The Minot Area Development Corporation has pulled its request for a financial relief program intended for downtown merchants and property owners. MADC had requested a $500,000 program that would have provided interest buydowns for qualifying downtown merchants; they have been asked by the Downtown Business and Professional Association to take more time with the issue.
Here’s the complete news release from MADC:
Minot, N.D. –At today’s regular Downtown Business and Professional Association (DBPA) general membership meeting, the Minot Area Development Corporation (MADC) was asked by the DBPA to put a jointly-developed interest buy-down program for downtown businesses on hold, for now. MADC President Stephanie Hoffart says they will honor the request and looks forward to seeing what additional ideas or changes can be produced by an extended review of the potential
“MADC will continue to be supportive of their efforts to garner additional downtown support for a program that can assist the heart of Minot during a time of unique construction and parking challenges,” said Hoffart.
At their meeting today, the DBPA indicated they will be taking additional steps to gather input from their membership and explore other options that might augment or improve the proposed interest buy down proposal.
MADC worked closely with business and community representatives from across the spectrum in Minot for the past four months to develop the debt buy down proposal. MADC supported the proposal under its mission to retain jobs within Minot; one of the primary purposes of the MAGIC Fund is to assist in saving existing jobs within our community. More than 150 businesses, with more than 1,000 employees fall within the footprint of the parking structure and downtown infrastructure projects.
The interest buy down of debt for Minot downtown merchants received MADC Board approval and approval from the Magic Fund Screening Committee at the end of 2015. The request would have gone to the full City Council for approval next week.