The Idaho Department of Commerce sponsors the Idaho Gem Grant Program (IGG) which provides assistance to communities for the planning and implementation of economic development grants. Job creation and retention are the primary objectives of the IGG program. Grants up to $50,000 may be awarded to eligible communities for the purpose of developing assets directly connected to private sector job creation. The match requirement for a $50,000 IGG is 20% of which 5% in-kind can be contributed through grant administration. The IGG program has been identified by the City's Economic Development Specialist as a funding source to install infrastructure improvements at a downtown building currently being remodeled for a local company to transfer their business operations in order to create additional living wage jobs. The infrastructure improvements will include the installation of approximately 700 lineal feet of fiber optic cable. The fiber optic cable will be owned and operated by the City of Moscow. Other improvements will include the removal and replacement of approximately 180 lineal feet of ADA compliant sidewalk, curb, gutter, asphalt patching, and removal/replacement of street trees. This section of sidewalk was identified by the City of Moscow's Mobility Task Force in 2012 as an area of impediment under ADA standards due to uplifted sidewalks caused by the root systems of the existing trees. Removal and replacement of the existing street trees has been approved by the City of Moscow Arborist. The building, previously occupied by the Daily News, is now owned by an entity known as "409 S. Jackson, LLC" and is being remodeled to lease to Economic Modeling Specialists International (EMSI). EMSI is a high technology data provider that exports the majority of its products and services outside the local community. EMSI's existing leased facility in Alturas Technology Park is 9,640/SF and is not adequate to accommodate their future planned expansion. After the remodel, the building at 409 S. Jackson Street will be approximately 22,000/SF and will allow EMSI to add employees with a goal to staff up to approximately 150 employees at final build-out. In support of their planned move, EMSI has increased from 53 full-time equivalent employees (FTEs) in 2011 to a current level of approximately 80 FTEs and is projecting an increase to 100 FTEs by the end of 2013. The average annual salary of EMSI employees is $47,800 or $23.00 per hour compared to the median household income for the City of Moscow which is 39% lower at $34,338 or $16.50 per hour. Project costs are estimated at $21,000 for the fiber optic cable installation and $104,000 for the removal and replacement of the sidewalk system and trees. Total project costs are estimated at $125,000. If approved, the IGG would contribute $50,000 to the project with a required match of 20% or $10,000. A value equal to 5% of the IGG may be counted as "in-kind" match for the grant administration. The City Grants Manager will provide in-kind grant administration valued at $2,500 and the remaining 15% match of $7,500 will be provided by Wintz & Company, LLC, who is the general contractor for the remodel project. The project beneficiaries will be 409 S. Jackson, LLC, as the owner of the building and EMSI as the building occupant. In addition to the IGG, the Moscow Urban Renewal District (MURA) is also planning to participate in the project as the building is located within the boundaries of the Legacy Crossing Urban Renewal District formed in 2008. The MURA will reimburse the developer, 409 S. Jackson, LLC, through an "Owner Participation Agreement" up to $75,000 of the project costs over the life of the District. The IGG Program requires a Resolution approved by City Council and executed by the Mayor to be included in the grant request. This was reviewed and recommended for approval by the Public Works/Finance Committee on September 30, 2013.
Tom Hansen Idaho Gem Grant, EMSI Job Retention/Creation - October 7, 2013 |
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