The sale of the Metropolitan Opera House is one step closer to completion after the Grand Forks City Council approved a requirement put forth by a local bank Monday night.
The potential buyers, owners of Rhombus Guys pizzeria, haven’t announced their plans for the building but have secured a $1 million loan for its purchase. The opera house’s assessed value is $1.2 million, according to the county.
The loan, financed by Bremer Bank, required an existing loan on the building to become a lower priority in terms of repayment.
The council approved the proposed loan subordination by a unanimous vote.
A request from Ozark Spirits to change city liquor laws was withdrawn at the meeting. City law limits businesses to two liquor licenses. Ozark Spirits operates Walmart and Sam’s Club liquor stores and wanted the law changed so a license could be purchased for a third Walmart planned for Grand Forks’ north end.
The council also approved a bond authority request from the Grand Forks Airport for funding to complete the expansion of the FedEx cargo sorting facility and to expand a parking lot. The resolution passed by the council sought the city’s bonding authority, which would allow the airport to get lower interest when issuing a bond. The airport itself would make the bond payments.The estimated cost of the parking lot is $1.5 million and the FedEx expansion is $884,000.The County Commission will vote on a similar request Tuesday.