The Sheridan Economic and Educational Development Authority held a special meeting Thursday to discuss details of a draft lease and a long term maintenance fund with representatives of First Light Inc. SEEDA recently chose First Light out of three applicants that submitted business plans in response to SEEDA'S request for proposal for the Hand in Hand Childcare Facility at 366 Brundage Street in Sheridan.
SEEDA Chairman Dr. Paul Young says that long term maintenance remains a sticking point that needs to be worked out between both entities.
The two options that are presented in First Light's proposal are to have First Light put up $45,000 up front, with the three facets that make up SEEDA; School District Two; Sheridan College and the City of Sheridan each putting up $45,000 to come up with the $180,000 maintenance fund that the request for proposal calls for.
Another item that was discussed and that will be addressed with the Wyoming Business Council is whether First Light is a faith based organization or not.
SEEDA Attorney Rex Arney will meet with First Light Attorney Deb Wendtland in the immediate future to work out details of a lease agreement.
There was some discussion of a triple net lease similar to the one that SEEDA had with SQCCI, where SQCCI payed $1.00 a year but was solely responsible for any maintenance of the building. Sheridan Mayor SEEDA Board Member Dave Kinskey stated that “he didn't think that they could do a true triple net lease under the circumstances”. Dr. Young added that “clarity is absolutely critical to the success of this project”. The SEEDA Board will meet again Tuesday, September 27 for their regularly scheduled monthly meeting.