Jamestown  (CSi)  The Jamestown/Stutsman Development Corporation  (JSDC) Board, Monday, voted to tentatively approve a $215,000 loan voted to a loan for the Eagles Flat  home housing project planned for downtown Jamestown. Following approval by the Jamestown City Council and the Stutsman County Commission, the loan repayment would begin in 15 years after the initial mortgage of the project is retired.

Commonwealth, is the Wisconsin company developing the project

The project is planned for the former  Eagles building that would be demolished for the 33-unit housing complex.

Maximum rents for the apartments, based on the median annual income of Stutsman County.

The Jamestown City Council has approved a Payment in Lieu of Tax incentive as Eagle Flats would pay the city of Jamestown $35,000 per year for 15 years rather than property taxes based on the value of the building, estimate to save Commonwealth about $40,000 per year.

The JSDC loan is contingent from the Bank of North Dakota, Housing Flex Pace program, granting Commonwealth $550,000 reducing interest costs on the initial mortgage.

The bank requires local participation such as from the JSDC, in the form of a grant or loan to approve the project.