JAMESTOWN – The Jamestown/Stutsman Development Corp. unanimously approved a Flex PACE request of more than $85,700 for Liechty International LLC on Monday, June 13, for the purchase of the real estate portion from Liechty Homes LLC's Jamestown office.
“This project is a transfer of Liechty Homes from the second generation to the third generation,” said Nick Schauer, board member. Liechty’s has four locations – Jamestown, Bismarck, Minot and Black Hawk, South Dakota, according to its website.
If approved by the Jamestown City Council and Stutsman County Commission, the city’s share will be more than $68,500 with the county’s share being over $17,100.
Schauer said the current owners have been running Liechty Homes since May 2021.
Corry Shevlin, JSDC business development director, said the Flex PACE interest buydown is only for the purchase of the real estate portion of the Jamestown office, which comes in at just under $1 million. He said the Flex PACE interest buydown cannot be used to incentivize rental housing or anything that could be perceived as that.
The Flex PACE interest buydown loan allows communities the ability to provide assistance to businesses that do not met the primary sector definition of PACE, according to the JSDC's website.
If the community provides its share of the interest rate buydown as a loan, interest may accrue, according to the Bank of North Dakota's website. Repayment of principal or interest on the loan from the community shal not commence until the Flex PACE interest buydown has been fully expended, the website states.
The JSDC Board of Directors unanimously approved without recommendation sending a dues request of more than $36,400 from the South Central Dakota Regional Council to the Jamestown City Council and the Stutsman County Commission.
The Jamestown City Council and Stutsman County Commission will need to approve the funding request from the Economic Development Fund. The funds will be distributed with a 63-37 city-county split.
The funds will be used to provide local support to match federal and state grant programs, according to the Regional Council’s application.
In other business, the JSDC Board of Directors: