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 MACEDC at 7 01-852-6000.

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.

Minot's Opportunity Zone

Minot's Opportunity Zone (includes the downtown business district) is a new tax incentive that allows investments for economic development activities to earn capital gains tax exemptions from the federal government to boost financing of commercial and business activities in the designation zone. Opportunity Zones are an investment initiative contained in the 2017 Tax Reform Act passed by Congress and signed by President Donald Trump in December 2017.

How to Apply:
Contact the North Dakota Department of Commerce at 701-328-5300.

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 enable local governments to improve infrastructure and public facilities to maintain and improve quality of life, and to expand the area's economic base.

Funding Criteria:
• Maximum Loan* - $250,000
• Minimum Loan - $10,000?
• Must be secured with fixed assets or other reasonable collateral
• Interest rates are determined on a project-by-project basis, and is no less than 4 percent (4%)
• First lien or shared first lien position
• Minimum 10 percent (10%) equity

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