More…
The city of East Grand Forks is slowly easing its way out of the landlord business.
Another step was taken today when a path apparently was cleared for the sale of a building that once served as an incubator for businesses that lost their buildings to the 1997 flood.
A public hearing found no objections to selling what’s known as the DeMers Professional Building at the downtown corner of DeMers Avenue and Fourth Street Northwest. The building, which has about 2,200 square feet of usable space on two floors, will be sold for $75,000 to Tony Palmiscno’s insurance company, which has been renting space in the building.
“We’ve been subsidizing it,” said Jim Richter, director of the Economic Development Housing Authority, an arm of the city. “We’ve been looking to sell it to minimize our losses. And we won’t have to contend with the likes of snow removal, grass cutting and other maintenance.”
A private owner likely will have more success finding tenants, Richter said. The building has only 30 percent occupancy.
Richter said the building drew zero interest when it was listed for sale for two years.
The EDHA also has a plan in place for selling the downtown mall that is mostly occupied by the River Cinema 15 movie theater complex. Theater owner Bob Moore has an agreement to buy the facility in 2014, when the federal Economic Development Administration will allow it. The EDA gave $2 million to the city in 1998 to buy the then Riverwalk Centre as part of flood recovery efforts.
The city also owns the Infill Building, which houses Mike’s Pizza and an Altru clinic along the Boardwalk. The Infill Building also is part of a grant agreement about flood recovery.
But there are no plans to sell that property. “We have good tenants who pay their bills,” Richter said. “It’s not draining us.”
Reach Bakken at (701) 780-1125; (800) 477-6572, ext. 125; or send e-mail to rbakken@gfherald.com.
Tags:
daily updates, gf and egf, east grand forks, economic development, business, downtown