The Lovell Town Council gathered for a brief meeting last Thursday, Sept. 3, to hold a public hearing and consider a resolution for a grant to remodel the Lovell Inc. economic development building to establish a business incubator.
Meeting at Town Hall at 5 p.m., the council first opened a public hearing to take comments on the town’s application for a Business Ready Community Grant through the Wyoming Business Council.
With only one citizen present, there were no comments for or against the grant proposal, but Patricea Dean of Byron asked if the grant was for businesses in general or a specific project. The council told her the grant was specific to the incubator project for the purpose of remodeling the Lovell Inc. building across the street from the Lovell Post Office.
Town Administrator Bart Grant explained that the total project cost is $352,935.27, but that figure includes an in-kind match of $70,120.66 from the purchase of the building, $2,624.61 from Lovell Inc. initial building improvements and initial architect fees of $2,500.
The grant request is for $277,690, Grant said.
After the hearing closed, the council considered Resolution 2009-15 authorizing submission of an application to the Business Ready Grant and Loan Program for a Business Ready Project on behalf of the Town of Lovell: remodeling the Lovell Inc. building for operating a “multi-purpose incubation program managed by Lovell Inc.”
The resolution states that the incubator is designed to “nurture start-up companies, generate self-sustainable jobs, enhance the entrepreneurial climate, retain businesses and diversify the local economy. The public benefit listed in the resolution includes having two tenant clients within 12 months of the project completion, establishing a town revolving fund and creating five self-sustaining jobs within 18 months of project completion.
The council voted unanimously to pass the resolution.
Dean cautioned the council to make sure that there is space available in the community for new businesses, noting that she was frustrated by the lack of available space when she was attempting to relocate her used book store.
Councilman Brian Dickson noted that the purpose of an incubator is to first establish whether a business is viable. If it is, the business can seek a permanent location. Councilman Bruce Wolsey said there are plenty of buildings available for new businesses.