MINOT, N.D. (KXNET) — Plans have finally been put into action for the downtown ‘M’ building.
The Minot City Council agreed to its part of $2.5 million through TIF financing to be EPIC Companies for the project
The City of Minot, the School District and the Park District have all agreed to the TIF lasting 20 years.
The Ward County Commission also committed to participate, but only over eight years.
The bonds issued to EPIC Companies will be used to begin the renovation process.
“90% of the future tax increase payment from EPIC will go towards paying off the bonds that will be used to help reimburse the cost of removal of the asbestos and demolition to get the building ready for full remodel,” said Harold Stewart, City Manager for the City of Minot.
Epic Companies plan to begin the demolition process near the end of July and is expected to be complete in the fall of next year.
Stewart says there has already been several business and companies who want to occupy space in the building and he believes the property is going to benefit Minot’s economy.
“Rather than having something that sits vacant and continues to deteriorate and become dangerous, now it’s going to be remodeled and it will be a significant part of downtown from an economic and cultural standpoint for the foreseeable future,” said Stewart.
The building has been vacant for over 20 years.