Mandan Renaissance Zone
The Mandan Renaissance Zone is located in a 28-block area of downtown Mandan. The program offers property and income tax exemptions to aid in the redevelopment of commercial and residential properties located within the zone boundaries.
For a potential property to be considered as a Renaissance Zone project it must meet several criteria and follow a detailed application process.
- The property must be located within the boundaries of the Mandan Renaissance Zone. Please click here to view a pdf map of the Mandan Renaissance Zone.
- Project applications must be approved by the Mandan Renaissance Zone Committee.
- Project application must be approved by the Mandan City Commission.
- Locally approved projects are forwarded to the North Dakota Department of Commerce for final approval.
For more information on the Mandan Renaissance Zone, contact Ellen Huber at firstname.lastname@example.org or 701-667-3485.
Storefront Improvement Program
The Storefront Improvement Program assists businesses and commercial property owners improve the facades of their businesses by providing forgivable loans as a dollar-for-dollar match up to $10,000 per building. The funds are targeted to help businesses with improvements such as exterior finish, signage, awnings, doors and windows.
The 2011 program is based on a competitive application process, and one award period remains with an application deadline of November 1. The program has been changed for 2012 to eliminate the competitive application periods.
For more information on the Storefront Improvement Program, contact Ellen Huber at email@example.com or 701-667-3485.
Mandan Growth Fund
The Mandan Growth Fund is city sales tax supported fund that provides assistance to businesses that wish to locate or expand in Mandan. It can offer a flexible assortment of financing opportunities, such as interest buy downs, reduced interest loans, equity positions, and other individually tailored financial incentives and exemptions.
For more information on the Mandan Growth Fund, contact Ellen Huber at firstname.lastname@example.org or 701-667-3485 or Brian Ritter at email@example.com or 701-222-5530.
Mandan Revolving Loan Fund
A revolving loan fund was created to assist with business start-up, expansions and retention in Mandan and the surrounding 10-mile radius within Morton County.
Criteria for the revolving loan fund
- Funds cannot compete with, but rather must complement, conventional lending options.
- Owner equity of at least 10% of total project costs required.
- The loan can be no more than 50% of total financing.
- Interest rate and terms are dependent on assets being financed, and credit risk, usually 1 or 2% below prime, based upon risk and other factors.
- Rates on loans approved to date range from 6.25 to 6.5% with a 12 month deferral if the principal portion of the payment. There is a 1% origination fee.
The Lewis and Clark Regional Council administers the loan program. Contact Brent Ekstrom at (701) 667-7624 for more information.
Retail and Restaurant Incentives
The City of Mandan has adjusted its retail and restaurant incentive program for 2011 to allow new and expanding businesses locating anywhere in city limits to apply as long as the business fills a gap in the city’s market profile and meets other program criteria.
Eligible businesses may receive assistance for up to $5 per square foot of operating space, not to exceed $20,000 per property. The budget for the program is $60,000. Interested businesses are encouraged to apply early because funding may be exhausted as the year progresses. All applications are subject to review and approval by the Mandan Growth Fund Committee and the Mandan City Commission.
For more information about the Retail and Restaurant Incentives, contact the City of Mandan Business Development Office, phone 701-667-3485.
Property Tax Exemptions
The City of Mandan offers property tax exemptions to new and expanding businesses. The program offers reduced taxes, payments in lieu of taxes or a combination of both. Reviews and approvals for this program are conducted by the Mandan Growth Fund and the Mandan City Commission.
For more information about the application process for property tax exemptions, contact the City of Mandan Business Development Office, phone 701-667-3485.