The North Dakota Department of Commerce announced today it has renewed the Renaissance Zone Program for the city of Minot for five additional years.
The Renaissance Zone Program is a tool for community redevelopment and economic investment that incorporates tax incentives to business and residential properties.
Minot started utilizing the Renaissance Zone Program in 2001 and has had 97 approved projects. The current extension is the second five-year extension granted to the community. Recent major projects include Creedence Properties III LLC completed in 2021 and Aksal Group LLC completed in 2020.
“Minot has used the Renaissance Zone Program to encourage reinvestment and redevelopment in its downtown area to enhance business and improve housing,” Commerce Community Services Deputy Director Rikki Roehrich said. “The program is often used in smaller rural communities to attract businesses that provide vital services to their populations.”
The Renaissance Zone Program currently includes 58 cities across North Dakota. Since the program’s inception in 1999, more than 1,850 projects have been approved and more than 1,450 have been completed.