City to secure financing for Priebe land development

In a brief regular meeting of the Chamberlain City Commission, City Engineer Greg Powell was given the go-ahead to establish financing with First Dakota Bank of Chamberlain for infrastructure development of the Priebe land, a project estimated to cost approximately one million dollars.

 

According to Powell, First Dakota quoted an interest rate of 2.75 percent, a half percent below the other lender that was contacted. Bids cannot be awarded to contractors without first having financing in place. Commissioner Tim Thomas abstained from the vote as his daughter is employed with First Dakota Bank.

 

 

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Chamberlain Sun

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Chamberlain, South Dakota 57325 

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