Along with Altru’s donation, the campaign this week received $500,000 commitments from the Grand Forks Economic Development Corp., $100,000 from True North Equipment and $50,000 from JLG Architects.
The funds will help a core group of local leaders, led by the local school district, as they apply for $10 million in state funding to help realize the project. Critically, winning that funding depends on a local match of $10 million from the community, making this week’s gifts part of an early round of philanthropy that almost certainly must continue before an application deadline in less than two months.
“This is one of the most significant projects that the community has undertaken,” said Keith Lund, president and CEO of the local Economic Development Corporation, “and one of the most significant and important projects that we’ve seen since my time at the EDC over the last 15 years.”
The EDC’s board of directors unanimously approved the commitment during a Thursday morning meeting. Half of the $500,000 will come from the EDC’s reserve funds, while the other half will come from the EDC’s foundation.