New motel planned for south Jamestown
JAMESTOWN -- Another new motel may be in the future of south Jamestown.
The executive board of the Jamestown/Stutsman Development Corp. agreed to sell a lot in the Interstate 94 Business Park to Shaw Development Group for the construction of an 83-unit Microtel Inn. The board approved the sale on a 4-0 vote, with Mark Klose absent from the meeting.
The topic now goes to the full board of directors of the JSDC and, if passed, to the City Council and Stutsman County Commission.
"We're interested in the growth taking place in Jamestown and the emphasis the city and county have placed on that growth through the JSDC," said John Shaw, managing member of Shaw Development Group of Middleton, Wis.
Shaw did not comment on financing options. Documents provided by the development corporation staff said he is pursuing a combination of E-B5 financing, a personal bank and making a personal investment of his own funds in the project.
E-B5 funding allows foreign investors to gain a visa to the United States if they invest $500,000 on a project.
The Microtel Inn project has an estimated cost of $5.9 million and will create 15 full-time jobs along with one to three part-time positions.