Economic Development Committee ready to form board | CraigDailyPress.com

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Economic Development Committee ready to form board

By RYAN SHERIDAN
Daily Press writer
Craig’s business expansion project is getting a boost from funds donated by local companies.
Some companies have committed, and have pledged money, to the Economic Development Committee’s efforts to create a corporation, board and position to guide the economic diversification and expansion of the greater Craig area.
The EDC has created smaller groups to concentrate on specific projects that will lay the foundation for the non-profit corporation’s organization and operation.
One committee will be researching and creating the by-laws and Articles of Incorporation for the non-profit, 501-C-3 economic development corporation. Tom Thornberry will be providing legal advice to this subcommittee.
A second EDC subcommittee will be creating the job advertisement and job description of the Economic Development Director position. The goal is to have a job advertisement published on Jan.1, and have the economic development board come together over the next several weeks so that body can handle the interview and hiring process early next year, EDC president Dean Hollenbeck said.
The EDC members also reviewed other economic development corporations’ board structures and voting processes and requirements put together by EDC member Jim Ferree. After debating several options, committee members decided that the board of directors will be voted on by dues paying members, and will be roughly equal in the number of private and public board members.
The minimum pledge to gain a vote was set at $250. A seat on the board is automatic with a pledge of $5,000 or more.
Craig and Moffat County have each pledged $25,000 per year, and will have seats on the board, along with Colorado Northwestern Community College-Craig Campus, the Craig Chamber of Commerce and the Moffat County Tourism Association.
“The board members will decide policy, and the executive director of that board will work with the Economic Development Director,” Ferree said. “The board will be elected from and by the paying members.”
Colowyo Coal Co., Twentymile Coal Co., Trapper Mining, Inc., Community First National Bank, First National Bank of the Rockies, Bank of Colorado, Craig Ford Mercury, Cook Chevrolet and Victory Motors have all committed to funding the economic development corporation, but have not finalized the amount of their pledges. Yampa Valley Electric Association, Inc. and Greeley Gas Co. have each pledged $1,500 per year. The EDC will be sending representatives to NC Telecom, Tri-State Generation and Transmission Association, Inc., and The Commercial Division, Inc. to discuss potential pledges.
Pledge amounts from each company will need to be settled soon, so the financial position of the corporation, and what is available to finance the director’s salary and benefits, will be known, Hollenbeck said.
The EDC will meet on Dec. 14 to review the findings of its subcommittees, organize for the publication of the job advertisement, and set the formation of the economic development board in motion.