BUTTE - The Butte Local Development Corp requested permission at a recent Council of Commissioners meeting to lend $221,959 as part of an $881,937 total financing packaging to the Praxis Sim Holdings LLC.
"The purpose of the loan is to secure this property which will be used to build the proposed Praxis Center," said Mike Archer.
The Praxis Center is a medical simulation training facility that will focus on the needs of and train rural healthcare workers from all over the country.
The property covers 1.8 acres in Uptown Butte on Arizona, Park, and East Galena streets.
Thanks to an interim capital partnership with Big Sky Select out of Great Falls, the land was purchased at the end of 2019 under Praxis sim holdings LLC.
Big Sky Select owns 100% of the membership interest for the land and pulled out of the partnership, so Ray Rogers, founder and CEO of the Praxis Center, plans to use the loan to purchase back and have full ownership of the land to move forward with the project.
"We have had a significant amount of success in the capital raised since the beginning of November. We want to retain a lot of that equity so we could get our architects started in the next month or so," said Rogers.
The commissioners approved the loan request to be signed by Chief Executive J.P. Gallagher.