Jamestown/Stutsman Development Corp. reviews finances
Oct. 12—The Jamestown/Stutsman Development Corp. will have resources of about $10.7 million to utilize for economic development projects from now through the end of 2030.
The report was prepared by the JSDC Finance Subcommittee and presented to its board of directors on Monday.
The projections utilize the beginning balance of the economic development funds of the city of Jamestown and Stutsman County for 2021 and add in the projected half-percent city sales tax and county mill levy dedicated to economic development. From that amount projected operating expenses are subtracted for each year along with funds already committed to economic development projects such as ADM and $500,000 per year for anticipated Flex Pace projects.
The projections list an ending balance in the economic development funds of $4.5 million at the end of this year and growing to $10.7 million by the end of the decade.
The JSDC Board of Directors was also informed that a Payroll Protection Program loan of $68,000 the JSDC had received in March had been forgiven. The PPP loans were part of the coronavirus recovery and were meant to stabilize businesses during the coronavirus pandemic. The funds will be held in the JSDC funds until the end of the year when any excess funds are distributed back to the city of Jamestown and Stutsman County as part of a reconciliation process.
In other business, the JSDC Board of Directors approved Flex Pace loans for Mid-Mac, Romsdal/Central Sales and Stoudt Properties.
The board approved a $75,000 grant to Jamestown Tourism. The JSDC grant is matched with $75,000 from tourism and used to provide grants for events.
The board was also informed that the terms of Tory Hart, Kelly Rachel, Lorrie Pavlicek, C.J. Janke and Rick Wolf are expiring at the end of the year. All but Pavlicek are eligible to serve another term.
A nomination committee will review the existing members and determine if additional terms will be offered and review any possible applications from applicants to become new members, said Connie Ova, CEO of the JSDC.