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N.D. (NewsDakota.com) – The Jamestown Stutsman Development Corporation will be looking to develop a new industrial park near the Jamestown Regional Airport.

Business Development Director Corry Shevlin reports that the Jamestown Regional Airport Authority (JRAA) has ownership of around 87 acres along Highway 20 North, which is prime for development into industrial and aeronautical use lots.

“We have previously discussed developments for these lots as a next step for the JSDC,” Shevlin says in a memo. “For the term of development, the JRAA will lease the land to the JSDC at the agriculture land lease rate. The JSDC would then be able to sublease the land for agriculture purposes.”

Shevlin points out that around $2.8 million would be needed to develop the park.

“These lots will be shovel ready after development is complete. The JSDC will recoup the investment made into the land through the lease structure.”

Approximate amounts will be $0.71 per square foot for the repayment of the development cost as a onetime payment plus $0.02 per square foot for JRAA on a yearly basis.

The project would be funded on a 90/10 City and County split with the city accounting for $2,562,752.44 and the county fronting $284,750.28. If approved by the city council and county commission, the project could begin work this fall.