Minot City Council met Monday evening at city hall to discuss recent city developments. This included a public hearing on the Renaissance Zone Development plan, voting on their consent agenda, a presentation on the upcoming 16th st construction project, a vote on automatic door requirements for businesses receiving MAGIC funds, along with a public forum and finally presentations from HUD (Housing and Urban Development), the MHA(Minot Housing Authority), and the Capital improvement plans process.
The Renaissance Zone Development Plan began in 2001 to offer a 100% tax exemption for local or non-local businesses who invest a required minimum percentage of the property’s Current True and Full Value into said property. This is to keep the city “Dynamic and Flourishing” by attempting to beautify specific neighborhoods and revitalize historic sections of the city. Since inception, there have been 105 applications with 83 being completed thus far. Current beneficiaries receive a 5 year benefit and must invest a minimum 50% of the property’s current True and Full Value.
The new proposal put forth suggested an additional 8 year benefit with a 75% required minimum investment, extend the life of the program by 10 years for new applicants in the zone, and to allow businesses to reapply after 30 years for new funding. This proposal was brought to the County Commission office and was there that they made the following amendments: Changing the required minimum for the newly proposed plan from 75% to 150%, the 10 year extension for the zone to be reduced to 5, and to not allow any additional benefits “after 30 years have lapsed from the completion date of the original benefit. This doubles the cost to prospective businesses looking to apply for the 8 year break. This was unanimously approved by the School Board. They will keep the 5 year benefit intact as formerly noted. They also approved additional blocks to add into the Renaissance zone on North Broadway.
Detractors of this say that the program offers breaks to outside businesses who will come into our town to create undesirable businesses, low paying jobs, and leave an empty building upon the end of their tax breaks. The program argues it incentivises businesses to reinvest in themselves to create larger, better looking space. City Councilman Scott Burlingame noted in reference to potential gains on investment of property taxes post new construction and after the tax break period ends “...as long as that building exists, they will end up paying significantly more in property taxes.” Alderman Pitner went on to add “...this doesn't help just downtown…the blocks that are proposed to go in… properties on North Hill …with previous hotels we’ve had conversations on.” Referencing low rate-long stay hotels clustered on North Hill. The council voted 6-0 in approval of the 2024 development plan.
Council then moved to approve their consent items agenda which included the following 27 items:
You can find the most recent agenda at: Agenda - 05/06/2024 (minotnd.gov)
