CASPER - The Casper Area Economic Development Alliance will receive $2 million from the federal government to complete funding for a proposed business incubator in Casper.

On Thursday, the Economic Development Administration granted CAEDA and co-applicants Casper College and the Amoco Reuse Agreement Joint Powers Board the money needed to fund the renovation and expansion of an existing building on the old Amoco Refinery site.

"The Obama administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," U.S. Commerce Secretary Gary Locke said in a media release. "This grant will help boost business development and job growth in the Casper region by establishing a business incubator facility that will provide space and technical assistance to foster new entrepreneurial ventures."

The $2 million grant rounds out the total $10.5 million needed to get the project rolling, said CAEDA President Robert Barnes. Along with partner Casper College, other contributors included the Wyoming Business Council, the Amoco Reuse Agreement Joint Powers Board, the Economic Development Joint Powers Board, an earmark from the U.S. Department of Housing and Urban Development (thanks to Sen. John Barrasso, R-Wyo.), the CAEDA board of directors, First Interstate Bank, Hilltop National Bank, Wells Fargo Bank, American National Bank, the city of Casper, the Natrona County Commission and WalMart.

The next step, Barnes said, will be hiring an incubator manager. The job description has already been written, so as soon as the right person is put in place, "we'll be able to start working with entrepreneurs immediately," Barnes said.

"We don't have to wait for the building to be up for the person to begin doing their job," he said.

Design and construction of the building will take about two years, he said, and within five years of that, about 22 new firms will have created about 455 jobs.

The federal grant will run through Casper College, said Laura Driscoll, the college's representative for the project.

"This has been two years in the making, so to say that we're excited is an understatement," Driscoll said. "This is an opportunity to grow businesses in the community with members of the community who are already here. It's gone well so far, so I can't imagine it won't go well after this."

A celebratory reception will be held within a few weeks, she said.