(Riverton, WY) – With the close of the year coming and the end of a two-year collection period, City Administrator Kyle Butterfield provided an update on the optional half percent sales tax for economic development during Tuesday night’s Riverton City Council meeting.
The optional half percent sales tax for economic development was voted in during the 2020 primary election and is subject to the subsequent general elections for renewal starting in 2024.
“Economic Development shall be defined as any project that retains or increases employment, and/or results in a net gain of money into the community,” the ballot language reads. “Thirty percent (30%) of the net proceeds of the tax shall be used to support transportation infrastructure such as commercial air service: the remaining 70 percent (70%) will be allocated to the County and 6 Municipalities based on population to manage and invest in economic development projects of their choosing.”
On September 1, 2020, the City of Riverton approved a resolution to establish the “Evolve, Diversify, and Grow our Economy (EDGE)” Committee to advise the Mayor and Council on priorities for the use of the revenues generated by the optional half percent excise tax revenues.
The EDGE Committee received 23 applications for funding over three advertisement periods. They considered a total of $4.15 million in funding requests for only $1.2 million of available collected funds over the initial two-year period of the optional tax.
Ultimately, funds were awarded to four projects: CWC Equine Center, Riverton Medical District, Kifaru International, and Fremont Air Service Team.
The Riverton Medical District was awarded $880,000 of its $1,600,000 request. The total project cost is $48,645,398.
The CWC Equine Center was awarded $100,000 of its $454,800 request. The total project cost is $18,808,434.
The Fremont Air Service Team (FAST) was awarded $140,000 of its $209,000 request. The total project cost is $3,670,000.
Kifaru International was awarded $80,000 of its $80,000 request. The total project cost is $2,000,000.
The awarded applications have a project total of $73.12 million, which is 93% of the project total for all 23 applications received ($78.77 million).
The fund currently has $9,803.15 left in it for the next round of applications.
The current EDGE Committee’s term expires on December 31, 2022. The deadline for submitting the interest form to the City of Riverton is Thursday, December 15, 2022. Click here for more information on how to submit the form.