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Published August 12, 2009, 01:42 PM

Kilbourne Group, Doug Burgum reach agreement with U.S. Bank to buy downtown lot and plaza

An option agreement has been reached for Kilbourne Group to purchase the U.S. Bank parking lot and plaza in downtown Fargo.

An option agreement has been reached for the Doug Burgum-owned Kilbourne Group to purchase the U.S. Bank parking lot and plaza in downtown Fargo.

The purchase option agreement gives Kilbourne Group the option to buy the property within the next three years.

“We are excited to have reached this agreement with U.S. Bank,” said Doug Burgum, chairman and founder of Kilbourne Group.

The property is located on the east side of Broadway between Second and Third avenues north in downtown Fargo.

“All involved parties understand the significance of this central Broadway block to the future benefit of downtown Fargo,” Burgum said. "Our design vision is to develop the property to benefit all of downtown Fargo and create innovative synergies with adjacent future projects such as a new high-capacity, city of Fargo-owned parking ramp."

Fargo City Administator Pat Zavoral said the city looks forward to working with Kilbourne Group and U.S. Bank to possibly create plans for a parking ramp that will better serve downtown.

The U.S. Bank parking ramp was closed last week due to concerns over its deteriorating condition. The ramp is not part of the purchase option agreement.

Look for more coverage Thursday in The Forum.

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