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Local Incentives
The City of Minot and the State of North Dakota have developed competitive and unique programs to help companies like yours decide to locate or expand in the City of Minot.
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Minot's community and business leaders have long recognized the importance of working together to encourage economic development. A network of non-profit professional and community-based organizations is in place to help new and existing businesses secure funding and receive business counseling. There are multiple and diverse sources of funding available for new and existing businesses.
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MAGIC Fund (Minot Area Growth through Investment and Cooperation)
Description:
The MAGIC (Minot Area Growth through Investment and Cooperation) Fund is a local economic development financial incentive funded by a 1% sales tax, managed through the city of Minot. The fund is projected to generate over 2 million in funding per year. To-date, the MAGIC fund has assisted 185 projects with over 22 million in funding.
Eligibility:
- New and existing primary sector businesses qualify for funding
- Available to provide: 1) Temporary or permanent financing for any business cost, related to the expansion of an existing business, 2) Relocation or establishment of a new business.
- Funding is available in the form of a loan or a grant.
How to Apply:
If your project is in the city, contact MADC today at 701-852-1075.
If you're outside Ward County you may contact the Souris Basin Planning Council at 701-839-6641
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Minot Area Development Corporation Jobs Development Fund (JDF)
Description:
The JDF is a private funding source managed by the Minot Area Development Corporation. These funds are provided by area businesses to assist in the creation of jobs and capital investments.
Eligibility:
- Gap financing mechanism for primary sector projects
- New and existing primary sector businesses may qualify
- Grants, loans, equity investments and loan guarantees available
- Financing available for start-ups, expansions, relocations, and retention projects
How to Apply:
Contact MADC today at 701-852-1075.
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Industrial Revenue Bonds
Minot is authorized to participate in an economic or industrial development project by lending its name to sell Industrial Revenue Bonds to help finance a project.
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Renaissance Zone
Description:
The Renaissance Zone is a development program to help rebuild Minot's downtown area in an effort to maintain historic attractiveness. The City of Minot was awarded Renaissance Zone designation in November 2001 for a maximum duration of 15 years.
Eligibility:
Tax Incentives:
Income Tax Exemptions & Credits
- An individual taxpayer who purchases or rehabilitates a single family residential property for their primary place of residence is exempt from up to $10,000 of personal income tax liability.
- Any taxpayer that purchases, leases, or rehabilitates residential or commercial property for any business or investment purpose is exempt from any tax on income derived from the business or investment location.
Property Tax Exemptions
- A partial or complete exemption from ad valorem taxation on single-family residential property for five years, excluding the land value, if the property was purchased or rehabilitated by an individual for the individual's primary place of residence.
- A partial or complete exemption from ad valorem taxation on buildings, structures, fixtures, and improvements purchased or rehabilitated as a zone project for any business or investment purpose not to exceed five taxable years.
Historic Preservation & Renovation Tax Credit
- A credit of 25% of an investment is allowed for the preservation and renovation of eligible historic property that is part of a zone project up to a maximum of $250,000.
How to Apply:
Contact the City Planning Department at 701.857.4100.
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Souris Basin Revolving Loan Fund
Description:
Provides "gap" financing to primary, retail, service sector, and new and expanding businesses by acting as a leverage tool for private, public, and local investment.
Eligibility:
Eligible loans include, but are not limited to, the acquisition and/or improvement of land and buildings, the purchase of equipment, fixtures, inventory, and limited working capital.
How to Apply:
Contact the Souris Basin Planning Council at 701-839-6641.
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Intermediary Relending Program
- Allows direct loans to be made to businesses, cities, and counties for the purpose of creating permanent private sector jobs.
- Provides low cost loans to public entities for community development and infrastructure activities.
- Loan limit is $150,000 with an equal amount of non-federal match and a minimum equity of ten (10) percent.
- Proceeds can be used for fixed assets, equipment, inventory, working capital, and infrastructure.
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