The Minot Area Development Corporation has brought a request through the MAGIC Fund Screening Committee that will be before City Council tonight. I’ve been looking into the request for the past week or so, and have written some commentary on it which you can read here.
But the details of the request are best left in black and white. Here’s the full application; here’s what you need to know.
- The request is for Skyscopes, they’re a UAS (Unmanned Aerial Systems) company headquartered in Grand Forks, but looking to generate revenue out of the Minot market’s proximity to the oil field.
- The request is for $375,100 in the form of a forgivable loan. If Skyscopes meets job-creation benchmarks of the contract, the loan will be forgiven in $125,000 increments. The first year they need to employ 3 people, 7 the second year, and 15 the third year.
For a more in-depth look, I cornered Steph Hoffart with MADC and interviewed her regarding the proposal, watch the whole thing below.