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News Story Published On 1/9/2004
Money's uses: buying land, training, community enhancement
By Jessica Lowell
rep5@wyomingnews.com
Published in the Wyoming Tribune-Eagle
CHEYENNE, WY -- Progress & Prosperity II, a private capital campaign to boost economic development, has surpassed its goal by more than $1 million, officials say.
The total, based on pledges completed, is $3.87 million.
“This was not based on need,” campaign general co-chairman Mark Zaback said. “This was based on the interest of businesses and business leaders.”
When it was announced in September, the fundraising goal was set at $2.8 million, to be collected over five years.
Co-chairman Mike McGee said when he was asked to be co-chairman, he thought $2.8 million would be tough to raise.
“I felt the same way,” Zaback said.
But six weeks into the drive, McGee said, pledges were coming in, and he thought the campaign could reach close to $4 million.
This is the second capital campaign to be run in Cheyenne. Six years ago, Progress & Prosperity was developed based on a program by National Community Development Services.
That organization surveyed the community to measure how much interest existed for a second campaign and how much people would be likely to give.
The first campaign’s goal was set at $1.3 million over four years, but officials collected $1.7 million from businesses, residents and city and county government. It paid for sewer and water lines in the Cheyenne Business Parkway. Money also was directed to quality-of-life projects.
At the outset of the current campaign, $2.8 million was earmarked for buying land for commercial and industrial sites; $100,000 was dedicated to helping pay the costs of workforce development training for prospects that create new jobs; and $200,000 would go to projects that would enhance the community.
McGee said those amounts will be adjusted proportionately because of the promise of a higher total.
By the end of 2008, this campaign is expected to:
- create 1,200 new primary jobs and 1,000 new secondary jobs,
- generate $52 million in gross annual payroll,
- generate $27 million in annual consumer spending,
- result in $105 million in capital investment, and
- broaden the property tax base by $7.6 million a year.
Mechanical Systems Inc. President Bob Strasheim’s company gave money to the original campaign. This time around, he was on the asking end of the pledge equation.
“We tried to call it investments rather than contributions because we felt people would get something back out of it,” Strasheim said.
“I have never been prouder to be a part of Cheyenne,” he said. “More than 250 businesses and people contributed. Virtually no one turned us down.”
Zaback said campaign officials found that more business sectors contributed this time, including the medical community and credit unions.
While they are pleased by the success, the general campaign co-chairmen say it’s a success that has been years in the making.
“This took 15 years to happen. You are looking at a couple of guys who were around when LEADS was started,” McGee said, referring to Cheyenne LEADS, the non-profit economic development corporation for Cheyenne and Laramie County.
“People were thinking the wrong thing about economic development then, that it was smokestack industry,” he said. “But we didn’t end up with smokestacks. Instead, we have nice, clean industry.”
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