The Wyoming State Loan and Investment Board (SLIB) voted this morning to reduce the amount of a previously approved Business Ready Community (BRC) grant for Laramie County.
The SLIB voted 4-1 to modify Laramie County’s award amount to $8.3 million to acquire an existing building in the Cheyenne Business Parkway for the recruitment of firearms accessories manufacturer Magpul Industries.
On Feb. 6 Laramie County was awarded a $13 million grant from the Governor’s BRC Large Business Infrastructure Fund for the purchase and renovation of an existing 67,096 square-foot facility and construction of a new 108,000 square-foot manufacturing facility to recruit the company.
Laramie County requested a $4.7 million reduction of the initial award in order to acquire a building that recently became available.
Magpul is expected to occupy the new building in October 2014.
At an Aug. 28 meeting in Powell, Wyo., the Wyoming Business Council Board of Directors voted unanimously to recommend the SLIB approve the reduced award of $8.3 million.
The Wyoming Business Council administers the BRC program, which provides financing for publicly owned infrastructure that serves the needs of businesses and promotes economic development within Wyoming communities.
The Business Council Board of Directors is required by statute to forward all BRC recommendations to the SLIB for final approval. The SLIB is comprised of the five statewide elected officials: Gov. Matt Mead, Secretary of State Max Maxfield, State Treasurer Mark Gordon, State Auditor Cynthia Cloud and State Superintendent of Public Instruction Cindy Hill. Hill voted against the proposal.
Release contact:
Kim Kittel
Marketing and Public Relations
Wyoming Business Council
kim.kittel@wyo.gov