JSDC approves Flex Pace loan
The executive board of the Jamestown/Stutsman Development Corp. approved a Flex Pace interest buy down for Custom Contracting in Jamestown. The $140,000 loan would reduce the interest rate on a construction loan for a new building for the business.
The loan is repaid to the JSDC after the original business loan is paid off.
“We’ve done business with them before and they’ve done a good job,” said Gary Riffe, president of the JSDC.
The loan will be reviewed by the JSDC Board on April 14 and then by the Jamestown City Council and Stutsman County Commission before being issued.
The JSDC also extended the closing date for Kal Patel’s purchase of a lot in the I-94 Business Park. The closing had been set for April 1 but the abstract could not be prepared in time. The land sale will not close sometime before May 14.
Connie Ova, CEO of the JSDC, said she had spent considerable time meeting with CHS officials in regard to its proposed nitrogen fertilizer plant“We’re working to make sure they feel comfortable enough to move forward,” she said. “A decision is likely in May.” Ova said many of the meetings with CHS officials had occurred with the North Dakota Water Commission.