Star Valley Medical Center and the Town of Thayne will be working together on a Wyoming Business Council Grant. The decision to move forward with the grant application took place on Thursday, Dec. 20, during the regular meeting of the Thayne Town Council. Chad Turner, CFO of the Star Valley Medical Center, and Rowan Anderson, chairman of the medical center board of trustees, met with the Thayne Town Council. During the discussion the medical center presented a grant proposal to the town.
“Star Valley Medical Center is purchasing the Physical Therapy of Star Valley land and building in Thayne for $1.2 million,” Turner said. “It is proposed that SVMC work with the Town of Thayne to obtain funds through the Wyoming Business Council program to fund 90 percent of this purchase. SVMC would provide the matching funds of 10 percent.”
According to the proposal, the Town of Thayne would receive the grant from the Wyoming Business Council, then loan it to SVMC at one percent interest. The payments back to the town would become a “revolving loan fund where the town could re-loan the monies to other entities for economic development purposes,” Turner said.
“The town would hold the building and land as collateral,” Turner said. “SVMC would benefit and keep existing jobs as well as add additional jobs to the Thayne economy.”
The Thayne Town Council unanimously voted in favor of accepting the proposal and moving forward with the grant application process.
In order to move the grant application forward, the town will hold a public hearing regarding the project and the associated financing in January.