New Buildings | Video| 2/26/2013
The city gives a property tax exemption, while the state gives a business or personal tax exemption during the building or restoration process. It`s a way for the home or business owners to save some money on taxes and put it back into their building efforts.
There are three different Renaissance Zones in Minot, but Donna Bye with the Minot City planner’s office says it all started with the downtown area.
“This was the state`s way of saying these are historically important to us and there`s a lot of viability with them, they`re very well built. Let`s give an incentive to come back downtown, whether it`s for living, or retail, or office. And so they created these programs that many city`s across North Dakota are utilizing and it really has paid off.”
There is no charge to apply for the City`s Renaissance Zone Program. Anyone interested will be able to fill out an online application at the city`s webpage.