Grand Forks Economy

[NDSU grad]

EPIC also has two large projects ongoing in Minot and they also run the Norsk Hostfest. Be interesting to see what happens with all that. 

[The Sicatoka]

So much for the state's largest waterpark (where they tore out softball fields along 45th in Fargo). 

[Oxbow6]

On 5/20/2024 at 11:30 AM, UND08 said:

Just the tip of the iceberg my friend...just the tip of the iceberg...

100% correct

 

Bernie Madoff is currently sitting up in his grave applauding what EPIC has going on.

[RhettRingers]

3 hours ago, Oxbow6 said:

100% correct

 

Bernie Madoff is currently sitting up in his grave applauding what EPIC has going on.

What do you guys know?

[SIOUXFAN97]

yep...bloom beauty bar backed out of their contract bc no work had even been started and they were planning on moving in in late June....

[UNDBIZ]

https://www.grandforksherald.com/news/local/city-business-leaders-want-more-data-centers-in-grand-forks-what-does-that-mean

While much of the country is reevaluating support for data centers due to the increased electrical costs they push onto residents, Grand Forks appears to be pushing for more. 

[The Sicatoka]

49 minutes ago, UNDBIZ said:

https://www.grandforksherald.com/news/local/city-business-leaders-want-more-data-centers-in-grand-forks-what-does-that-mean

While much of the country is reevaluating support for data centers due to the increased electrical costs they push onto residents, Grand Forks appears to be pushing for more. 

Watch to see if GF-based Minnkota Power is in support or not. That's the tell. 

[Kab]

Be careful what you wish for 

ask MDU customers around Williston what they think of the data mining center there.

rates go up this month because of the amount of electricity they use and the lack of transmissions lines.

Residents  complain of the noise too.

[SIOUXFAN97]

only 10 million and "they" will name the childrens museum after you

where is @gfhockey and his w2's

[nodakvindy]

4 hours ago, UNDBIZ said:

https://www.grandforksherald.com/news/local/city-business-leaders-want-more-data-centers-in-grand-forks-what-does-that-mean

While much of the country is reevaluating support for data centers due to the increased electrical costs they push onto residents, Grand Forks appears to be pushing for more. 

a lot of the electricity goes to cooling.  You can open the doors 8 months of the year in GF and accomplish that.  

[ChadR]

On 5/21/2024 at 3:45 PM, RhettRingers said:

What do you guys know?

Any EPIC updates?

[SIOUXFAN97]

7 minutes ago, ChadR said:

Any EPIC updates?

u would think this is a big enough story that he heraldo could report something almost every day or so considering the money in just the gf towers project.

[ChadR]

10 minutes ago, SIOUXFAN97 said:

u would think this is a big enough story that he heraldo could report something almost every day or so considering the money in just the gf towers project.

Shocked we haven't heard from any of the employees that are out of a job...

[jdub27]

15 minutes ago, SIOUXFAN97 said:

u would think this is a big enough story that he heraldo could report something almost every day or so considering the money in just the gf towers project.

No one is talking (publicly) and the City doesn't have any money invested yet. Work site has been cleared out for 2 weeks now. I think there are people living in the at least one of the buildings so curious what has been communicated to them considering rent is due on the 1st.

Investors are likely going to start talking next week if their monthly payments don't show up.

[The Sicatoka]

I've heard they're searching for someone to run the day to day during a CEO's absence and that the investors are still looking to push ahead. 

[SIOUXFAN97]

4 minutes ago, jdub27 said:

No one is talking (publicly) and the City doesn't have any money invested yet. Work site has been cleared out for 2 weeks now. I think there are people living in the at least one of the buildings so curious what has been communicated to them considering rent is due on the 1st.

Investors are likely going to start talking next week if their monthly payments don't show up.

didn't the city promise or already pay a bunch of money towards finishing the outside amphitheater part? 

[Cratter]

Just skim a little money off each of these megaprojects knowing the next projects investors/banks will pay for this ones shortfall...

 

?

[SIOUXFAN97]

48 minutes ago, Cratter said:

Just skim a little money off each of these megaprojects knowing the next projects investors/banks will pay for this ones shortfall...

 

?

u could work in washington dc so easy with that mentality!

[jdub27]

48 minutes ago, Cratter said:

Just skim a little money off each of these megaprojects knowing the next projects investors/banks will pay for this ones shortfall...

 

?

I think that's how you get in trouble with mis-appropriation of funds....

 

  

1 hour ago, SIOUXFAN97 said:

didn't the city promise or already pay a bunch of money towards finishing the outside amphitheater part? 

From what has been reported, there were benchmarks that needed to be hit before the City started paying out money and none of those benchmarks had been hit yet.

 

Quote

The funds won’t be disbursed until $2.5 million is deposited by the developers to the bank managing the funds, a sworn statement from the contractors is completed, and the loan being taken out by the developers is finalized. The developers were always going to receive the $1.1 million in funds, the main thing that is changing is the timing.

The city, per the development agreement, would’ve reimbursed the developer for the cost of constructing a public plaza. Under the tax increment financing agreement, the property taxes for the site would’ve gone towards revenue bonds that pay for said reimbursement. According to the tax increment financing agreement, or TIF, when two of the three structures were issued certificates of occupancy the the public plaza property title would transfer to the city and the city would then reimburse the developer for the construction.

 

[Cratter]

23 hours ago, jdub27 said:

I think that's how you get in trouble with mis-appropriation of funds....

If I was a betting man, "misappropriation of funds" is how I'd bet they got themselves in this mess.

[Kab]

Where are the auditors that should have caught this 

don’t cities require audited financials ?

[Bison Dan]

Two reasons why this happens.  1. they over extend themselves and 2. they have about 6-8 banks doing business with them and you want to bet that each bank has a different set of financials.  With all the projects these financials change daily.  

[Green Banner]

Home of Economy sold to Runnings.

[Nodak78]

1 hour ago, Green Banner said:

Home of Economy sold to Runnings.

Wow.

[Green Banner]

44 minutes ago, Nodak78 said:

Wow.

Atleast it's staying open and not closing all togather,  but sure will miss the HoE sign.