RIVERTON (WNE) -– A new manufacturing company is making plans to come to Riverton - bringing along 200 well-paying jobs.
Inductance Energy Corp. of Cheyenne wants to manufacture wiring harnesses, flywheel components and other electrical generating equipment in Riverton, using a $10 million industrial revenue bond issued through the city.
The Riverton City Council will consider the bonding agreement at a later date. On Tuesday, however, the council approved an agreement with Inductance Energy that "sets forth the understanding of the parties related to the issuance of revenue bonds."
City administrator Tony Tolstedt said the memorandum of understanding was crafted "to provide some structure and understanding" as Riverton and Inductance Energy move forward with the bonding process.
"(It) is not meant to suggest approval or an affirmative action toward the issuance of any bonds," he noted in his memo to the council.
"The approval process for any such funding is more significant and requires both specific noticing as well as a specific approval process."
Inductance Energy government liaison Richard Hawley said his company, which already has working facilities in Arizona and Nevada, plans to begin the application process for the industrial revenue bond in Riverton immediately.
"We're ready to go, and we're excited to be in your community," he said.
Once the bonds are issued, the MOU states, the company will begin construction within 120 days, hire employees and put the proceeds to use, with repayment beginning upon issuance with a 45-day grace period.
The business would hire 20 people initially, he said, but staffing could increase to 200 "by the time we're done."
"And we pay decently," he said.