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East Grand Forks News and Announcements

Posted on: May 15, 2018

East Grand Forks Council Approves the Sale of Remaining Waters Edge Twin-Home Lots

The City of East Grand Forks Council voted to approve the sale of the six remaining twin-home lots in Waters Edge development near Valley Golf Course. The sale marks an important milestone for the City.

FOR IMMEDIATE RELEASE

Contact

Paul Gorte

East Grand Forks Economic Development Director
Phone: (218) 773-8939


East Grand Forks Council Approves the Sale of

Remaining Waters Edge Twin-Home Lots

            (May 15, 2018)  The City of East Grand Forks Council voted to approve the sale of the six remaining twin-home lots in Waters Edge development near Valley Golf Course.  The sale marks an important milestone since the City Council gave the green light to the Economic Development Authority to implement two builder incentive programs.  One program gives local builders the opportunity to build homes on empty city-owned lots by offering to finance the first $100,000 of construction materials.  The other program allows the builders to construct new homes on city-owner lots for $1000 down, with the balance paid at the time of closing of the new home.    Specials are included in the price of city-owned lots.

            “Since starting the program two years ago, we have seen a great uptick in interest in building in East Grand Forks,” says Economic Development Director Paul Gorte.  “We know that East Grand Forks is a great place for families and businesses, and we also know builders are comparing development costs.  It was a matter of creating opportunities for everyone involved.”

            The Economic Development Authority led the negotiation with Scheving Properties, LLC.  Part of the negotiations included providing a 10 percent discount of the total lot price if the builder purchased four or more lots at one time.  Scheving Properties, for their part, will be required to begin construction on each succeeding pair of lots not more than 90 days after occupancy of the previous twin-homes, among other guidelines. 

            “This is really a win-win for the City, current and potential residents, and developers.  We know from national trends and recent survey results, that twin-homes and small, more affordable homes are important in attracting and retaining residents,” notes Gorte.

            Scheving Properties is looking to start construction as soon as possible.  For more information on remaining City lots and incentives, visit http://www.egf.mn/.  For this and other information on Economic Development in East Grand Forks, follow the EGF EDA Facebook page (@EGFEDA).


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