Stanley City Council Minutes 2026-04-14
City Approves Forgivable Loan to Only Storage LLC
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Description
The Stanley City Council approved a five-year, interest-free $34,392.66 loan to Josh Nichols DBA Only Storage LLC to support the purchase of storage units on 9th Avenue SE. The loan will be forgiven in equal annual installments as long as the business remains in operation for the five-year term.
Contract Details
Contract Amount
$34,392.66
Vendor
NICHOLS, JOSH DBA ONLY STORAGE LLC
Agency
City of Stanley, ND
Contract Type
FINANCIAL_SERVICES
Document Date
April 14, 2026
Contract Term
Five-year interest-free loan with annual forgiveness over five years
Renewal Info
Loan features annual forgiveness of $6,878.53 for each year the business remains in operation over a five-year period; no renewal beyond the five-year term is specified.
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