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Sheridan economic group agrees to sell 3.6 acres in commercial park

Sheridan economic group agrees to sell 3.6 acres in commercial park

The Sheridan Economic and Educational Development Authority (SEEDA) Joint Powers Board last week conditionally accepted an offer to purchase of 3.63 acres of land within the Sheridan Commercial Park for $300,000. The offer comes from Advanced Electrical Contracting, Inc; and makes it the second recent land deal for SEEDA in the Sheridan Commercial Park. In February of this year, SEEDA agreed to sell 5.34 acres for $600,000 to Prime Real Estate Holdings, LLC, for future commercial and business development. SEEDA is a joint powers board made up of representatives of the City of Sheridan, the Northern Wyoming Community College District, and the community at large. The goal of SEEDA is to allow for collaboration on the financing and facilitation of capital projects tied to economic and educational development purposes. The property held by SEEDA in the Sheridan Commercial Park and Sheridan Hi-Tech Park comes land contributed in public/private partnerships to leverage infrastructure grant funds from the Wyoming Business Council (WBC). Governed by agreements and revenue recapture plans approved by the WBC, money from the sale of property is required to be reinvested in the community to stimulate further economic development opportunities. SEEDA has used recaptured funds to match grants for an updated targeted industry study for the community, and to help fund upcoming improvements and expansion of the WYO Theater facilities. Other recent examples include funding to develop strategies to grow the creative economy in Sheridan and Johnson County, and financial support for the Wyoming Theater Festival in 2015 and 2016. SEEDA’s goals in marketing and selling property is to draw business investment into the community, and encourage the expansion of existing businesses. SEEDA lists property above market rate, and encourages potential investors to seek opportunities within the private sector as a first resort. While SEEDA can opt to incentivize the price of the land in exchange for commitments for jobs or significant capital investment, in the case of these two recent deals, the land is being sold at a competitive market rate based on a certified market assessment. *Feature photo: SEEDA Properties Site Selector h/t SEEDA on Youtube /