"Westgate Development will be able to serve the Vermillion community for many years to come with the development of this apartment complex. This addition will provide community members with more affordable options for housing, in addition to providing more options to prospective individuals moving to the community," Potts said.
The guaranteed federal funding will be leveraged with an applicant contribution of $624,513 and will be used for the construction of the first phase of 24 units. Each building will contain two- and three-bedroom apartments with common spaces including laundry facilities, a mail center, storage room, and mechanical spaces. The second phase with an additional 24 units is planned within the next few years.
"This is a project that our company has wanted to do for several years, but needed help with the funding. We are grateful that the USDA Rural Development and American National Bank stepped up to the plate to help fund this housing project. We have been able to stay right on schedule and have a completion date set for June 1, 2007. We are excited about the project and are confident that the city and the college will be able to utilize this facility for many years," said Brett Harvey, vice president of Westgate Development, Inc.
"American National Bank of Holstein, IA is both pleased and excited about its involvement in the Westgate Development, Inc. project located in Vermillion. This apartment complex would not have been possible without the assistance of USDA Rural Development staff," said Bob Butcher, president and CEO of American National Bank.
Rural Development Manager Sherrie Lewis also attended the event. USDA Rural Development has 10 offices in the state that assist rural communities. Office locations include the state office in Huron, along with area offices in Aberdeen, Mitchell, Pierre, Rapid City, Sioux Falls, Sturgis, Watertown and Yankton.
USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture-capital entity, Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development and critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA's Web site at http://www.rurdev.usda.gov.