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NDSU Foundation signs letter of intent for airplane purchase

The NDSU Development Foundation has signed a letter of intent with Scheels All Sports, Inc., for Scheels to purchase the Foundation’s airplane.

“This is an exciting opportunity for the NDSU Development Foundation and for our prospective buyer, creating a win-win scenario for both parties,” said Doug Mayo, president and CEO of the Development Foundation.

The Foundation has owned planes since 1972, and purchased this plane in 2007.The 2013 legislature passed a bill essentially requiring the NDSU Development Foundation to sell the plane by 2017.

“Out of respect for the legislature and their intentions, we’re pleased to have this opportunity to sell the plane several years in advance of the legislative deadline,” Mayo said.