§ 9-12-601 — Wyoming business ready community program; purpose; creation; rulemaking

Wyoming § 9-12-601

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 12: WYOMING ECONOMIC DEVELOPMENT ACT
• Art. 6: COMMUNITY INFRASTRUCTURE PROGRAM

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(a) It is the purpose of this article to promote economic
development at the city, town and county levels and on the Wind
River Indian Reservation to create additional economic health
and a stronger state economy.
(b) The council shall establish and administer a Wyoming
business ready community program as provided by this article.
Any city, town, county or the Eastern Shoshone or Northern
Arapaho tribe, or the cooperative tribal governing body, may
submit an application to the council for a grant or loan under
the program on forms prescribed by and subject to rules
promulgated by the council. Grants or loans may be applied for
by a joint powers board with the approval of all participating
agencies to the joint powers agreement. Grants and loans may be
made by the council for economic or educational development,
planning or infrastructure projects, including the purchase of
land, buildings, facilities, telecommunications infrastructure,
rights of way, airports, sewer and water projects, roads,
landscaping, recreational and convention facilities or other
infrastructure determined by the council to be consistent with
the purposes of this article. In adopting rules and making
grants and loans under this article the council shall require
all projects to be related to economic or educational
development, planning or infrastructure, which shall not include
rehabilitation or expansion of existing infrastructure unless
the council determines the rehabilitation or expansion is
necessary to meet the purposes of this article. Planning grants
and loans shall be limited as provided in subsection (m) of this
section. All grants or loans made under this article shall be
referred by the council to the state loan and investment board
for final approval or disapproval. The state loan and investment
board may adopt rules as necessary to implement its duties under
this article.
(c) Grants shall be matching grants as determined by the
council. Loans shall be made at no or low interest rates.
(d) Grants or loans shall be made under this article, only
if the applicant demonstrates that upon receipt of the grant or
loan, all projected project costs will be funded. Grants or
loans for one (1) project may not exceed a maximum annual amount
established by rule of the council. Multi-year projects may be
awarded up to the maximum annual amount each year, for a period
not to exceed three (3) years, as approved by the state loan and
investment board. The application shall identify the source of
all funds to be used for the project.
(e) Grants or loans may be used to fund project costs in
accordance with approved applications and rules of the council.
Grant or loan funds may be used to contract with community
development organizations and state development organizations in
accordance with the purposes of this article and approved
applications.
(f) Loans provided under this article shall be adequately
collateralized as determined by the council. No loans shall be
made without the written opinion of the attorney general
certifying the legality of the transaction and all documents
connected therewith. An election approving the project and
borrowing for the project by the qualified electors of the
borrowing entity shall be required only if the attorney general
determines such an election is otherwise required by law.
(g) Repayments of loans under this section shall be
credited to the business ready community account. The council
shall promulgate rules and regulations to identify the type and
maximum amount, as a percentage of the total grant, of the
revenue that may be recaptured and credited to the account as a
result of grants under this section.
(h) Repealed by Laws 2022, ch. 1, § 2.
(j) Grants may be made by the council for projects, in
accordance with rules of the council, which:
(i) Improve the development of businesses that will
provide data generation and information technology storage
capabilities statewide or in municipalities of the state;
(ii) Encourage and provide for the expansion of
existing businesses providing information technology storage
enterprises in the state, including those developed through the
University of Wyoming business technology center;
(iii) Provide a reduction of the costs of electrical
power or bandwidth, or both, to businesses meeting the
provisions of paragraph (j)(i) or (ii) of this section. In
exchange for providing these reductions in costs, the political
subdivision receiving the grant and providing the reduction in
costs shall contract with the business to receive direct
benefits and indirect economic development benefits including:
(A) A specific amount of capital investment by
the business;
(B) A specific minimum payroll created by the
business;
(C) The provision of information technology
storage services to the state or the political subdivision at a
price discounted from the fair market value of the services; and
(D) An agreement to repay with a reasonable rate
of return any funds received to reduce costs if the business
relocates from the political subdivision prior to the expiration
of five (5) years from the date of first receiving funds.
(k) As used in this article:
(i) "Community development organization" means as
defined by W.S. 9-12-301(a)(ii);
(ii) "State development organization" means as
defined by W.S. 9-12-301(a)(iv).
(m) Planning grants and loans shall:
(i) Not exceed two percent (2%) of the total amount
appropriated to the business ready community program in any
fiscal year;
(ii) Not exceed one hundred thousand dollars
($100,000.00) per project;
(iii) Be subject to a twenty-five percent (25%) match
requirement, which match shall not be met through funds received
from a community development block grant.
(n) Grant and loan recipients shall report the
expenditures and progress related to a loan or a grant to the
council at least annually and more frequently if deemed
necessary by the council. At the end of the term of the grant
or loan, the recipient shall furnish a comprehensive report to
the council that shall, at a minimum, include a cumulative
financial audit and a list of the accomplishments as a result of
the grant or loan.
(o) On or before November 1 of each year, the council
shall report to the joint appropriations committee and the joint
minerals, business and economic development interim committee
information on the administration of the business ready
community program. The report shall include a list of all grant
and loan requests made in the previous twenty-four (24) months,
the amount approved by project, expenditures by project and the
progress for each project as of the date of the report.