Remember when Dale Lewis, president of Park State Bank offered their Morgan Park building rent-free for two years to a business that would bring a least six jobs to the site?
That was in March. The Recession had forced the closure of the 90-year-old bank building that’s loaded with character, including a 20-foot ceiling, messanine level and walk-in vaults.
The bank got dozens of inquiries and several applicants.
And out of them, a business has been chosen that is taking it a step further and actually buying the building.
They were chosen because they came right into it with a purchase offer, Lewis said today.
She remained mum on who it is until an official announcement on Monday.
“Its an intriguing story,” Lewis said, though she won’t tell it until the press conference. But she provided some clues.
It’s a professional services company that left Duluth many years ago and is excited to return to recreate a presence here. It’ll bring professional-level jobs to the site.
Bank officials were down to two options — one business that would lease the building for nothing, the other that would purchase it for a major discount. That was the other possibility. Buy the 1,900-square foot building – which had been appraised at $175,000 — for a discount of $5,000 for each job it located in the building at 1106 88th Ave. W.
The move will create an office for the company in Duluth, while it continues to have offices elsewhere.
“The company sees new opportunity here and believes they will have no problem filling the jobs with people eager to live and work in Duluth,” Lewis said in an earlier statement.
The idea is to return the building to productive use, create jobs, boost the local economy and increase neighborhood traffic.