Gov. Doug Burgum has signed into law his budget bill for the upcoming two year period.
In that bill is $50 million to create an endowment fund for a proposed Theodore Roosevelt Library and Museum to be built in Medora. The $50 million consists of $15 million in unspent general fund dollars from the current two year budget, as well as a $35 million loan from the Bank of North Dakota.
The money will be used to attract $100 million in private donations for the library.
"I would do a deal like this every day," Burgum told reporters. "If I thought I could take taxpayer money, put it in an endowment that never leaves the state hands, and we create the opportunity for $100 million in fresh capital coming in to North Dakota."
Burgum said this will create a "tourism factory."
"It will create sales tax, lodging tax, tourism, and will help us attract workforce," Burgum said. "And it helps change how we think of ourselves as a state."
Burgum was asked how much of the $100 million has been pledged so far.
"Approximately just over half of that," Burgum said. "But none of those have been binding."
Burgum said there are people waiting to see if the state wanted the project, and step up to support it.
"Today is a starting line, not a finish line," Burgum said. "It is the starting line for one of the most exciting fundraising campaigns in the history of North Dakota."
Theodore Roosevelt Medora Foundation president Randy Hatzenbuhler said this is transformational. And Hatzenbuhler said this hearkens back to when Harold Schafer took a chance and made Medora what it is.
"North Dakota is a betetr place because of the Medora that exists today," Hatzenbuhler said. "I'm just thrilled that there are people now who have bigger visions than Harold did."
