FINANCIAL_SERVICESPENDING

City Weighs Subordination to New Choice Bank Loan

Grand Forks staff recommend authorizing subordination of the City’s CDBG mortgage and assignment of rents to a new approximately $2.4 million, 36‑month Choice Bank loan at 6% interest for the Metropolitan Opera House property. The action would allow Choice Bank’s mortgage to be senior while the City retains a junior position on its remaining $180,000 forgivable loan balance.

Status
PENDING
Document date
May 11, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Choice Bank
Agency
City of Grand Forks · Canada

Trusted by teams at

Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
$2,400,000 (referenced) / $2,386,064.67 (draft document principal)
Contract type
FINANCIAL_SERVICES
Contract term
36 months at 6% interest (City document)
Renewal date
2035-02-02
Renewal
One-time requested subordination of the City’s existing mortgage and assignment of rents to Choice Bank’s senior mortgage; does not alter the City loan’s 2035 maturity. Subordination approval is subject to review and approval by the City Attorney.
Document type
StaffReport
Source document
City of Grand Forks Staff Report Mortgage & Assignment of Rents Subordination Request – 116 S. 3rd St. 2026-05-11

Related contracts

Other contracts from Choice Bank.

View all →

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Grand Forks?

Choice Bank was awarded this financial services contract by City of Grand Forks, as recorded on May 11, 2026. The contract value is $2,400,000 (referenced) / $2,386,064.67 (draft document principal).

How much is the Choice Bank contract with City of Grand Forks worth?

The Choice Bank contract with City of Grand Forks is valued at $2,400,000 (referenced) / $2,386,064.67 (draft document principal), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a staffreport record.

Where was this contract approved?

This contract appears in City of Grand Forks Staff Report Mortgage & Assignment of Rents Subordination Request – 116 S. 3rd St. 2026-05-11 (StaffReport), dated May 11, 2026 from City of Grand Forks. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Choice Bank hold?

Choice Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Choice Bank's profile

What is City of Grand Forks currently buying?

Explore City of Grand Forks's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View City of Grand Forks's profile

Bring us your territory.
We'll show you what is forming.

B2G and SLED sales intelligence. Surface government procurement signals from 80,000+ state, local, and education agencies months before the RFP.

Try Civic IQ for free