Minot council approves 20-year lease with Pathfinder Services to run Broadway Circle Complex

The Minot City Council voted 5-0 on Oct. 30 to approve agreements with Pathfinder Services of North Dakota to operate the Broadway Circle Complex under a 20-year commercial lease and a separate operations and maintenance agreement.

City Attorney told the council that on May 5 staff were authorized to develop the agreements and that the complex — which includes commercial space, a family homeless shelter and a 17-unit low- to moderate-income apartment building on South Broadway — would be leased to Pathfinder with an exclusive, irrevocable option to purchase the property after the 20-year term. "Staff's goal in this particular instance was to make sure that the city is able to recoup the city funds that were invested to complete the construction, which is approximately $1,300,000," the City Attorney said.

Council discussion focused on the financial terms. Alderman Hayes summarized the deal as "they're paying $4,500 a month for 20 years, a balloon payment of approximately $230,000 interest free,"…