Laramie $2.9 Million Grant Application Recommended for Approval
Laramie’s $2,935,924 grant request for the construction of a manufacturing building was recommended for approval by the Wyoming Business Council Board of Directors during its meeting in Cheyenne on Monday.
In order to build a 15,500 square-foot facility in the Laramie River Business Park for San Diego-based Tungsten Heavy Powder & Parts, the City of Laramie applied for the Business Ready Community, Business Committed grant. In August, Tungsten Heavy Powder & Parts announced that it would be moving its China-based production of tungsten fragments and penetrators to Laramie.
“The City of Laramie was shortlisted by the company several months ago after having done a statewide review of a number of communities that showed interest in the recruitment of this business,” says Wyoming Business Council CEO Shawn Reese. “After having come to Laramie several times along with other officials from the company, [Tungsten Heavy Powder & Parts CEO Joe Sery] decided that Laramie had the best package of opportunities for his business to be successful.”
City Manager Janine Jordan said that the recruitment of Tungsten Heavy Powder & Parts addresses an increasing demand in Laramie for high-paying, vocational jobs.
Reese says that the company believes it will create at least 25 new jobs when it opens and as many as 55 jobs in five years.
“Those estimates may be low,” says Reese. “We would not be surprised if the actual job creation was greater than that. The jobs pay higher than Albany County’s median wage, so these are good-paying, benefited positions in manufacturing.”
“Over time, our estimation is that the project will provide more benefits than the cost of the grant," added Reese. “We anticipate that over 10 years the project, the impact of the local and state tax base, as well as lease payments that the city will capture will total over $5 million. We think that’s a very good return on the state’s investment.”
Having been recommended for approval by the Wyoming Business Council Board of Directors, the City of Laramie’s grant application will be considered by the State Loan and Investment Board in Room 1699 of the Herschler Building at 8 a.m. on Dec. 10.
“The Business Council has a very strong track record of making recommendations that are upheld by the State Loan and Investment Board,” says Reese. “This project in particular hits on a number of things that we’re trying to accomplish. We’re working to diversify Wyoming’s economy and bring new business in. This hits those marks, and it helps Laramie with its similar economic development goals.”