Jill Schramm/MDN Minot’s downtown “Big M” building, shown Tuesday, is listed for sale.

Minot’s Big M building is for sale.

CBRE Group, Fargo, is advertising the 86,064 square foot, eight-story former bank building at 123 1st St. SW in Minot as stripped to the shell and ready for redevelopment.

Real estate developer EPIC Companies purchased the long vacant building in December 2021 and began to convert it to commercial space and housing. EPIC filed for bankruptcy a year ago.

The City of Minot and Minot School District had approved 20-year Tax Increment Financing for EPIC in 2022 to help with asbestos removal. The TIF provides that 90% of the additional taxes generated by improvements to the building will go to pay off city bonds of about $2.55 million that were used to abate asbestos.

The TIF agreement sets a minimum property value for the Big M building, and city bonds are fully covered by property taxes on the building as long as taxes are paid, said City Finance Director David Lakefield.

Taxes have been paid through 2024 but are delinquent so far for 2025. County records show a tax bill of $252,288, of which $126,692 is overdue and accruing interest and penalties. The remainder isn’t due until October.

The Ward County Commission had approved an eight-year incentive for EPIC Companies that carries a tax break estimated at roughly $250,000.

Ward County Auditor/Treasurer Marissa Haman also said the county is unaffected by EPIC’s bankruptcy and the sale listing as long as taxes are paid.

A problem would arrive if taxes are unpaid for three years and property reverts to Ward County ownership because the city bond still would need to be paid. However, Lakefield said, the property has lien owners who are likely to want to protect their investment and not have the county take ownership.