Cheyenne council directs MOU with Leeds to manage $3.5 million large‑project fund for downtown redevelopment

Cheyenne City Council President Mark Rennie said the council directed the administration to develop a memorandum of understanding with Leeds, the city’s economic development agency, to manage the $3,500,000 large‑project fund established by the 6P ballot.

Rennie told listeners the fund is intended to help “huge projects that just aren't going anywhere,” citing the long‑vacant Heinz building and a downtown site he called “the hole” as examples. He said Leeds and a developer intend to use the city fund as a loan rather than a grant so the money can revolve back into future projects: “they're gonna do it as a loan…so the city will either get repaid the money or Leeds will get repaid the money, or we would get an equity position,” Rennie said.

The council president traced the fund’s origins to voter language in the 6P ballot and previous economic development efforts under former Mayor Orr. He said the measure generated $3,500,000 and was intended for projects unlikely to proceed without public involvement. Rennie noted prior developers had proposed plans for the Heinz building but backed away; he described the current developer as “one of the more promising ones” and said he was “guardedly optimistic” that work might finally proceed.

Rennie described the planned approach as a revolving loan or equity position that would allow the city or Leeds to recover funds after a project completes and then apply money to other “eyesore” properties downtown. He did not provide a timetable, specific lender or developer names, or draft MOU language.

Council members directed the administration to develop the MOU with Leeds; Rennie said the administration will return with more details as the agencies finalize terms.