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Sheridan Economic and Educational Development Authority Plans Phase Two of High-Tech Business Park

The Sheridan Economic and Educational Development Authority Joint Powers Board (SEEDA) is currently in the process of selecting a location for the second phase of a High-Tech Business Park. The existing SEEDA High-Tech Business Park, which spans 38.5 acres and is located near Yellowtail Drive, is home to some of Sheridan’s most prominent employers, including Vacutech, Weatherby, and Kennon.

Phase Two Selection Process

The discussion about phase two of the park began in 2021, and in 2022, the board conducted a feasibility study to determine the most suitable method for new development. Two preferred sites were identified for the second phase: a portion of the Story House property near East Fifth Street, and a site near the existing business park.

Proposals for the two preferred locations were submitted by John E. Rice & Sons and Story House, Inc. These proposals included detailed information about the properties, surrounding areas, and future development plans.

Proposals and Offerings

John E. Rice & Sons is offering a 45.29-acre property along Yellowtail Drive, close to the existing High-Tech Business Park, at a discounted price of $2.5 million. This price represents a roughly 34% discount on the current asking price. Jeannie Weismann, speaking on behalf of Rice and Sons, highlighted the company’s long history and relationship with the community as an additional benefit.

Story House, on the other hand, is offering a 42-acre portion of its property along East Fifth Street. In exchange, SEEDA would be responsible for extending infrastructure to the property. The estimated cost for the design and extension of utility lines to the property is $4.9 million.

Sean Patrick Higgins, President and Founder of Story House Inc., expressed optimism about the development opportunities on East Fifth Street, citing the positive impact of previous projects on North Main. He emphasized the potential long-term benefits of developing and establishing infrastructure on that side of town.

Financial Considerations and Approvals

SEEDA has a borrowing capacity between $1.5 and $2 million, depending on the property’s value. Additionally, they are eligible to receive up to $3 million from the Wyoming Business Council. This means that either project could be within the board’s borrowing loan and grant amounts.

To meet the November 1 deadline set by the Wyoming Business Council, the board aims to approve one of the proposals during a special meeting. This approval would allow SEEDA, the Sheridan City Council, and the Northern Wyoming Community College District Board to submit the necessary grant and loan applications.

AI legalese decoder: Simplifying legal Language

AI legalese decoder can greatly assist in navigating the complex documents and agreements involved in the development of the High-Tech Business Park. This tool employs artificial intelligence to decode and simplify legalese, making it easier for all parties involved to understand the terms and conditions of the proposals, contracts, and grant applications. By using AI legalese decoder, SEEDA, the board members, and other stakeholders can conveniently review and comprehend legal documents, helping them make informed decisions in a timely manner.

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