JSDC offers to buy out SCDRC’s share of building
The Jamestown/Stutsman Development Corp. Board offered to purchase a share of the Center for Economic Development building owned by the South Central Dakota Regional Council for $125,000 Monday.
The JSDC owns 50 percent of the Center for Economic Development, while the SCDRC owns 32 percent, and the Jamestown Area Chamber of Commerce owns 18 percent.
SCDRC is adding staff and has outgrown its space within the building, said Deb Kantrud, executive director of the council.
Connie Ova, CEO of the JSDC, said the building was appraised at $470,000. The co-owners of the facility, the JSDC, SCDRC and the Jamestown Area Chamber of Commerce, have about $532,000 invested in the building.
“The 32 percent owned by the regional council would be valued at about $150,000,” Ova said. “The JSDC is offering to buy it for $125,000 with the split 90 percent city and 10 percent county.”
Ova said possible uses for the space include relocating Stutsman County offices such as the Extension Office or part of the Stutsman County Social Services. Users would pay rent to the JSDC to help cover the operating expenses of the building.
Kantrud said her board would consider the offer.
“We have no immediate plans to move,” Kantrud said. “Any planning for a new location cannot start until the sale of the SCDRC share to the JSDC is complete.”
The completion of the sale will require the approval of the SCDRC Board of Directors, the Jamestown City Council and the Stutsman County Commission.
In other business, the JSDC Board approved a jobs incentive fund grant to Dakota Spirit AgEnergy of up to $682,500. The grant amounts to $17,500 for each job with a wage above $15 per hour to a maximum of 39.
Ova said the funds will be paid to DSA upon proof of hiring and wages for the new employees. The 39 new jobs created at DSA range in wages from $17 per hour to $38 per hour.
The JSDC also approved a Flex Pace and a Pace interest buy down for RealTruck.com. Ova said the loan of $80,000 from the JSDC would be used along with a grant of $175,000 from the Bank of North Dakota to reduce the interest rate on an expansion loan.
The jobs incentive fund grant to DSA and the Pace interest buy down loan to RealTruck.com must be approved by the City Council and the County Commission before going into effect.
Sun reporter Keith Norman can be reached at 701-952-8452 or by email at firstname.lastname@example.org