Sep. 13—JAMESTOWN — The Jamestown/Stutsman Development Corp. Board of Directors unanimously approved on Monday, Sept. 12, allowing JSDC to assume a loan of almost $151,000 of Northern Plains Electric Cooperative.

If approved by the City Council and county commission, the city's share will be about $136,000 and the county's share will be more than $15,000.

The Spiritwood Energy Park Association got a loan through Northern Plains Electric Cooperative, which in turn got funds from the U.S. Department of Agriculture's Rural Economic Development Loan and Grant Program. The Spiritwood Energy Park Association had to work with a rural utility provider to access the funds from the Department of Agriculture's program.

The JSDC is loaning the Spiritwood Energy Park Association funds to pay back Northern Plains Electric. Spiritwood Energy Park Association will then be responsible for paying back the JSDC with payments over two years.

"USDA would then release the lien on the property so that we could do the new loan appropriately," said Connie Ova, CEO of JSDC.

Ova said the JSDC assuming the loan helps expedite track financing for the Green Bison Soy Processing facility. The Spiritwood Energy Park Association is looking to request a $12 million loan for the rail loop for Green Bison Soy Processing.