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N.D. (NewsDakota.com) – The City of Jamestown’s Finance & Legal Committee met on Tuesday evening at the courthouse.

Several items were brought forth by the Jamestown Stutsman Development Corporation including PACE and Flex PACE funds for JK Holdings. Councilman Steve Brubakken asked the JSDC about the rules regarding PACE and Flex PACE.

Business Development Manager Corry Shevlin stated that new rules changed the process.

Both a PACE Economic Development Fund request of up to $215,000 and Flex PACE up to $86,000 were approved with some city share.

Later in the meeting, loan options were discussed for both the 5th Street Paving Project and Menards to JRMC Road project. City Administrator Jeff Fuchs stated that the city had the power to have a loan payback term of up to 30 years at 2% interest.

Fuchs says there are some drawbacks to a longer term of payment on the loans.

Because the properties in those area have been special assessed, some of the cost for the projects would be deferred to the landowners. Mayor Katie Andersen has more.

Both loans for each project were approved at 30 years each.