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Yahoo
23-04-2025
- Business
- Yahoo
North Dakota House advances $50M in state funds for presidential library
The last steel beam is hoisted into place at the Theodore Roosevelt Presidential Library in Medora on Aug. 14, 2024. (Michael Achterling/North Dakota Monitor) The North Dakota House advanced an amendment to the Department of Commerce budget Wednesday that would add $50 million in state funding and a $20 million Bank of North Dakota loan for the Theodore Roosevelt Presidential Library. The 53-40 vote followed lengthy discussion, with some members questioning why the $50 million was first introduced last Friday and did not receive a full policy committee hearing. The funding proposed in Senate Bill 2018 would be in addition to $50 million in state funds the Legislature approved in 2019. Rep. Mike Nathe, R-Bismarck, who proposed the additional library funding, said the $50 million would only be available if the Theodore Roosevelt Presidential Library Foundation matches it with private donations. The goal is to add to the library's endowment so interest from the funds could help cover operational costs, he said. 'As we all know, museums just don't make money,' Nathe said. Theodore Roosevelt Presidential Library crosses construction milestone Construction of the library is on schedule near Theodore Roosevelt National Park in the tourist town of Medora, with a grand opening planned for July 4, 2026. In 2019, then-Gov. Doug Burgum signed a bill authorizing a $50 million endowment for the library that was contingent on the library foundation raising $100 million in private donations. Nathe said inflation and other impacts after the COVID-19 pandemic drove up the cost of multi-year projects like the presidential library. Rep. Ben Koppelman, R-West Fargo, said he only supported the funding in 2019 because he was told that would be the only request for state dollars to support the presidential library. Koppelman, who voted against the new funding, also took issue with the dollars being proposed to the House Appropriations Committee rather than a policy committee. 'We might as well not have policy committees if we're just going to put policy in budget bills whenever we feel like it,' Koppelman said. 'This is a pretty big policy shift to say we're going to double what we did before after we were told that was it.' Rep. Jared Hendrix, R-West Fargo, who also voted against the amendment, said he worries that taxpayers would be on the hook to fill funding gaps for the library. 'I think we would be kidding ourselves if we're going to say that we're not going to be coming back in the future for many years, and decades, to come to ask for more money because these libraries are not sustainable,' Hendrix said. The bill also contains a $20 million line of credit from the state-owned Bank of North Dakota for the library to access during the 2025-27 biennium. The goal of the loan is to help fund construction if there are donations pledged that have yet to be received. Lawmakers approved a similar $70 million line of credit for the library in the 2023 session, which the library foundation has not accessed. 'That we haven't touched our $70 million line of credit with the state shows that we are being responsible about this and trying to raise as much private funds as possible,' said Matt Briney, spokesperson for the Theodore Roosevelt Presidential Library Foundation. To date, the foundation has raised $286 million in private donations for the library project, he said. 'If we get all the private funding for the library, that would essentially be $500 million for the library construction and the endowment contributions,' Briney said. A $70 million line of credit for the library was included in the state Parks and Recreation budget. However, the latest amendment reduces it to $20 million. Sen. Brad Bekkedahl, chair of the Senate Appropriations Committee, said lawmakers intend to only include the loan in one budget. The bill states that if the loan is not repaid by June 30, 2027, lawmakers would be asked to consider repaying it. Lawmakers also added a provision that would require admission to the Theodore Roosevelt Presidential Library to be free for children under 18. Rep. Vicky Steiner, R-Dickinson, who voted in support of the library funding, said former President Theodore Roosevelt was 'larger than life.' She said the library could inspire children for generations. 'This will put us on the map internationally,' Steiner said. She added the library will help tell the story of North Dakota and could influence more investment and people coming to the state. Theodore Roosevelt Presidential Library bill aims for federal cost-share, access to artifacts The House is expected to vote on the overall bill Thursday. The library funding also would need to be considered by the Senate. The presidential library endowment is managed by the state Department of Trust Lands. The balance was about $54.5 million as of Jan. 31, according to Land Commissioner Joe Heringer. The presidential library also received $4 million in state funding through the Department of Commerce Destination Development grant program. The funding was designated for recreation trails, paths and pavilions around the library grounds to connect with nearby tourist and recreation sites. In addition, the library received nearly $500,000 from the state Outdoor Heritage Fund for a native plant seeding project. There's also an effort to secure federal funding for up to $50 million for the library. The U.S. Senate passed the legislation last year but the House did not act on it. Sen. John Hoeven, R-N.D., reintroduced the legislation in February, with Sen. Kevin Cramer, R-N.D., as a co-sponsor. SUPPORT: YOU MAKE OUR WORK POSSIBLE SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
30-03-2025
- Business
- Yahoo
Applied Digital helps Ellendale, ND, with partnership for housing
Mar. 29—Editor's note: This story and accompanying photo are advertorial content in the 2025 "Moving the Community Forward" special section of The Jamestown Sun. ELLENDALE, N.D. — Applied Digital Corp. is helping a rural community by partnering with the city of Ellendale, the state of North Dakota and Headwaters Development to build 20 homes and a 38-unit apartment complex. "Since we're bringing in a large new workforce, we need a place to have rentals for a period of time," said Nick Phillips, executive vice president of external affairs for Applied Digital. He said 18 of the 20 single-family homes for Ellendale Acres are nearing completion and the other two are constructed but not permanently anchored to a foundation. He said those 18 homes will be move-in ready any day. He said work on the 38-unit apartment complex is expected to begin in June or July. "The anticipation is that that will also be available this year as well," he said. Applied Digital develops, builds and operates next-generation data centers and Cloud infrastructure. Applied Digital has blockchain sites that support cryptocurrency mining about 7 miles north of Jamestown and 1 mile west of Ellendale. Phillips said the housing project leverages dollars from the North Dakota Industrial Commission's Rural-Workforce Initiative to Support Housing (R-WISH) pilot program. The program utilizes up to $10 million of Bank of North Dakota capital to complement the work done by the North Dakota Housing Finance Agency and the North Dakota Housing Initiative Advisory Committee, according to Bank of North Dakota's website. The maximum amount from the R-WISH fund is the lesser of 30% of the project costs, $3.5 million or the matching contribution from the company. "In our case, we committed to invest $3.5 million," Phillips said. "Bank of North Dakota will match that through the program. The city of Ellendale is doing a TIF (tax-increment financing) district, which will help with some of the infrastructure improvements, roads, etc. And then obviously we had to find a developer to come in and do this." Applied Digital's data center was annexed into the city of Ellendale in January. Headwaters Development will own the homes and apartment complex and rent them to Applied Digital employees. Once those employees find a different living arrangement, those residences will be available for new employees, Phillips said. He said Applied Digital is asking its employees to move to Ellendale and the city needs help in order to grow and accommodate that. He said Applied Digital's partnership with the city of Ellendale and its businesses and the state of North Dakota is vital. "Having good working relationships is vital," Phillips said. He said Applied Digital's community involvement in Ellendale is important. He said Applied Digital partnered with businesses for a new $200,000 pin setter for the bowling alley, helped the Ellendale park board by bringing in truckloads of dirt for a park, provided movie nights for families and donated art kits to elementary students in Ellendale. In Jamestown, Applied Digital has donated to the Two Rivers Activity Center for the outdoor pickleball courts and has participated in other fundraisers. The company also purchases memberships at TRAC for its employees. When Applied Digital officials are in Jamestown, they take employees to local restaurants. The company also donated to the University of Jamestown's sports programs after student-athletes helped unpack items for Applied Digital's facility.
Yahoo
10-03-2025
- Business
- Yahoo
Senate committee hears bill mandating gold, silver investments by North Dakota treasurer
Rep. Daniel Johnston, R-Kathryn, holds up a $20 gold certificate and a gold coin during a committee hearing on March 10, 2025. (Michael Achterling/North Dakota Monitor) The North Dakota Legislature is considering investing 1% of the state's treasury in gold and silver, something other states and nations have done to ensure financial stability. Bill sponsor Rep. Daniel Johnston, R-Kathryn, told a legislative committee Monday that an investment that remains independent in value from the dollar would be beneficial in times of inflation or other financial pressures. 'Even in a good year, our dollar is losing 2% to 3% of its value,' Johnston told the Senate Industry and Business Committee. More 2025 legislative session coverage His proposal, House Bill 1183, would require 1% of the state general fund and other funds managed by the state treasurer to be invested in gold or silver bullion or coins starting July 2027. A fiscal note estimates that to be about $40 million for 2027-29. The bill only relates to funds managed by the state treasurer, not the Legacy Fund, Common Schools Trust Fund or other state funds managed by boards. The bill also requires the treasurer to study the benefits of investing in gold and silver, with a report due by June 2026. The cost of the study is estimated at $50,000. The bill passed the House last month on a 54-35 vote after initially failing by one vote. Johnson said members of the BRICS nations, an informal association including Brazil, Russia, India, China and South Africa, among others, are moving away from using the U.S. dollar as foundational currency in favor of gold as the U.S. continues to accrue more debt. 'American consumer debt has never been higher,' Johnston said. 'Nations around the world see this and are preparing themselves for the day that the dollar is no longer the reserve currency of the world.' In an interview with the North Dakota Monitor, State Treasurer Thomas Beadle said his office wants to remain neutral in discussions about the bill. He said other states with similar statutes use precious metals with their 'rainy day' funds and not their general funds because they need funds to remain accessible on short notice. 'I'm always hesitant anytime we do a specific asset allocation within Century Code, but I do think gold has been a strong investment for a number of years and I think it has a very rosy outlook into the future,' Beadle said. The bill would require the treasurer to develop policies and procedures for managing the state's precious metals stockpile and hold the gold or silver in a secure facility. The state-owned Bank of North Dakota also is neutral on the bill but officials have pointed out it would add costs for renovations and additional security if the bank were to store precious metals. 'I think there's quite a bit of thought out there that the bank could do that with a vault in the basement,' Bank of North Dakota President Don Morgan told the Industrial Commission last month. 'There's lots of logistics and security and insurance to consider.' Kelvin Hullet, chief business development officer for the Bank of North Dakota, told lawmakers on Monday his team has taken preliminary steps to see if holding gold in the vault is feasible. 'It would probably take a couple million dollars in renovations to bring that up to speed to be able to store gold and silver,' Hullet said. He estimated that a $100 million in precious metals investment would require about $400,000 to $600,000 in annual operating costs. The bill gives the state treasurer the ability to use a third-party contractor to assist with precious metals services, if needed. Jp Cortez, executive director of the Sound Money Defense League, testified in favor of the bill. He told lawmakers Texas and Ohio already invest in gold and other states including Wyoming and Utah are adopting similar legislation. The committee did not take immediate action after the hearing. A similar bill, House Bill 1184, sponsored by Rep. Nathan Toman, R-Mandan, would have allowed up to 10% of the funds managed by the State Investment Board and the Board of University and School Lands to be used on precious metals or digital currency. That bill failed in the House on a 57-32 vote in January. Those boards already have that authority. SUPPORT: YOU MAKE OUR WORK POSSIBLE SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
