Jamestown / Stutsman Development Corp. examine finances
The Jamestown / Stutsman Development Corp. will have approximately $ 10.7 million in resources to use for economic development projects by the end of 2030.
The report was prepared by the JSDC’s finance subcommittee and presented to its board of directors on Monday.
The projections use the opening balance of the City of Jamestown and the County of Stutsman Economic Development Funds for 2021 and add the municipal sales tax of half a percent and the tax on county factories dedicated to development. economic. From this amount, planned operating expenses are subtracted for each year as well as funds already committed to economic development projects such as ADM and $ 500,000 per year for planned Flex Pace projects.
Projections indicate a final balance of economic development funds of $ 4.5 million at the end of this year, which will increase to $ 10.7 million by the end of the decade.
JSDC’s board of directors was also informed that a $ 68,000 Payroll Protection Program loan that JSDC received in March has been canceled. PPP loans were part of the coronavirus recovery and were intended to stabilize businesses during the coronavirus pandemic. The funds will be held in the JSDC funds until the end of the year, when all excess funds are redistributed to the City of Jamestown and Stutsman County as part of a reconciliation process.
In other matters, JSDC’s board of directors approved the Flex Pace loans for Mid-Mac, Romsdal / Central Sales and Stoudt Properties.
The board approved a grant of $ 75,000 to Jamestown Tourism. The JSDC grant is matched with $ 75,000 from tourism and used to provide grants for events.
The board was also told that the terms of Tory Hart, Kelly Rachel, Lorrie Pavlicek, CJ Janke and Rick Wolf expire at the end of the year. All except Pavlicek are eligible for another term.
A nominating committee will review existing members and determine whether additional terms will be offered and consider all possible nominations from candidates to become new members, said Connie Ova, CEO of JSDC.