casper, wyoming opportunity zone prospectus...casper, wyoming opportunity zone prospectus prepared...

Casper, Wyoming

Opportunity Zone Prospectus

Prepared by

Sustainable Strategies DC & Development Research Partners

In collaboration with

Casper Area Economic Development Alliance

Contents

Introduction

Purpose of Document

Executive Summary

Lead Agency & Partners

I. Community Overview

II. Why Casper? Strategic

Advantages & Risks for Investors

III. Businesses

IV. Priority Projects

Purpose of Document

Articulate the opportunities and risks of Casper’s

Opportunity Zones to help investors make informed decisions

Organize stakeholders around a unified vision of strategic

growth, catalyzing smart, coordinated public and private

investment and leveraging of resources

Identify and highlight specific investible projects located in

Casper’s designated Opportunity Zones, including:

An upscale hotel and conference center that will be the

highest quality lodging in Casper with the largest

conference and banquet space

The Platte River Commons master-planned community

offering an indoor recreation/competitive sports facility, an

innovation district; retail; and a grocery store

Senior housing and market-rate housing in the downtown

and surrounding areas to support Casper’s growing

populations of seniors and young professionals

Casper Opportunity Zones: Lead Agency

CAEDA/Forward Casper recruits complementary companies to the area, assists in the retention and expansion of existing companies, and connects the dots between the private and public sector to create a vibrant and diverse economy.

CAEDA/Forward Casper’s priorities include:

Prosperity: Business Attraction and Local Business Retention and Expansion

Skills: Workforce Development and Education

Innovation: Supporting Entrepreneurship and Small Business

Livability: Economic and Community Transformation

Casper Area Economic Development Authority

www.caeda.net/

Casper Opportunity Zone Point of Contact:

Sabrina Foreman, Vice-President of Business Development

Email: [email protected]

Casper Opportunity Zone Partners

http://www.caeda.net/

mailto:[email protected]

• Community Data

• Social and Economic

Context

• Opportunity Zones by the

Numbers

I. Basic Data

Located in east-central Wyoming

At the foot of Casper Mountain on the north end of the Laramie Mountain Range, along the North Platte River

County seat of Natrona, County

Second largest city in the state

Casper, WY Population: 57,814

Natrona County

Opportunity

Zones

I. Basic Data

Population 2010 2017 Growth

County (MSA) 75,450 81,023 7%

City 55,316 59,171 7%

Zones 12,227 13,593 10% Census Tract Map

I. Basic Data – Location Primary regional access provided by

north/south Interstate 25, which

extends south to Denver, CO, and

north to Billings, MT

On the “Road to Yellowstone” from

Cheyenne – Yellowstone National

Park attracts over 4 million visitors

per year

Just 7 miles from Casper-Natrona

County International Airport, one

of Wyoming’s largest airports with

multiple daily flights from Denver

and Salt Lake year round

I. Basic Data – Community Level

POPULATION: 59,171

MEDIAN AGE: 35.4

MEDIAN HOUSEHOLD

INCOME: $60,470

POVERTY RATE: 10.1%

NUMBER OF EMPLOYEES:

30,759

MEDIAN PROPERTY

VALUE: $196,200

Source: U.S. Census Bureau 2013-2017 American Community Survey 5-Year Estimates

https://factfinder.census.gov/bkmk/table/1.0/en/ACS/17_5YR/B25001/1600000US5613150





I. Basic Data –

Casper Metro Economy by the Numbers

Total Annual Income

$6 Billion Source: U.S. Bureau of Economic Analysis; Wyoming at Work

Source: Wyoming at Work

Employment & Unemployment

Source: Dept. of Labor; Wyoming at Work

Supply & Demand Natrona County is projected to grow by 14,300 jobs over the next 20 years. Healthcare is projected to be the fastest growing sector, adding over 3,000 jobs.

Source: 2017 Platte River Commons Feasibility Study

I. Basic Data – Market Data

Oil & Gas Impacts:

A drop in the price of oil from over $100 a barrel to, at its low, under $40 a barrel in 2015 led to a recessionary environment throughout the state of Wyoming that impacted employment as well as commercial and residential development in Casper and Natrona County.

Despite economic decline, Casper maintains positive trends, including population & income growth.

Industry in Casper

Casper remains more insulated from the effects of economic downturn due to its role as the retail and commercial trade center of central Wyoming.

Casper is a regional destination for healthcare needs in Wyoming.

While Natrona County’s employment grew largely from oil and gas and extraction industries, the Casper’s employment has largely grown due to health care, accommodation/food services, and educational services.

Retail:

Since 2007, Casper has added a net 315,533 square feet to its retail inventory, which is currently at 4.5 million square feet, and its vacancy is under 4%. Retail rents have increased dramatically over the last 10 years.

Residential:

Residential is one of the steadiest segments in Casper’s development market and will help create mixed used spaces, support retail, and decrease the build-out time.

Millennials interested in mixed-use, downtown “live work play environment.”

Highly conservative estimates suggest a 200 unit shortage of market rate housing in the downtown area/Opportunity Zones.

Increasing demand for senior housing, including independent and assisted living products (see Casper Senior Services Study 2016).

Source: 2017 Platte River Commons Market & Feasibility Study

Description 2000 2010 2016 2000-2016

Total Ann. # Ann. %

Median Income

Casper $36,567 $49,801 $57,506 $20,939 $1,309 2.9%

Natrona County $36,619 $50,936 $57,527 $20,908 $1,307 2.9%

Wyoming $37,892 $53,802 $56,893 $19,001 $1,188 2.6%

Average Income

Casper $46,996 $69,635 $75,863 $28,865 $1,804 3.0%

Natrona County $46,518 $68,760 $75,381 $28,863 $1,804 3.1%

Wyoming $47,801 $68,283 $73,255 $25,454 $1,591 2.7%

Platte River Commons

Census Tract 8

Total population: 3,991

Median household income: $48,980

Households in poverty: 12%

7,500 Contiguous Acres

Downtown & Old Yellowstone District

Census Tract 2




Eligible for New Market Tax Credits

Northwestern Casper & Northern Mills

Census Tract 12




Wester Casper & Mills

Census Tract 11




I. Basic Data – Opportunity Zones

I. Basic Data – Opportunity Zones

• Downtown Casper

• The heart of the Casper community: walkable, dining, shopping, entertainment, history, art, and culture.

• Old Yellowstone District

• A redevelopment area adjacent to the downtown core - that will compliment Downtown’s vibrancy with businesses, housing and entertainment.

Tract 2

• Platte River Commons

• Area surrounding Casper’s premier Three Crowns Golf Course

• Slated for mixed-use redevelopment

University of Wyoming’s Technology Business Center (WTBC)

• Provides on-on-one business consulting to companies within incubator, focuses on developing early stage, technology-based companies, with an emphasis on high-growth firms.

Tract 8

• West Casper and Mills

• Largely industrial area, residential clustered near riverfront

• Underway with developing a Mills Downtown Riverfront District with parks, mixed-use and amphitheater

• Town of Mills working to facilitate development of live/work housing and senior housing

Tract 11

• North Western Casper and Northern Mills

• Large industrial plots

• Backwards Distilling Company

• Family-owned, hand-crafted spirits

• Example of activating brownfields and industrial plots for vibrant restaurant, retail, and community use

Tract 12

I. Basic Data – Casper Downtown Opportunity Zones

The Opportunity Zones

encompass the bulk of

Casper’s Historic Downtown

The Opportunity Zones

encompass Refined

Property’s Platte River

Commons Site, north of the

Three Crowns Golf Course

Downtown Business

District


Conceptual Land Use Plan

(See IV. Priority Projects)

• Strategic Advantages

• Opportunities for Growth

• Economic Development

Strategy

• Leveraging Potential

II. Why Casper?

II. Why Casper? Strategic Advantages

Main retail and service center for

the central Wyoming Region

Most urban city in Wyoming

Forward-thinking team of public

and private partners with clear

vision for downtown

development

Demographic trend toward young

adults and seniors, supporting

downtown development

Favorable tax environment

Tax Local State

Income Tax - Personal 0% 0%

Income Tax - Corporate 0% 0%

Property Tax 0 mills

Sales Tax 1% 4%

Lodging(includes Local & State sales tax) 9% 0%

The Casper/Natrona County International Airport has an active

Foreign-Trade Zone which was just approved for an alternative site

framework that extends the FTZ a 60-mile radius from the airport.

II. Why Casper? We’ve done our research.

The City of Casper, CAEDA, Amoco Reuse Agreement Joint Powers Board (ARAJPB),

and private sector entities have brought in expert consultants to complete thorough

and extensive feasibility studies and planning in order to maximize resources and

understand the viability of key projects.

Generation Casper Comprehensive Plan

City of Casper Downtown Strategic Plan

Old Yellowstone District Brownfields Assessment

Platte River Commons Market & Feasibility Study

Platte River Commons Master Plan

Hotel & Conference Center Market Study

Natrona County Comprehensive Economic Development Strategy

Resource Roadmap (in progress)

Mills Riverfront Trail Feasibility Study

Town of Mills Comprehensive Plan

II. Why Casper? Community Growth Strategy

Casper is making strategic public investments and forming

public-private partnerships to develop its riverfront

walking paths, extend the “rails to trails” pathway

throughout the City, improve the bike lane network and

transit network, explore opportunities for art, culture, and

recreation, upgrade infrastructure, foster neighborhood

excellence, and implement smart growth principles in its

community development and planning initiatives.

II. Why Casper? Downtown Resurgence

Past 18 months:

Downtown Development Authority (DDA) secured $1 million in grants from the Wyoming Business Council.

Raised over $4.6 million in private sector donations for a public project (David Street Station).

Atmosphere that is attractive and conducive to private development, resulting in $36 million and growing in private investment Downtown in an 18 month time frame.

Strong business recruitment with an estimated 231 new jobs added in Downtown Casper.

II. Why Casper? David Street Station

Opened in summer 2017, just in time for the Eclipse Festival

Public-private partnership (60% private, 40% public)

Major catalyst for downtown renewal

Spurred $40 million in private equity investment in the downtown

New restaurants and businesses have popped up, including Racca’s Pizzeria Napoletana, Urban Bottle and the Gaslight Social bar

Programmed with over 200+ events

DDA secured a $1 million endowment to ensure success for generations

II. Why Casper?

Possibilities are Limitless Casper Eclipse Festival 2017

Casper learned the City’s capacity for successfully

accommodating massive festivals and events

Eclipse-goers saw Casper, enjoyed the downtown and the

David Street Station Eclipse Festival, and left with a

wonderful impression, wanting to return

79% of out-of-town visitors to Wyoming for the eclipse

indicate that they plan to return to Wyoming within he

next 5 years

The City of Casper and partners are recreating eclipse

festival-style events to continue to draw visitors to the

downtown each summer

II. Why Casper?

Full Season Schedule of Events

Central Wyoming Fair & Rodeo

Broadway in Casper at Casper Events Center

Bear Bait 8 Bike Race Canines for Charity

Sled Dog Races Harmony, Hops, &

Hope Brewfest

Riverfest Casper Balloon

Roundup College National

Finals Rodeo Cowboy State Games

Beartrap Summer Festival

II. Why Casper?

Anchor Institutions Wyoming Medical Center

Private, not-for-profit charitable corporation Regional referral center serving 11 WY counties and 19

communities w/ pop. of 250,000 235 beds on 2 campuses, 1,300 employees, including 307

providers in 59 specialties 13 specialty, primary and immediate care clinics In 2014, added McMurry West Tower with 100,000 sq. ft. state-

of-the-art medical space In 2018, acquired hospital on Casper's east side to form new

East Campus

Casper College One of the largest community colleges in the region with 5,000

enrolled students on 28 buildings on more than 200 acres. 11 universities offer advanced degrees on campus through

university partnership programs

University of Wyoming at Casper 700 students in degree program including Bachelors, Masters,

Doctorate, & Certificate

Natrona Public Library Makerspace with wood shop, metal shop, computer lab, crafts, and electronics equipment

II. Why Casper? Riverfront Development Opportunities

Casper’s Opportunity Zones contain over 10 miles of Riverfront on the North Platte River, with many acres ripe for redevelopment

Casper’s Priority Projects (see Section IV.) Are sandwiched between the river, downtown, and Old Yellowstone Historic District; and adjacent to Three Crowns Golf Course.

The Platte River Parkway Trail System is the spine of Casper’s community trails system, traveling 11 miles along the North Platte River corridor.

The City of Casper and Town of Mills are prioritizing investment in riverfront parks and recreation to spur riverfront development and improve quality of life.

The riverfront is accessed by people of all ages and abilities for activities, including walking, cycling, running, rollerblading, Frisbee golf, nature viewing, fishing and boating.

II. Why Casper? Arts & Cultural Hub

Nicolaysen Art Museum (10 min walk from David Street Station in OZ Census Tract 2) exhibits contemporary art, hosts monthly Brunch with Bach with Wyoming Symphony, and rents event space

ART 321/The Casper Artist’s Guild (around the corner from David Street Station) supports and educates visual artists and engages the public in exhibitions and workshops

Scarlow’s Gallery (across the street from David Street Station) showcases the work of local artists in a dramatic exhibition hall with high ceilings and 100-year-old floors

Arts Walks every first Thursday—community celebration of the arts through Casper Wyoming’s Downtown Districts with live bands, local vendors, film screenings, local arts, food, drinks, shopping and more!

II. Why Casper? Heritage Tourism & Western Folklore

National Historic Trails Interpretive Center features dioramas and hands-on

displays that evoke the journeys of 1800s pioneers

Fort Caspar, a reconstructed 1865 military post, houses a museum with local-

history exhibits like a 1901 sheep wagon

Werner Wildlife Museum displays wildlife indigenous to Wyoming and

specimens from all over the world

Tate Geological Museum houses a collection of over 3,000 fossil and mineral

specimens – including dinosaurs and Dee the Mammoth, who lived in the

American West during the Ice Age.

II. Why Casper? All-Season Outdoor Access

Rafting

Kayaking

Cycling

Rock climbing

Camping

Hiking

Fishing

Hunting

Downhill skiing

Snowboarding

Nordic skiing

Snowshoeing

Dog sledding

Fat biking

Snowmobiling

Skating

“The Year Round Mountain Town”

II. Why Casper?

Active Support for Project Development

• Our role: Investment Prospectus, make studies & reports available to fund managers & developers; engage community organizations and allies to promote project success

Due diligence

• Our role: Streamline zoning, permitting, & approval process

Zoning

• Our role: Undertake marketing & feasibility studies; design & engineer site prep & infrastructures; address brownfields challenges; secure grant funding

Pre-Development

• Our role: Layer public investments to ensure availability of high quality infrastructure and utilities to meet performance & sustainability standards; secure grant funding

Site Preparation & Infrastructure:

• Our Role: Support traffic & construction needs; make skilled labor available; provide maintenance

Development

REDUCE RISK

LEVERAGE FUNDS

PROMOTE SUCCESS

II. Why Casper? Plug into Public Resources at Every Project Stage

Site Preparation - Brownfields

• U.S. Environmental Protection Agency Brownfields Assessment (up to $300,000) & Cleanup (up to $200,000) Grants defray costs of environmental remediation at former industrial sites

• Wyoming Department of Environmental Quality Targeted Brownfields Assessments, no-cost assessment of select sites

Site Preparation - Infrastructure

• U.S. Economic Development Agency Public Works & Economic Adjustment Assistance Grants to cover pre-development (market & feasibility studies, design & engineering) & site preparation (utilities & infrastructure) at sites for new job creating businesses; average size $1.4 million

• Wyoming Business Ready Community Grants to finance publicly owned infrastructure that serves the needs of business & promotes economic development; up to $3 million

Construction

• New Market Tax Credits available in downtown Opportunity Zone (Census Tract 2) can provide around 25% of a projects’ cost, ranging from $2-$10 million

• Wyoming State Treasurer Economic Development Loan to finance the purchase, construction and installation of buildings or equipment that will add economic value to goods, services or resources within the state

• Tax-Exempt Industrial Development Revenue Bonds are issued in the name of the city and can be used toward qualifying projects

II. Why Casper? Resource Roadmap for Leveraging Public Support

Opportunities to Leverage Public

Resources

Parks & Recreation

Wyoming State Parks Land & Water

Conservation Grants

Wyoming State Parks Recreational Trails

Program Grants

Arts & Culture

National Endowment for the Arts

Our Town Grants

Wyoming Arts Council Community Support

Grants

Wyoming Business Council

Placemaking Grants

Infrastructure & Mobility

U.S. Department of Transportation

BUILD Grants

Federal Highway Administration Transportation

Alternatives Grants

Business Attraction & Innovation


Startup: Wyoming Grants


Loans

Wyoming Department of Workforce Services

Workforce Development Training Fund Grants

State and Local Economic Development

State and Local Economic Development

Incentives

State Tax Advantages, Incentives, and

Funding

No Corporate State Income Tax

No Personal State Income Tax


Business Ready Community Grant & Loan Program

funds publicly owned-infrastructure that facilitates

a specific business and economic development

need. Cities, towns, counties and joint powers

boards are the primary applicants for the program.

Economic Development Large Project Program

authorizes the Wyoming State Treasurer to

originate large loans or loan guarantees for the

purchase, construction and installation of buildings

or equipment that will add economic value to

goods, services or resources within the state.

Wyoming Partnership Challenge Loan Program

allows the State of Wyoming to partner with a

commercial lender to assist a building owner for

building improvements to maintain the structures

historical character.

Data Center Infrastructure Grant Funds assist

Wyoming cities, towns and counties to build

necessary public infrastructure for the recruitment

and operation of data centers.

Managed Data Center Cost Reduction Grant

enables a data center operator to be reimbursed

for electrical and broadband cost by the state of

Wyoming.

State Tax Exemptions

Property Tax Exemption for personal property

in transit in interstate commerce, as well as

goods manufactured or assembled in Wyoming

when the final destination is out of state, and

pollution-control equipment.

Manufacturing Sales Tax Exemption for fuel

used by transporters, fuel or power consumed

directly in manufacturing or processing, and the

lease or sale of manufacturing machinery used

directly and predominately in the manufacturing

process.

Data Center Sales Tax Exemption for

investment in capital infrastructure, data center

equipment, software purchases, and HVAC and

UPS system purchases.

City of Casper

Urban Renewal and Downtown Development District

formation are allowed.

Tax-exempt Industrial Development Revenue Bonds

may be issued by city and county to provide financing for

manufacturing and energy generation businesses.

CAEDA administers a Revolving Land Fund and an

Assessment District Fund that enable land acquisition

and ownership with which to flexibly partner with public-

private partners.

CAEDA advocates for economically beneficial projects

with governmental agency partners and the local

business community.

Project-specific public investment by the City of Casper

and it’s partners may be considered where community

benefits and public returns on investment exist through

ARA Joint Powers Board, New Market Tax Credits, and 63-

20 Bond Financing.

Community Development Corporation

Montana and Idaho Community Development Corporation

(Montana and Idaho CDC) operates in Wyoming and

provides both New Markets Tax Credits and small business

loans.

http://www.wyomingbusiness.org/brc

http://www.wyomingbusiness.org/brc

https://mtcdc.org/

II. Why Casper? Skilled Workforce Casper has a wealth of job skills training, education, and workforce development resources to cultivate a vibrant labor force of skilled tradespeople, entrepreneurs, engineers, manufacturers, public servants, medical professionals, hospitality workers, and more:

The Department of Workforce Services’ Employment and Training Division provides training grants and assistance for workforce development.

The Wyoming Contractors Association’s Regional Training Center provides industry-driven, short-term, high-intensity training programs, including customized on-site training for businesses.

Casper College offers 140 associate (2-year) degree and certificate (1-year) programs, academic transfer programs, career training, continuing education, and basic skills instruction.

University of Wyoming at Casper offers students the opportunity to pursue 32 bachelor, master or doctorate degrees or collect credits toward other degrees offered at UW.

Climb Wyoming is a non-profit program for career training and placement for low-income single mothers.

Wyoming Electrical Joint Apprenticeship Training Committee is a cooperative training effort between the National Electrical Contractors Association (NECA) and the Local Unions #322 and #415 of the International Brotherhood of Electrical Workers (IBEW).

http://www.wyomingworkforce.org/

about:blank

about:blank

about:blank

http://wcartc.org/

https://www.caspercollege.edu/

http://www.uwyo.edu/distance/

http://www.climbwyoming.org/

http://www.wyojatc.org/

Dick Cheney Federal Building (20+ federal agencies)

Wyoming State Government Offices (expanding – see right)

Wyoming Veterans' Commission

Natrona County Building Department

Wyoming Revenue Department

Wyoming Department of Unemployment Insurance

Wyoming Labor Standards

State Game & Fish Department

Wyoming Department of Transportation District Office


Offices of State Senator John Barrasso

University of Wyoming at Casper

Casper-Natrona County Health Department

Internal Revenue Service

US General Services Administration

II. Why Casper? Wyoming’s civic and financial center, home to federal and state offices

II. Why Casper? Your Investment Will Make A Difference

Investment in Casper’s Opportunity Zones will:

Contribute to brownfields redevelopment, which will

help mitigate environmental impacts, provide jobs and

tax revenue, and revitalize blighted areas

Diversify the economy, helping Casper to move beyond

the boom/bust cycle of the oil and gas industry towards

a sustainable, 21st Century economy

Promote job creation and sustainable development in

low-income census tracts where private capital is

needed to spur growth

With the largest industrial base in

Wyoming, Casper and Natrona

County’s geographical, logistical,

telecommunications, and

infrastructural configuration is well

suited to serve a variety of businesses

and industries.

III. Investing in Businesses

III. Businesses – Infrastructure & Capacity

Accessible by major state & highway infrastructure

Only international airport in Wyoming with a Foreign (free) Trade Zone

Major rail facilities including a rail spur and Transload facility near the airport

Robust logistics capacity providing many options for importing raw materials, shipping finished goods and transporting personnel

Ranked #17 best place to start a business based on on factors of business environment, access to resources, and business costs

III. Businesses – Targeted Growth Industries

Industry 2016

Est.

Emp.

2026 Proj.

Emp.

Total 10

year Emp.

Change

Avg. Annual

Emp.

Change

10 year %

Change

Annual %

Change

Outlook

Health Care 5,842 6,969 1,127 113 19.00% 1.00%

Growing

Finance and

Insurance 6,827 6,885 58 6 0.85% 0.08%

Growing

Energy 18,777 25,056 6,279 628 33.44% 2.93%

Growing

Manufacturing 9,225 10,348 1,123 112 12.17% 1.16%

Growing

In 2017, CAEDA/Forward Casper identified industries of focus for the region based on existing capacity, community assets, and future diversified growth prospects. By emphasizing these industries, supporting stakeholders like education, real estate, and construction will all benefit from the focused direction. The industries are healthy care, finance, energy, and advanced manufacturing.

III. Businesses –Targeted Growth Industries

Health Care

Casper is regional destination for health care needs and a natural location for a medical industry hub

Builds off the strength of the three major hospitals in the Casper area and myriad-health focused businesses

Opportunities:

Casper pitching for University of Washington WWAMI Program (Washington, Wyoming, Alaska, Montana Idaho) Wyoming Medical School Campus

Opportunities in health care delivery, R&D, ancillary services, and manufacturing & wholesale

CAEDA has developed a concept for a Biosciences Innovation Center


Finance

Multiple large banking institutions, financial advisors, insurance companies and accounting firms

Showing growth in financial sales despite declines in oil and gas

Provides buoyance in energy downturn cycles and offers strength in boom cycles

Wyoming has favorable trusts & estates laws

Opportunities:

Accounting, Banking Services, Business Finance, Insurance, and Securities & Investment

CAEDA/Forward Casper Finance Committee of financial industry leaders have formed a market-oriented committee to focus on:

Encouraging entrepreneurship and innovation

Implementing a strong succession planning process for Wyoming entrepreneurs wishing to purchased existing Wyoming businesses from owners seeking retirement

Growing and diversifying the Casper economy


Energy

Long history and reputation in the oil and gas industry across the West

Large oil and gas project planned in the area over the next 40+ years to serve rising demand for natural gas

Opportunities for diversification:

Petrochemical

Local supply and crossing pipelines ready to create new and advanced products from Wyoming’s fossil fuels

Supported by UW R&D

Wind

Rail and highway transportation logistics

Complementary companies located in and around Casper

Planned wind development and retrofit projects


Advanced Manufacturing

Advanced manufacturing ethos, spawned and developed by our rich history in

energy research, innovation, development and production

Opportunities to diversity and expand the manufacturing base:

Aerospace & Defense

Wyoming manufacturers wield advanced materials, engage highly

technical computer-aided CNC machinery, and possess some of the top

skilled and technically oriented workforce in the USA

Geographic supply chains to large aerospace and defense markets in

Colorado and Utah

Local business capacity for advanced manufacturing projects for the

A&D prime contractors and their critical-mission defense customers.

Outdoor recreation gear & equipment

“Made in America” movement for outdoor retail

III. Businesses – Entrepreneurial Ecosystem

University of Wyoming’s Wyoming Technology Business Center (WTBC) Casper Incubator offers laboratory, office, and shared conference space for early stage, technology-based companies, with an emphasis on high-growth firms

2017 Market Feasibility Study points to capacity to create spinoff businesses and R&D spaces to complement the WTBC Incubator

A vibrant “Innovation Zone or District” with a mix of uses including retail and housing is the recommended for targeting and branding business and R&D (See IV. Priority Projects)

III. Businesses – Supporting Entrepreneurs

Casper Start-Up Challenge Pitch Day –

competition for seed funding and business

development assistance from WTBC

Casper Entrepreneurial Boot Camp – 2-day

intensive training and conceptualization

for start-up companies

Breakthrough 307 Angel Investors –

Casper-based foundation for connecting

entrepreneurs with investors, launched

investment fund with 21 angel investors

from different industries and disciplines

• Hotel & Conference Center

• Platte River Commons


Priority Projects:

Hotel & Conference Center

Platte River Commons Mixed-Use Development

Pipeline Projects:

Salt Creek Heights Business Park

Mills Riverfront Development

Old Yellowstone District Brownfields Properties

Key Public & P3 Investments

Mills Riverfront Feasibility Study

Platte River Commons Master Plan

Wyoming Technology Business Center

New State Office Building

Midwest Avenue Reconstruction & Streetscaping Upgrades

Old Yellowstone District Brownfields Assessment

David Street Station

IV. Priority Projects - Context Map

Priority Property #1

Proposed Riverfront Hotel and Conference Center Site Available Site

Local Development Group Actively Soliciting Equity Partners; Unsolicited Proposals Welcome

Hotel & Conference Center – Value Proposition Casper …

• Is located in the center of the state and has overnight visitors from business, destination

tourism, and as a way-stop to other tourist and business locations

• Is known as the financial center of Wyoming

• Has a high concentration of federal, state, and local government offices

• Casper is located on I-25, connecting I-90 to the north with I-25 to the south

• Is experiencing a shortage of meeting and banquet facilities

• Lacks local hotels offering large space ballroom and meeting space

• Has no upscale hotel

• Is offering significant publicly sourced co-investment

• The City’s economic development partner, Casper Area Economic Development Alliance (CAEDA),

is focused on growing medical; energy; and advanced manufacturing industries

Value Proposition: Partner with the ARAJPB, City of Casper, it’s residents, and

stakeholders to develop an upscale hotel and conference

center that will be the highest quality lodging in Casper and

provide large space, highly functional, business quality

conference and banquet space that becomes an important

asset for Casper’s growing economy. IV. Priority Projects

IV. Priority Projects – Proposed Riverfront Hotel and Conference Center Site

Opportunity Zone

Census Tract: 56025000200

County: Natrona

Area: Downtown Casper and adjacent neighborhoods


Hotel & Conference Center Site

IV. Priority Projects – Hotel & Conference Center

Site

Location: North Platte River near Poplar Street Bridge

Casper, Wyoming 82601

Neighborhood: Downtown Casper/

Old Yellowstone District

Neighborhood Lifecycle: Up-and-coming

Building Type: Hotel and Conference Center

Site Size: 18 acres

Flood Zone: 500 year

International Airport: Casper/Natrona County, nine miles west

Year of Construction: 2020 (actively engaging developers, unsolicited offers

welcome)


Hotel & Conference Center – Development Program

Planned Public-Investment • EDA Public Works & Economic Adjustment

Assistance • Wyoming Business Council • City of Casper • ARAJPB • New Market Tax Credits • Tax Increment Financing/TIF Sales/Property

Total Anticipated Incentives: $30M

Estimated Development Costs Land, site development and construction $70,000,000

Proposed Configuration Hotel Rooms: 175 - 200 keys

Meeting/Banquet Space: 19,000 sf

Parking: On-site surface/structured

Projected Stabilized Operations

Average Daily Rate $165

RevPAR $115

Occupancy 69%

Operating Expense Ratio1 63%

Management Fee (% Gross Revenue) 3.5%

Property Taxes and Insurance (% Gross Revenue) 1.2%

Capital Reserves (% Gross Revenue) 4.0%

Return on Development Costs 28%

1. Includes rooms, food & beverage, and conference center, Departmental & Undistributed Expenses

IV. Priority Projects – Hotel & Conference Center

Select Casper Hotel Comps

Ramada Plaza Riverside Hotel & Convention Center 300 West F Street

Ramkota Hotel 800 North Poplar Street

Hilton Garden Inn 800 North Poplar Street

IV. Priority Projects Hotel & Conference Center

Summary of Market Research

A Hotel & Conference center in Casper’s downtown core can be a very strong competitor for state and regional meetings

Casper has only a few hotels with a significant amount of meeting space

No hotels have over 20,000 square feet of meeting space

A study by Strategic Advisory Group from 2012 showed potential demand for a hotel and conference center in Casper. For example, a survey of 60 meeting planners found 85% would be highly likely to use such a space in Casper.

Source: 2017 Platte River Commons Market and Feasibility Study

Select Inventory

Description Rooms Meeting Space

Convention Hotels (200+ Rooms)

Best Western Ramkota 230 10,338Ramada Plaza Riverside 200 6,820Subtotal 430 17,158

Other Hotels (100+ Rooms)[1]

C'mon Inn 125Mainstay Suites 123Days Inn 121Hilton Garden Inn 121Holiday Inn 120La Quinta 120Motel 6 111Shilo Inn 101Courtyard by Marriott 100Hampton Inn 100Subtotal 1,142

Total 1,572

[1] Meeting space not listedSource: Strategic Advisory Group; Economic Planning Systems

IV. Priority Projects –

Platte River Commons Site Available for 99-Year Lease

Request for Development Proposal Pending and Unsolicited Proposals Welcome


Platte River Commons -Value Proposition Casper …

• Desires to attract its first master-planned community including sports complexes, employment centers,

and retail amenities

• Is home to a highly skilled and entrepreneurial workforce

• Is the location of the University of Wyoming’s Technology Business Center (WTBC) which anchors this site

• Is known as the financial center of Wyoming

• Has a high concentration of federal, state, and local government offices

• Is in need of new retail and grocery square footage

• Lacks research & development and office-flex properties

• Desires to develop a riverfront park and trails to access the North Platte River along the site

• Is willing to incentivize project development and make appropriate public co-investments

Value Proposition: Partner with the CAEDA, ARAJPB, the City of Casper, it’s residents, and stakeholders to develop to

expand its technological businesses and provide a modern master-planned community offering indoor

recreation/competitive sports facilities, an innovation district, open space amenities, and retail and

grocery. This is an opportunity to contribute to the ongoing revitalization that complements adjacent

districts including Downtown, the Old Yellowstone historic district, and a proposed upscale hotel and

conference center.

Opportunity Zone

Census Tract: 56025000800

County: Natrona

Area: Casper, south North Platte River, west of Poplar St.,

North of CY Ave., east of Wyoming Blvd.



IV. Priority Projects: Platte River Commons

Possible Master Site Plan

Indoor/Outdoor

Competitive

Sports Facilities

Community Park

Innovation District

Retail/Grocery

Medium-Density Residential


Platte River Commons Rendering

IV. Priority Projects – Platte River Commons

Planned Uses within Platte River Commons

Existing Anchors and Amenities:

Wyoming Technology Business Center (WTBC)

Three Crowns Golf Club/Course

Planned Public Uses:

City Riverfront Park

Anticipated Development within Platte River Commons:

Indoor & Outdoor Competitive Sports Facilities

R&D/Flex Innovation Businesses Park

Retail & Grocery

Health Care

Office

Senior

Living

IV. Priority Projects Proposed Platte River Commons Mixed-Use

Site

Location: East of Poplar Street, between Three Crowns Golf Course and the North Platte River Casper, Wyoming 82601

Neighborhood: Opportunity for creating a new self-contained neighborhood as an extension of Downtown Casper

Neighborhood Lifecycle: Emerging

Building Type: Flex, R&D, creative space, retail & grocery, indoor practice facility for competitive sports

Site Size: 77.5 acres river front

Flood Zone: 500 year

International Airport: Casper/Natrona County, nine miles west

Land Lease: long-term (99 year) available

Unsolicited Offers Welcome


Operating Proforma Metrics Potential Configuration

Retail

Grocery Store 30,000 to 55,000 sf

General Retail 55,000 to 80,000 sf

Senior Living Villas/Patio Homes: 102 units

Independent Living: 160 units

Assisted Living: 50 beds

Innovation District

Office/R&D/Flex 200,000 sf

Multi-Family Allowed

Retail: Projected Stabilized Operations

General Retail Rent/sf/yr NNN $18

Specialty or Build-to-Suit Rent/sf/yr $30

Market Vacancy 4%

Operating Expenses/sf/yr1 $8.50

Non-Reimbursed Expenses/sf/yr $0.34

Retail Cap Rate 7.5%

Stabilized Value Estimate (110,000 sf) $28M

1. Includes 5% management fee, property tax, insurance, utility, and

common area maintenance (CAM)

Potential Public-Investment • City of Casper • ARA Joint Powers Board • New Market Tax Credits • 63-20 Bond Financing

Environmental Conditions: A former Amoco Refinery on the site left a contamination legacy. The site is fully characterized, all information is available for review, an approved cleanup plan is in place, assistance with additional site assessments and cleanup (if applicable) may be available.


Representative Casper Comps - Retail

Walmart Anchor

4011 Cy Ave

YOC 2008

Asking Rate $20 NNN

Big Box Anchors

4070 Plaza Dr

YOC 2008

Asking Rate $17 NNN

2629-2669 E 2nd St

YOC 2008

Asking Rate $10-$16 NNN

Kohls Anchor

Blackmore Rd

YOC 2008

Asking Rate $13-$30 NNN


Representative Casper Comps - Office

907 N Poplar St

YOC 1997

Asking Rate $18-$20 mod gross

1300 Venture Way

YOC 2008

Asking Rate $17 mod gross

550 N Poplar St


6000 E 2nd StYOC 2008

YOC 2007



Representative Casper Comps - Industrial

5880 Enterprise Dr

Office Flex

Asking Rent $10 NNN

341 E St

Industrial Warehouse

$5-$7.00 NNN


Value Proposition – Innovation District at Platte River Commons University of Wyoming – Wyoming Technology Business Center (WTBC) Incubator

Advanced Geotechnical Solutions, Inc. (full service geotechnical engineering company)

Bison Kings (game development team)

Frog Creek Partners (environmental technology)

McGinley Orthopedic Innovations (innovative engineering solutions for surgical procedures)

Medicine Bow Technologies (IT specialty providers)

Nunn Utility Locating (utility-locating)

Western Alternative Energies (Hydrogen Electrochemical Generator R&D)

Aerial Enforcement Solutions (chemical dispenser drone accessories)

DISA (extraction site engineered products)

Imperium (power generation project/vendor software)

Morris Visual Stress Solutions (diagnostic services for individuals with Visual Stress)

Senior Patient Advocates (healthcare system services and advocacy)

The Opportunity - Emerging Entrepreneurial Ecosystem

Expand upon the incubator already on the site

Include sites and buildings for shared working spaces and lab facilities to share ideas and knowledge

Potential to create spinoff businesses and R&D spaces to complement the WTBC Incubator

An “Innovation Zone or District” is desired for branding R&D businesses

The Innovation District should contain a mix of uses including retail and housing, senior housing,

retail, grocers

IV. Priority Projects - Additional Pipeline Projects

Senior Living in Opportunity Zones

• Casper’s Senior Services Study Update (2016)

indicated need for senior housing

• CAEDA has identified multiple sites throughout

Opportunity Zones with potential for senior

housing development, including two 14+-acre

riverfront sites and one 2.5-acre downtown site

(contact CAEDA for map of proposed site

locations

• Casper is a multi-generational community with a

growing senior population that desires to live in

their hometown.

• There are rehabilitation and assisted living

facilities in Casper-the majority of which are

subsidized housing.

• There are a handful of apartment buildings

dedicated to independent senior living.

• Casper needs a market rate senior living campus

as an important lifestyle need for the City's

growing senior sector.

As much as possible, people have a desire to remain in their

own homes. Casper seems to have an adequate supply of

senior-housing facilities but single-level, single-family

homes that meet the needs of an increasingly disabled

resident are difficult to find.” – Casper Senior Services

Study Update (2016)

Value Proposition

This is an opportunity to create a unique,

well-needed, gem to provide the lifestyle

desired by Casper’s growing and hometown-

loving senior population

IV. Priority Projects – Additional Pipeline Projects

Salt Creek Heights Business Center

Over 240 acres of commercial land, presented as an industrial park and made available to facilitate new and existing businesses close to downtown Casper

Utilities, including water, sewer, gas, electric, telephone, and conduit for fiber optic cable have been installed along paved roads

Casper’s new west belt loop eliminates the need for truckers and passer to go through town or around the outer belt. The new bypass connects I-25 to both highways, 20 and 60

Fee-simple owned by ARAJBP and ready to sold

IV. Priority Projects – Additional Pipeline Projects

Mills Riverfront Development The Site:

Total property area: 442,857 sf or 10.2 Ac

Highway frontage: 2,230 lf

River frontage: 2,170 lf

Owned by Town of Mills

Park area: 7.9 acres

• Perceived park area, includes essential viewshed: over 25 acres!

• Amphitheater seating: Approximately 500

Fishing Overlooks: 5, 3 of which are planned to be ADA accessible.

The commercial development: 98,540 sf pr 2.3 Ac

Total building footprint: 19,200 sf

Required Parking: 191 low requirement

Projected Costs: Full build out is est. btwn $10.34 and 12.56 million.

Value Proposition:

Partner with the Town of Mills to create a riverfront, mixed-

use development with recreational facilities and amenities,

providing near-by options for commercial, retail, and

residential businesses and access to the North Platte River-

one of the Town’s biggest assets.

casper, wyoming opportunity zone prospectus...casper, wyoming opportunity zone prospectus prepared...

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