Connie Ova 2014Jamestown (CSi) A new plan being developed by the Jamestown/Stutsman Development Corporation (JSDC) could streamline the process of granting Flex Pace interest buydowns through the JSDC.

Under the new proposal, the JSDC would have a set of criteria to use for reviewing the project. If the project meets the criteria and is within available funding limits, it would not require approval from the City Council or the County Commission.

Currently, the business applies for the Flex Pace interest buy down to the JSDC, which reviews the application. If the JSDC Board of Directors approves the Flex Pace interest buydown, the application is forwarded to the Jamestown City Council and Stutsman County Commission for both to approve.

The Flex Pace program utilizes a grant from the Bank of North Dakota and a loan from the JSDC to reduce the interest rate on a business loan by as much as 5 percent. The JSDC is repaid its loan after the original business loan is retired.

The change was reviewed at Monday’s JSDC Executive Committee meeting.

The executive committee also moved to JSDC Board of Directors without recommendation an $81,000 Flex Pace Affordable Housing interest buydown for MetroPlains, which is planning construction next summer for row homes at the previous Essentia Clinic location.