Suite 301, Crossroads Hotel, Huron, South Dakota
On February 22, 1984 Huron Hotel Limited Partnership I was formed to develope, operate and own a 100 room hotel (The Crossroads) with two restaurants (Festivals - all day dining and The Library - fine dining), one bar/lounge (The Caberat) and 7,000 sq ft of meeting space. The Crossroads Hotel and Convention Center opened in April, 1987. The general partners were: Richard L. Johnson (individual General Partner), Earl Nordby, James Zurbrigen, Stan Ward, Pat Prostello, Nels Olsen, Carol Erling, Gene Sibley, Effie Pugsley, Bud Maher, Jack Lawson, Jeannette Lusk, and Pete Mies.
Total Project costs were $6,658,000:
$5,458,000 for the hotel and
$1.200,000 for the parking facility and water, sewer improvements.
The sources of funding totaling $6,658,000 included:
Bond Loan: $2,000,000
UDAG Loan: $1,000,000
CDBG Loan: $200,000
Limited Partner Syndication: $1,958,175
General Partner Capital Contribution: $300,000
EDA Grant (for parking ramp): $700,000
Special Assessment Bonds: $500,000
The architect was The Durant Group, Dubuque, Iowa. The interior designer was PYA/Monarch, Minneapolis, MN. The bond loan underwriter was Juran & Moody, St. Paul, MN. The syndicator was Timmington, Meyer, Schram & Co. Counsel for the General Partners was Steffens & Wilkerson, Edina, MN. The feasibility study was done by Laventhol & Horwath, Minneapolis, MN.
Suite 301, Crossroads Hotel, Huron, South Dakota
On February 22, 1984 Huron Hotel Limited Partnership I was formed to develope, operate and own a 100 room hotel (The Crossroads) with two restaurants (Festivals - all day dining and The Library - fine dining), one bar/lounge (The Caberat) and 7,000 sq ft of meeting space. The Crossroads Hotel and Convention Center opened in April, 1987. The general partners were: Richard L. Johnson (individual General Partner), Earl Nordby, James Zurbrigen, Stan Ward, Pat Prostello, Nels Olsen, Carol Erling, Gene Sibley, Effie Pugsley, Bud Maher, Jack Lawson, Jeannette Lusk, and Pete Mies.
Total Project costs were $6,658,000:
$5,458,000 for the hotel and
$1.200,000 for the parking facility and water, sewer improvements.
The sources of funding totaling $6,658,000 included:
Bond Loan: $2,000,000
UDAG Loan: $1,000,000
CDBG Loan: $200,000
Limited Partner Syndication: $1,958,175
General Partner Capital Contribution: $300,000
EDA Grant (for parking ramp): $700,000
Special Assessment Bonds: $500,000
The architect was The Durant Group, Dubuque, Iowa. The interior designer was PYA/Monarch, Minneapolis, MN. The bond loan underwriter was Juran & Moody, St. Paul, MN. The syndicator was Timmington, Meyer, Schram & Co. Counsel for the General Partners was Steffens & Wilkerson, Edina, MN. The feasibility study was done by Laventhol & Horwath, Minneapolis, MN.