JAMESTOWN, N.D. (NewsDakota.com) – The Jamestown Stutsman Development Corporation (JSDC) Board of Directors moved to de-obligate airport park funds Monday.
JSDC Admin & Finance Coordinator Tracey Pringle informed the board that they came in under budget for infrastructure costs at the Airport Industrial Park.
A total of $424,007.15 was de-obligated at the City and $106,557.00 at the County. The motion was approved unanimously.
In other discussion, changes to the 2021 Flex PACE Program were addressed. JSDC Business Development Manager Corry Shevlin stated that so far, all Flex PACE funds for the year have been obligated.
“This is a terrific problem to have and shows tremendous growth in our community,” Shevlin stated. “I have 3 applications today that could be moved to forward for funding pending approval and I am anticipating 3 additional application in the coming weeks. If all 5 projects were funded to their anticipated levels, they would obligate $480,000.”
Earlier this year, a committee recommended making changes to the funding so as not to use all economic development funding from the City and County in the program.
Shevlin stated a thorough review of the funding mechanisms they use to determine eligibility is appropriate moving forward into the 2022 program and something they can work on now.
“This year has been an anomaly from the aspect of the number of projects and funding amounts requested, I do not think we will have a repeat of this year after year,” he added.
Shevlin says there is currently $4.3 million dollars available in economic development funds available for projects. The Economic Development funds generate $1.56 million annually between the city sales tax and the county mill levy.
Shevlin forwarded a committees motion to recommend funding up to $1 million for the 2021 Flex PACE program up to an additional $720,000. This would make for $800,000 from the city and $200,000 from the county for the program, which was approved unanimously.
The board also heard a motion to change the program for 2022 and moving forward.
“Applicants are only able to have 1 active Flex PACE loan with the JSDC, a confirmation of Funding Letter from the Lender, and question on whether the applicant plans or has received a tax incentive,” Shevlin said.
The board moved to approve with some dissenting the new rules. The JSDC Board also approved funding the 2022 Flex PACE program, pending city and county approval, of up to $500,000 with the parameters to be determined later.
In 2021 so far, more than $279,828 has been distribute through the Flex PACE program. Current applications awaiting consideration include Casey Stoudt, Medicine Shoppe, Creative Energy, IDK, Liecthy Family Housing, and Pizza Ranch. The total amount of those requests are up to $480,000.