A proposed business incubator must be debt-free to work, and Casper's is one step closer to the goal, according to one of its founders.

The Economic Development Joint Powers Board voted to give the incubator project $100,000 for start-up costs, said Robert Barnes, the president and CEO of the Casper Area Economic Development Alliance.

"The success of the incubator lies on several cornerstones," he said, "And one is [that] the building is acquired debt-free."

Since the incubator's mission is to build companies, Casper City Council member Stefanie Boster said it only made sense that the Economic Development Joint Powers Board help fund the project.

Barnes initially approached the city council, the Natrona County Commission and the Amoco Reuse Agreement Joint Powers Board to fund the initial costs. Boster said the city and county thought the Economic Development board should help, as well.

The Amoco Reuse Agreement board also agreed to fund $50,000 of the costs for the first year, leaving another $300,000 unfunded for 2010.

Boster said that the economic development alliance may ask the city, county and the Amoco board to equally fund the second year.

With those funds, Barnes said, the incubator would be able to run for the first 18 months without the stress of requiring rent beginning on the first day.

He plans to ask the other three entities for their support during the 2010 budget sessions.

If successful, the Casper Area Business Innovation Center, which is the brainchild of the economic development alliance and Casper College, will host up to 17 businesses at any one time. Barnes said this type of environment will foster business growth and diversification in the community.

Plans place the center in the old brick Amoco administration building near the Three Crowns Golf Course. The building itself is about 11,000 square feet and renovations will add another 30,000.

Contact city reporter Christine Robinson at (307) 266-0639 or christine.robinson@trib.com

NewsTracker

Last we knew: The Casper Area Economic Development Alliance, along with Casper College, asked several Natrona County and Casper entities to contribute to the costs of a possible business incubator.

The latest: The Economic Development Joint Powers Board agreed to give $100,000 in start-up costs to the project.

What's next: Business incubator officials will apply for grants, as well as work to further develop the incubator. None of the allocated money will be spent until the group secures all funding sources.