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BISMARCK, N.D. (AP) — The Bank of North Dakota, the nation's only state-owned bank, will be allowed to build a $17 million financial services campus in Bismarck if it can make $125 million this year, the bank's president said.
As part of the North Dakota Industrial Commission's budget, the bank received legislative approval this session to invest bank assets to expand its campus on Memorial Highway, said President Eric Hardmeyer.
The bank bought two parcels of land in 2011 next to its new location near the Missouri River in Bismarck with the intention of creating the campus, The Bismarck Tribune reported (http://bit.ly/1KCFk7a ).
The BND building already houses other financial service organizations, including the U.S. Small Business Administration and the North Dakota Small Business Development Center.
The proposed 50,000-square-foot financial services campus could now potentially house state economic development agencies, including the North Dakota Department of Commerce, the North Dakota Housing Finance Administration and the North Dakota Department of Financial Institutions.
Hardmeyer said the campus would create a one-stop shop for economic development, making the government more efficient and making it convenient for businesses getting started in the state.
The bank will likely meet the $125 million contingency set by the Legislature, Hardmeyer said, noting that in 2014 it marked its 11th year of record profits. It made $111 million, up significantly from the previous year's profits of $94 million.
It could begin construction as early as 2016.
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