BISMARCK, N.D. (AP) - A Bismarck development group is taking steps to protect its grant investments, after providing money for improvements to a building that was eventually razed.
The Renaissance Zone Authority is adding language to grant applications, giving officials the authority to ask for repayment of grants if the changes they pay for aren’t left in place for at least five years, The Bismarck Tribune reported (https://bit.ly/2noudsU ).
In 2014, then-restaurant owner Reza Kamranian, who planned to invest $160,000 into his business, became eligible to receive $30,000 in reimbursements for improvements made to the outside of the building. Kamranian later sold the property in 2016 to First Western Bank & Trust, which demolished the building to make room for a new four-story bank and office building.
Daniel Nairn, the city’s planner, said the investment made by the city in the former restaurant was abandoned by the demolition.
He said changes made to the applications will give officials some flexibility to take into account the individual circumstances of each case.
“We didn’t want to be so rigid that (property owners) can’t make changes,” he said. “We don’t want to stymie change.”
No other projects have been changed shortly after receiving grant funds in the 10 years since Kamranian’s pitch.
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Information from: Bismarck Tribune, https://www.bismarcktribune.com
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