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Dec 1, 2009

Eleutian’s rent boosts city’s future economy

Cody Enterprise
By Bruce McCormack

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Should the Wyoming Business Council act favorably on the city’s $3 million grant application to support Eleutian Technology’s move to Cody, it will set up a long lasting dynamic that will benefit our economy.

The new jobs, payroll and growth potential Eleutian is projected to bring to Cody is the sort of economic development home run that does not happen often in a state like Wyoming - and has never happened in Cody.

Much of the grant centers around building Eleutian a headquarters building south of Big Horn Avenue. The company would pay Forward Cody an estimated $5,800 in monthly rent for 10 years, after which time the company could negotiate to buy the building.

 


That nearly $700,000 in rent payments will go into a so-called Revenue Recapture Plan to be used by Forward Cody to spur other economic development activities in this community.

This will include a revolving loan fund, special studies pool and special community projects. (The details of this and the rest of the application and project are spelled out in an 118-page application, available at both the city and Eleutian Web sites.)

In this manner, Wyoming Business Council grants provide funds that benefit a community for many years into the future. Long after Eleutian has built and moved into its headquarters, its $5,800 monthly rent check will keep this local economic development fund well funded.

This application will not be considered until March, but one can guess that its prospects are good. The business council sees few proposals that call for such a surge in good, new jobs and payroll from an existing company that’s already succeeding quite handsomely.

The community’s future and ongoing use of the grant proceeds will just be icing on the cake.