Soybean processing plant agreement extended to May
The Jamestown/Stutsman Development Corp. meeting Monday reviewed the extension of an agreement that could ultimately build a soybean processing plant at Spirtwood.
The exclusivity agreement between the Spiritwood Energy Park Association and "Company X" has been extended from Jan. 10 to May 1.
The agreement specifies that the energy park will only consider the anonymous Company X for the development of a soybean processing plant at the industrial park at Spiritwood.
Company X was identified as Archer Daniels Midland in court documents for an unrelated case. That information has not been confirmed by the energy park association or Archer Daniels Midland.
The extension of the agreement was approved at a special meeting of the Spiritwood Energy Park Association board of directors Monday and was announced at the regular monthly meeting of the Jamestown/Stutsman Development Corp. later in the day. The Spiritwood Energy Park Association is a partnership of the JSDC and Great River Energy.
Connie Ova, CEO of the JSDC, said planned projects at Spiritwood are moving forward. Plans have been announced for a commercial greenhouse by Houweling Tomatoes and the soybean crushing plant by Company X.
"We keep moving along on the projects," Ova said. "We're working on both projects on a daily basis."
Ova said she hoped to see more announcements on the projects during the first quarter of 2021.
In other business, the JSDC approved an updated lease with Collins Aerospace for Building 2 owned by the JSDC. The new agreement sets the annual lease at $38,520 for the next three years with a 2% increase each year after that.
The JSDC also approved a Flex Pace loan for Shore Properties which is purchasing the former Builders FirstSource building, formerly known as UBC, at 1905 8th Ave. SW, to lease to Infinity Building Services.
Clyde Schmautz, president of Infinity Building Services, said the purchase would allow Infinity to move from its current location to the more visible location.
The Flex Pace program reduces the effective interest rate of a business loan to as little as 1%. The business repays the money invested by the JSDC in the program at the end of the real estate loan.
The JSDC also approved a maintenance project for its building at a cost of about $26,000.
The building, known as the Center for Economic Development, is owned jointly by the JSDC, Jamestown Area Chamber of Commerce, the city of Jamestown and Stutsman County. If all organizations approve, the project would repair the joints between the panels on the exterior of the building and finish it with new caulking.
Work on the project is planned for the spring of 2021.