Corporate Center II sale approved

Sold!  The Grand Forks Jobs Development Authority last night (Monday) accepted a $2.5 million dollar offer for the downtown Corporate Center II building.  Grimsley Consulting submitted the high bid for the 31,535 square feet of office space on DeMers Avenue.  The appraised value of Corporate Center II was around $3 million dollars.

The pending sale had the prior approval of the Grand Forks Growth Fund Committee. Council President Dana Sande asked Growth Fund members whether the city should keep the building.  “Our opportunity cost is $37,000 a year in property taxes.  There’s nothing wrong with putting $2.5 million in the bank.  Once we put that $2.5 in the bank…and we loan it out…it’s gone and we don’t have have $300 grand in revenue filling our Growth Fund.”

Growth Fund Chair and Council member Bret Weber says he’s very optimistic about the future of the downtown.  “The amount of money we might move forward with…the age of the building…we’ve had a good ride and it’s time to put this money to work elsewhere.”

A total of seven bids were submitted though the purchase process.

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