The Minnewaukan Public School District recently celebrated the grand opening of its new K-12 building in Minnewaukan, North Dakota.
Ninety percent of the school’s 287 students are members of either the Spirit Lake Tribe or the Turtle Mountain Band of Chippewa Indians. Their first day in the new school was January 3 and a grand opening celebration was held January 21.
“The old school building was continuously threatened by flooding from the adjacent Devils Lake and was inadequate to meet the needs of the student body, faculty and administration,” says a press release. “The new building is safe from floodwaters and provides new classrooms, a cafeteria, recreational areas and common spaces.”
The school was financed New Markets Tax Credit (NMTC) provided by Travois New Markets, which contributed $11.2 million and Chase, which contributed $2 million. Chase also acted as the investor and purchased tax credits, providing more than $4.1 million in equity for the $12.8 million building. Northland Securities assisted the school district with the NMTC process.
"In view of the dilemma that we were in, New Markets Tax Credits were a life saver,” said Myron Jury, Minnewaukan Public School District superintendent and the mayor of Minnewaukan, in the release. “The school and staff, as well as the 287 children that attend school here and their parents, extend a hearty thank you to the New Markets Tax Credit program, Travois, Chase and Northland Securities for the much needed help."