Local Incentives

Minot Area Growth through Investment and Cooperation (MAGIC Fund)

The MAGIC 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 more than 200 projects with more than $33 million in funding.

Eligibility:
Funding is available for primary sector businesses in the form of a loan or a grant. New and existing primary sector businesses that qualify for funding can be provided with:
•Temporary or permanent financing for any business cost, related to the expansion of an existing business
•Relocation or establishment of a new business

How to Apply:
If your project is within city limits of Minot, contact MADC at 701-852-1075.


Renaissance Zone

The Renaissance Zone is a development program designed 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:
An individual taxpayer who purchases or rehabilitates a business property could be exempt from up to $10,000 of income tax liability.

How to Apply:
Contact the
City Planning Department at 701-857-4100.

Community Development Loan Fund:

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.

Intermediary Relending Program:

The goals of the Intermediary Relending Program are to provide for the creation and retention of permanent private sector jobs, expand the area's economic base and enable local governments to improve infrastructure and public facilities to maintain and improve the quality of life.

Funding Criteria:
• Community development and infrastructure
• Maximum Loan* - $150,000
• Minimum Loan - $10,000
• Must be secured with fixed assets or other Collateral

How to Apply:
Contact the
Souris Basin Planning Council at 701-839-6641.