Investment group bids $2.5 million for Grand Forks’ Corporate Center II

City staff and consultants on Wednesday, Sept. 8, opened seven sealed bids for the city-owned Corporate Center II, which sits across DeMers Avenue from Corporate Center I, which is also publicly owned, in downtown Grand Forks. Appraisers hired by the city put Corporate Center II’s value at about $3 million, but the highest bid opened Wednesday was $2,505,000. Only three bidders appeared at an auction-style followup at Grand Forks City Hall on Friday morning, and none upped their offer.

“I think it’s a fair price,” Mayor Brandon Bochenski told the Herald on Friday afternoon. “We were obviously worried there was going to be a lot of low bids, but I think that was a pretty competitive bid.”

City staff expected to get a high bid between approximately $2.3 million and $3 million, according to Bochenski.

The bids the city received are set to be presented to the city’s Jobs Development Authority board on Sept. 20. There, board members could accept one of the bids or reject them and keep the corporate center in the city’s hands, according to City Administrator Todd Feland. The city cannot solicit a second round of bids unless it wanted to start over, he said.

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