economic conditions. LEDC will work to maintain economic and demographic data to facilitate business investment decisions.
- Conduct Cost Benefit Analysis. Develop modeling systems to ascertain economic impact and conduct cost/benefit analysis of projects.
- In conjunction with the University of Wyoming, conduct an annual “Economic Outlook” Forum.
- Publish a semi-annual report on the benefits of economic growth and its impact on jobs, investment, personal income, and tax base.
313 South 2nd Street P. O. Box 1250 Laramie, WY 82073-1250
Phone: 307-742-2212 Fax: 307-742.8200 Email: ledc@laramiewy.org
