Let’s Push to Restore the M Building Together
May 13, 2022
The First Pasadena State Bank, a 12-story modernist tower, was built in 1962. It was a community asset while it was in its prime and the city’s one and only skyscraper. It was also filled with asbestos and went through multiple owners toward the end of its productive period. Eventually, it was bought, and the city worked for years to force the owner into getting the building back up to code to no avail. At its last official County assessment before it was demoed, it was valued at just $100. In the end, it cost the taxpayers of Pasadena, Texas around $2.5 million to tear it down. So why are we telling you about this building? It should sound familiar to one of Minot’s very own. Much of the history of the First Pasadena State Bank building shares similarities with Minot’s Big “M” Building which is headed down the same path.
The Big M building was built in 1964 and saw several people pass through the doors of the building each day. Unfortunately, it has sat vacant for the past 20+ years and only been used for odds and ends at this point. It’s still an iconic symbol in downtown Minot that showcased a new era at one time, but it’s in tough shape! The building is currently in the process of having a chance to be restored after EPIC Companies purchased from an out of state developer last year. They were able to pay the taxes that had been delinquent for the past three years. At closing, nearly three years of past-due property taxes were able to be collected.
The issue with the building in its current state is the asbestos, internal damages, and neglect over those past few years that amounts to $3.2 million to resolve. EPIC has been looking for other ways fund the restoration to a point it’s at a level playing field with other land opportunities in the community. They have proposed using a TIF to the City of Minot, Minot Public Schools, and Ward County. The TIF discussion has been an ongoing conversation over the past few weeks with the school board and city showing support for it but not the county.
Our team has stated from the beginning that this is a passion project for us, and we truly want the best for the community of Minot. We will feel that the M Building will be that turning point in downtown development hopefully bringing in other developers to the community and filling the gap that Trinity Health will leave behind.
If the M Building gets restored and back on the tax rolls it will be valued at $14.7 million bringing in over $250,000 annually in property taxes after the 20-year TIF period and increasing tax revenues by 3 times during the TIF. A huge win for the taxpayers in Ward County who have watched a building dilapidate and could someday be faced with using their funds to demo it – which is estimated at $6,000,000.
We invite you to reach out if you have more questions about the M Building TIF proposed to McKenzy@EPICCompaniesND.com.