MAGIC Fund (Minot) - Guidelines

Guidelines

When the MAGIC Fund was originally established, it was designed to operate with minimal guidelines to allow for the high level of flexibility necessary when assembling financing and incentive packages to benefit potential businesses and the community of Minot. This nonrestrictive nature of the fund has been a source of some criticism though. Local leadership acknowledges that throughout the life of the MAGIC Fund it has been a challenge maintain openness with the public about specific spending while at the same time respecting the confidentiality of business information. Leaders are striving, however, to keep communications clear.

In 2005, new MAGIC Fund guidelines were set in place to clearly define “full time” and to require a breakdown—not an average of—salaries of proposed positions. More recently, in October 2008, the guidelines of the MAGIC Fund underwent public review and area residents were encouraged to offer suggestions. Suggestions included making MAGIC Funds available for private sector projects such as housing, recreation and childcare or using the money for infrastructure purposes such as streets and sewer in order to encourage more housing projects. After consideration, the guidelines review committee decided to continue using MAGIC Funding for business-related projects.