From Sen. Kent Conrad‘s office:
WASHINGTON, D.C.- Sens. Kent Conrad and John Hoeven and Congressman Rick Berg announced today that USDA Rural Development has approved a conditional commitment for a guaranteed loan of $4,710,500 for lodging opportunities in Williston. The funds will be used by Williston Express Hospitality, LLC to finance the construction of the Holiday Inn Express & Suites in Williston.
The congressional delegation welcomed the news of the funding, noting that it will support the continued economic development of Williston and the surrounding area.
Reports indicate that North Dakota’s oil-producing counties have 23,000 more people today than they did a decade ago and more oil workers and their families are headed to the area. The delegation is working to advance support for the area’s infrastructure, such as roads and additional housing.
In August, the Secretary of the U.S. Department of Housing and Urban Development Shaun Donovan visited the area and met with local officials, including Senator Conrad and then-Governor Hoeven to discuss solutions to housing and infrastructure needs.
Last week, the North Dakota Department of Mineral Resources said production in the area of the Bakken Formation could double to nearly 700,000 barrels of oil per day in the next four to seven years.
Industry officials are also projecting that the total recoverable oil in the Bakken and Three Forks formations may be more than twice the current estimates of 4 billion barrels.