MINNESOTA
Minnesota Public Radio
Martin Moylan Apr 6, 2016
A private firm has bid nearly $3.3 million to buy the chancery of the bankrupt Archdiocese of St. Paul and Minneapolis, offering about $500,000 more than a previous offer from United Properties.
Archdiocese attorneys plan to ask a federal judge on Thursday to approve the new offer.
The firm that made the higher bid is managed by Donald B. Regan, the founder and chairman of Maplewood-based Premier Banks.
If the deal goes through, proceeds would top $8 million, said Paul Donovan, who’s helping to sell church properties.
Once the chancery is sold, the church still will have to sell two more St. Paul properties: a vacant lot and a two-story building used for offices, both on the 200 block of Dayton Avenue near the St. Paul Cathedral.
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