Additional Funding Recommended for Cody Labs
Written by andrew-rossi on September 20, 2017
The Cody Labs expansion project has been recommended to receive extra money by the Wyoming Business Council Board of Directors.
Last Thursday, the board met in Alpine and recommended an additional $12 million dollars towards the project.
The State Loan and Investment Board last fall recommended an $11 million loan for Cody Labs. At that time, the project was expected to create 39 new jobs. Since then, the company realized the project had potential for greater impact and approached the Business Council, the state’s economic development agency, for further support. Cody Labs asked for $22.75 million in additional funding; on Thursday, the board recommended $12 million.
If approved, Cody Labs would receive a $23 million loan to increase its production from five to 11 metric tons a year, and create 57 jobs with salaries and benefits totaling $8.5 million annually.
The recommendation from the Wyoming Business Council Board of Directors means Cody Laboratory’s request now moves to the State Loan and Investment Board (SLIB). The governor makes final approval on Economic Development Large Project loan requests.