Forward Devils Lake is likely to approve funding for various projects at the same clip, or better, as they have in the past despite budget issues at the state level.
Forward Devils Lake received two flex funding requests at its regular meeting Wednesday, both for $86,000.
Lake Region Fitness, located at City Plaza and in operation for about a year, was turned down by the board.
Executive director Rachel Lindstrom said that approving the request could be “opening up a can of worms,” as City Plaza as a whole was granted flex funding a year ago.
She pointed out that Forward Devils Lake is focused on new projects saying “it would have been a whole different story,” had Lake Region Fitness applied for flex funding before they started operations, though she also said that they could still appeal to North Central Planning for funding.
Their request was made to fund equipment and a retrofit of the gym.
Vasichek Properties also requested $86,000 to help with a $5.6M project to install a concrete building over the current structure at Leading Edge, the local John Deere dealer.
That request was approved.
The flex funding operates as a loan that Vasichek Properties will be responsible for repaying to Bank of North Dakota over five years at a one percent interest rate. The community portion of the funding will work as an interest buydown on the loan.
Lindstrom said that while the state’s budget issues means less money for community development, Bank of North Dakota, which FDL works with on all their community development funding, is “doing great” and has taken up the slack.
That means that FDL is likely to approve funding for various projects at the same clip, or better, as they have in the past.
Lindstrom encouraged those taking on new projects to apply for flex funding.
“It’s free money sitting out there,” she said. “If you don’t use it, you’re kind of silly.”