JAMESTOWN -- The Jamestown/Stutsman Development Corp. has agreed to make a planned payment of $50,000 to the Jamestown Regional Entrepreneur Center now rather than in August as scheduled during the JSDC’s regular meeting Monday, Jan. 14.
The JSDC had previously agreed to fund the Entrepreneur Center at $50,000 per year for three years. The payments had been made in August the previous two years but were moved up while the organization seeks sponsorships after a grant from the U.S. Department of Agriculture was denied.
“We would have paid $50,000 in August, but we’ll pay it early while they work through the sponsorships,” said Kelly Rachel, president of the JSDC.
The JSDC also approved a FlexPace interest buydown for Timmanies Apiaries & Logistics. Tiffanie Mickelson is purchasing a building with the intent to operate her trucking and logistics company from the upstairs portion of the building and open a restaurant and winery in the future on the main floor.
The FlexPace program is a cooperative effort of the Bank of North Dakota and local economic development companies to reduce the interest costs of business loans. Money provided by the JSDC is repaid by the borrower after the end of the interest reduction.
Connie Ova, CEO of the JSDC, said in her monthly report that North Dakota Soybean Processors had extended its escrow closing date until Aug. 31. North Dakota Soybean Processors is attempting to raise additional equity before starting construction of a planned soybean crushing plant at Spiritwood Energy Park Association industrial park at Spiritwood.
The North Dakota Soybean Processors initially announced plans for the Spiritwood plant in February 2017 and have pushed back the closing date for financing twice.
Ova’s report also indicated XELA, a surgical glove manufacturing company, selected Mason City, Iowa, for the location of its new manufacturing plant.
Jamestown had been a finalist for the plant, and XELA managers visited the city last summer.
“Apparently Mason City decided they could afford them,” Ova said. “They are financing the building, but $18 million is too big a chunk for us to bite off.”