Eleutian HQ holds
Eleutian HQ holds
Wednesday, September 14, 2011
A report by Wyoming PBS News partner, Wyoming Business Report
By Wyoming Business Report Staff
CODY - Eleutian Technology's new global headquarters, relocated from Ten Sleep to Cody, will hold a formal opening at 4 p.m. today.
The company, which started in Ten Sleep in 2006 and provides real-time English language instruction to students overseas, now has more than 30 management personnel and more than 400 teachers in Wyoming, South Dakota and Utah.
The new headquarters is a 10,000-square-foot office facility with teaching space, conference rooms and offices for the management team. The building is located on a four-acre site to allow room for future expansion.
The total project cost is $3.725 million with Eleutian injecting $400,000, Forward Cody investing $325,000 and the Wyoming Business Council granting the project $3 million. The building is owned by Forward Cody and will be leased to Eleutian.
Eleutian will lease the facility for 10 years at approximately $84,000 per year. Lease payments flow to Forward Cody and will become part of a community revenue recapture fund.
As proceeds from the payments accumulate, the fund will cover operations and maintenance, make small business loans or implement special projects. Eleutian has the right to renew the lease at the end of its term or to purchase the facility if desired.
In exchange for a beneficial rental rate, Eleutian has committed to bring a 40 person workforce to Cody with an average wage of $50,000. This $2 million payroll is anticipated to create an economic boost of more than $30 million to the area's economy in the first 10 years.
The headquarters facility was designed by Taylor Lee and Dan Odasz of Plan 1 Architects of Cody. The Construction Manager at Risk is Groathouse Construction under the watchful eye of President Fred Bronnenberg, Project Manager Scott Carpenter and Project Superintendent Andy Childress.
In the bidding process, 76 percent of the project components are being completed by Cody firms, 86 percent are from the Big Horn Basin and 95 percent from Wyoming. The project has been a welcome boost to the local construction industry.
The project broke ground the third week of February and will be fully ready for occupancy on Oct. 1. Due to the lateness of the season and the expected lack of water this fall, the bulk of the landscaping work will be suspended until spring.
The ribbon cutting event coincides with the quarterly meeting of the Wyoming Business Council, which will be held in Cody on Sept. 15. The event will take place at the building located at 702 33rd St. and will begin at 4 p.m.