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Vision Fund committee approves community match for Armor Interactive’s new Bismarck office
Summary
The Vision Fund Committee approved an application to provide a community match for Algren Properties LLC, enabling Armor Interactive to build a 5,308 sq ft, two-story office in Bismarck; members flagged scoring and sector-concentration concerns but voted to approve.
The Vision Fund Committee on Sept. 25 approved a community match request for Algren Properties LLC that will enable Armor Interactive to build a new two‑story office in Bismarck.
Sean O’Brien, president of Armor Interactive, told the committee the project “is a new construction single occupancy building. The project costs a little over $2,000,000,” and said the 5,308‑square‑foot building on Bowdoin Parkway and North Washington Street would take about 12 months to complete and allow the company to grow roughly 70 percent.
Nathan (Chamber EDC economic development staff) and the committee discussed the amount requested from the Vision Fund (recorded in materials as roughly $87,000) and the fund’s near‑term baseline; staff noted the Vision Fund has been operating on a planning baseline of about $134,000 in recent months. Committee members stressed the need to be consistent on loan terms and interest rates; past practice was described as a 2 percent interest rate with a 10‑year payback, with 1 percent as a servicing fee to Lewis and Clark Development Group and 1 percent returned to the Vision Fund.
Some members expressed concern about over‑concentrating funding on office projects. Mayor Schmitz said he was “not opposed to this project” but wanted to ensure the fund was not “overweighting small offices” at the expense of other sectors. A committee member also disclosed a business relationship with the seller of the land and asked whether recusal was required; the chair and others said the disclosed relationship appeared not to be with the applicant and did not require recusal.
After discussion, a committee member moved to approve the application and the committee took a roll‑call vote. Members present voted in favor and the motion passed.
Votes at a glance: the committee approved the minutes and the financial statements earlier in the meeting by voice vote; the committee approved Algren Properties LLC’s application by roll call (all members present voting yes).
