Clovis economic development fund holds about $8 million; staff report industrial prospects and incubator work

Clovis staff reported the Economic Development Fund holds just over $8 million in cash and investments and outlined several ongoing business-recruitment and incubator efforts during the board meeting.

“The fund currently has a little bit over $8,000,000 in cash and investments. We have $7,200,000 in investments and another $810,000 in cash in bank,” Justin, a city staff member who presented the financial report, told the board. He said fiscal-year-to-date revenue totaled $292,000, including about $237,000 in gross receipts tax, a $2,000 PILT payment and nearly $52,000 in investment interest plus $712 in bank interest. Total expenditures year-to-date were $125,000; Justin said some of that paid contractual obligations and reimbursed CED for GIS software.

Tina, an economic development staff member, gave project updates. She said two large industrial-park prospects remain active but without firm start dates, and a local company is preparing to use rail facilities for transloading. Tina also said the office is working with a local heavy-equipment leasing company that could be operational in about six months.

Tina listed five recent leads the office has received from the state (referred to as PROs), with industries ranging from food products to laser technology, semiconductors, fertilizer and a proposed waste-to-energy plant. She noted one heavy power user prospect would require about 20 megawatts within six months — capacity the city could not provide.

“We still have our two big projects we're working on out in the industrial park. Those are still moving forward,” Tina said, and added the city is tracking local prospects and answering inquiries.

Other items Tina highlighted included retail updates at the mall (one kiosk tenant moving into a shop; the Claire's store originally slated to close was bought out and will remain open), new management at Marshalls, progress on a Clovis Sound Studio delayed by HVAC issues, and work on a business incubator recertification and programming. Tina said the office was recertified through the New Mexico Economic Development Department and expects a $40,000 award tied to that recertification.

She also described workforce and entrepreneurship partnerships: meetings with Clovis High School on an apprenticeship program and a planned pitch competition that would include scholarships from CED, ongoing Salesforce expansion with a vendor called Visios, weekly and biweekly mentorship with San Juan College for the incubator, and a proposed business accelerator in partnership with Hatch Form and Main Street.

Tina said the office plans to start a workforce readiness and entrepreneurship survey within about 30 days with grant funding already received and that she recently hired a new staff member, Jennifer Chavez, who will help with a media push that will include business testimonial videos.

Why it matters: the fund balances and the described projects are the financial and programmatic basis for local business recruitment, incubator services and workforce development, which affect local employers, job seekers and downtown retail traffic.

Ending — next steps: staff said they will continue outreach to prospects and partners, begin the planned survey within about 30 days, and provide updates on incubator recertification, Clovis Sound Studio construction and the industrial-park projects as timelines firm up.