Grand Forks Growth Fund, a JDA

Staff Report
Growth Fund Committee – July 12, 2021
JDA – July 19, 2021

Agenda Item: Sale of Corporate Center II – 402 Demers Avenue

Submitted by: Meredith Richards, Community Development Director

Todd Feland, City Administrator
Dan Gaustad, City Attorney

Staff Recommended Action: Authorize a public sale via sealed bid

Subcommittee Recommendation: Concur

JDA Action:

On March 1, City Council approved transferring ownership of Corporate Center I and II from the
City to the Growth Fund. The linked staff report from that meeting outlines the history of the
Corporate Center and its lease agreements, and notes that the requested transfer was another
step toward the anticipated sale of the buildings. The City Attorney has recommended any sale
of Corporate II (402 Demers) be through a public auction process. With respect to Corporate
Center I (401 Demers), the tenants have purchase options in that building and in turn further
review is needed for effecting its sale.

Based on a recent appraisal update, this property is valued at $3 million, which is the targeted
sale price. As noted, the City Attorney recommends that this building be offered for public sale
via a sealed bid/auction process, which will be managed by the City Attorney’s office with
assistance from local firms as needed to conduct the public sale.

SUPPORT MATERIALS:

• March 1, 2021, City Council Staff report:

www.grandforksgov.com/home/showpublisheddocument/38729/637502792563330000