The economic development funding application by Prime Metal Products is anticipated to go before the Scottsbluff City Council next week following a final review of the agreement language by the LB840 Application Review Committee.
The request for a $1.5 million loan with credits for the creation of up to 70 jobs received a positive recommendation from the three members of the panel present last week, but Wednesday the full committee took a final look at the terms of the document.
Committee Chair Jim Trumbull noted there are a number of funding contingencies in the project proposal, but often what’s needed is just one entity to say ‘yes’. “Somebody might be going ‘Yeah, we’ll do this contingent on you getting your LB840 funding’, or LB840 will do this contingent on getting your reuse funds in Gering,” says Trumbull. “At some point in time, somebody has to be first, because everybody is contingent on everybody else, so if no one ever steps forward, you’re going ‘Well, I can’t get this until you guys say yes’.”
Investors will be seeking a $1 million Community Development Block Grant, and $211,000 from Gering’s CDBG Reuse Fund, in addition to loans and putting up $1.2 million of their own cash and equipment for the operation.
The $7.1 million project would create up to 70 jobs for the manufacture of HVAC duct-work for use in commercial construction and renovation.