JAMESTOWN, N.D. (NewsDakota.com) – The Jamestown College Foundation, Inc. will use a loan from the USDA Rural Development in the amount of $2 million to purchase four buildings from the University.

According to the USDA, the investment will allow the University to purchase four buildings including the Harold Newman Multi-Use Facility, Foss Wellness Center, Larson Sports and Academic Complex, and the Reiland Fine Arts Center from the University of Jamestown.

“The USDA loan proceeds will enable the university to separate certain real estate
functions from operational functions by way of the proposed lease with the foundation,” the USDA says in a release. “The transaction will result in a recapitalization of the university’s balance sheet and significant expense savings to the university, which equates to approximately 12 faculty and staff FTE positions.”

The announcement was made by Representative Kevin Cramer and Senators John Hoeven and Heidi Heitkamp Friday. The savings afforded by the USDA loan will help support the university in maintaining its long-term financial help.