Opening the doors to the former Hand in Hand Childcare Center in Sheridan moved one step closer Tuesday, as the Sheridan Economic and Educational Development Authority approved the lease agreement with future tenants First Light Inc.
SEEDA Chairman Dr. Paul Young says that the state still must approve the lease.
The lease is for five years and requires the three entities that make up SEEDA -- Sheridan College, Sheridan County School District 2 and the City of Sheridan -- to put in $45,000 each throughout the next five years for an endowment that will act as a major maintenance fund for the building.
First Light will contribute $1,200 a month for the next 38 months to reach their share of the $45,000.
One item the SEEDA Board could not agree on was the operating agreement. Young explains there are a couple of sticking points that need to be worked out before an agreement can be finalized and approved.
SEEDA will hold a special meeting this Friday morning at 7:30 where it is expected that a final operations agreement will be considered and ultimately approved by the board of trustees.