The Minot City Council agreed to its part of $2.5 million through TIF financing to be EPIC Companies for the project.
The City of Minot, the School District and the Park District have all agreed to the TIF lasting 20 years.
The Ward County Commission also committed to participate, but only over eight years.
The bonds issued to EPIC Companies will be used to begin the renovation process.
“90% of the future tax increase payment from EPIC will go towards paying off the bonds that will be used to help reimburse the cost of removal of the asbestos and demolition to get the building ready for full remodel,” said Harold Stewart, City Manager for the City of Minot.