Developers of the Memorial Village II project are one step closer to securing the necessary funding for construction of an NCAA softball complex on site.
The Grand Forks Growth Fund this week approved the terms of a $2 million dollar 20-year loan. It would come at an interest rate of two-percent in years 1-10 and four-percent in year eleven and beyond. The funds will complement a $2.5 million dollar contribution being made by an outside donor for the $4.5 million dollar build.
In addition to supporting UND softball the recreational complex will be made available to other groups – including the Park District and Grand Forks School system. City Administrator Todd Feland says those details will be spelled out in a future agreement.
The loan recommendation will be forwarded to the Grand Forks City Council for review.
The council next week will hold a public hearing on a 95% PILOT exemption over 20 years for the five-story market rate apartment component of the development plan.
Picture: GF staff report/Memorial Village Investments, LLC
