Theodore Roosevelt Presidential Library Using $70M Bank of North Dakota Line of Credit

(Photo courtesy of the Theodore Roosevelt Presidential Library via the North Dakota Monitor)

(North Dakota Monitor) – The Theodore Roosevelt Presidential Library Foundation has tapped into $53 million of a $70 million Bank of North Dakota line of credit to pay for construction costs while private fundraising continues.

Ed O’Keefe, CEO of the Theodore Roosevelt Presidential Library Foundation, said the foundation anticipates accessing the full $70 million by the end of the year.

North Dakota lawmakers in 2023 first established the line of credit through the state-owned bank to allow construction on the $450 million library in Medora to continue if donations have been pledged but not yet received by the library foundation. The loan did not get used in the 2023-25 budget cycle.

Lawmakers voted earlier this year to continue that line of credit. Unlike a traditional loan, a line of credit allows the borrower to access the funds only as needed, saving money on interest, said Kelvin Hullet, chief business development officer for the Bank of North Dakota.

(North Dakota Monitor) – ENTER STORY HERE. Click the image on the left to replace. Be sure to use MEDIUM size and choose left alignment. Don’t forget to also add the image in featured media and select no image.