JOAN BARRON Star-Tribune capital bureau | Posted: Sunday, October 7, 2007 12:00 am
CHEYENNE - Officials of WellDog Inc., an expanding technology-based business in Laramie, met with local, state and economic development officials last week to discuss the recent layoff of about 15 employees, or about half the total crew, said the company's executive officer, Wayne Greenberg.
The city of Laramie received $2.58 million in two Wyoming Business Council grants to construct a new building to lease to WellDog so the company could consolidate its operations.
The company, which analyzes coal-bed natural gas reservoirs, experienced a drop-off in sales because of the decrease in natural gas prices and activity, Greenberg said.
The officials they met with were supportive, he said, and asked if there was anything they could do to help the new venture.
"I can't say it's something you want to happen, but start-up companies are notorious for having ups and downs," Greenberg said.
The building under construction in the Laramie River Business Park is expected to be finished in December, Greenberg said.
"Even in the worst-case scenario for WellDog, it's still positive for the state," he said. "Obviously we want to be the occupant of that building."
If that doesn't happen or WellDog doesn't grow as quickly as desired and sublets part of the building, it still will be owned by the city.
"I know there is a concern at some levels about the mixture of public and private activities, but that's why the city owns the building," he added. "We're just tenants."
WellDog negotiated a 20-year lease with the city on the building about a year ago, he said.
The goal of the project is jobs for 85 or more people, according to the Wyoming Business Council Web site.
Shawn Reese, Business Ready Communities grants manager for the council, said the city's investment is protected.
"We fully expect WellDog is going to come back strong, but in the unlikely event they don't, then the city is in position to recruit or grow another business using that facility," Reese said.
Capital bureau reporter Joan Barron can be reached at (307) 632-1244 or at joan.barron@casperstartribune.net.