Trinity rejects MAGIC Fund loan

Toward the end of last year, Trinity Health made a request to the MAGIC Fund, the City of Minot’s economic development resource, for proposed improvements to the soon-to-open new hospital. City Council amended the request for a grant and converted it to an offer for a loan with a portion forgivable. Jill Schramm with the

Read & Share   sourced from: Minot Daily News

City Council Agenda, December 19 2022

Minot City Council will meet Monday, December 19, at 5:30 pm to consider the agenda attached below. Items of note include the disposition of Home Sweet Home, hiring EAPC Architects to provide a facility study for the police department reuse of the current City Hall, a higher-than-estimated bid to get the Career & Technical Education

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And for our next magic trick…

Magic. How do you define it? It’s a more important Minot question than you might guess. First, we are the ‘Magic’ City. When the Great Northern Railroad finished its 1886 construction season and stopped for the winter, it stopped in our valley. The town sprung up overnight — as if by magic. We earned our nickname

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Evidence for a New Economic Development Model?

Economic growth, economic diversity, these are buzzwords in North Dakota and in Minot right now. The City’s NDR application talks about it; our consultant on the project, CDM Smith, even has a $300,000 budget to create an ‘Economic Development Strategic Plan for Minot & Ward County’. We also have the MAGIC fund, a sales-tax-funded pot

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Questions & Concerns With Handing Over $375,000 to Anyone

First and foremost, I applaud Stephanie Hoffart and her team at MADC for developing a prospect as exciting as Skyscopes. Between the Air Force, the oil and energy industries, and the ag business, the Unmanned Aerial System (UAS) industry is a great fit for Minot. It would be awesome if our little town can carve

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It’s Open! Renaissance Parking Structure Ready for Cars

One of Minot’s embattled downtown parking garages is now open for cars. City leaders and project managers gathered Thursday afternoon to officially cut the ribbon. Work will continue around the structure as the commercial and residential space is built out.

Read & Share   sourced from: KMOT News

Manitoba: Loan program announced for breweries and distilleries

The province of Manitoba is looking to kickstart the brewing and distilling industries. So much so, they’re starting a loan program to help new start-ups purchase equipment.

Read & Share   sourced from: Winnipeg Free Press

Fargo to revisit city’s tax break policy

These programs justify themselves under the shield of economic development, and there are examples where they are effective at generating redevelopment. But in Fargo, it seems the City Commission has been stretching framework to fit project.

Read & Share   sourced from: InForum

MADC Pulls MAGIC Fund Request for Downtown Businesses

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.

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Wells Fargo Passes on Cypress Development Bailout Package, Parking Garages Back in Limbo

A portion of the City’s recently approved bailout money for the downtown parking garage developer is in question after Wells Fargo chose not to loan money on a complimentary portion of the finance package. KX News has the story.

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Small-business Savvy: Building the Local Small-business Community

When it comes to economic development, it's the small businesses that deliver the most sustainable impact through the ups and downs of the economy.

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Minot Parking Garage Developer Tangled in Oregon Ponzi Scheme

Dominic O’Dierno, Asset Manager for Cypress Development, LLC and signatory to the MAGIC Fund application for an additional $2.5 million in funding for the City of Minot’s embattled downtown parking garages, is presently under sanctions by the U.S. Securities and Exchange Commission for his involvement in an Oregon-based Ponzi scheme. An S.E.C. Administrative Proceeding from December 6, 2012, 

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Cypress Development Requests $2.5 Million from MAGIC Fund for Completion of Parking Garage

Cypress Development, the lead developer behind the embattled downtown parking garages has requested an additional $2.5 million dollars from the MAGIC Fund to complete the project. Here are the details from the agenda for next week’s MAGIC Fund screening committee meeting. View the full application here. And, Mayor Barney has released his quarterly letter. In it

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MADC Working on NE Industrial Park Expansion

The infrastructure is coming together, the next phase is to fill the NE Minot industrial park up with businesses that need a quality workforce and access to a rail system that will get them to market.

Read & Share   sourced from: KX News

East Grand Forks Files Insurance Claim Over Economic Development Loan

The City of East Grand Forks has filed an insurance claim in hopes of recovering a $510,000 loan made through the economic development association.

Read & Share   sourced from: Grand Forks Herald