MAGIC Fund (Minot) - Recent Events

Recent Events

MAGIC funds are currently being utilized in three major area projects. The MAGIC Fund has supported all of these projects through payments directly related to building permanent infrastructure such as water and roads. In the future, the Fund plans to continue supporting infrastructure grants and loans. The first of its kind in the state, intermodal transportation facility The Port of North Dakota is in the works in northeast Minot. The Port anticipates to benefit businesses in an approximate 150-mile (240 km) radius of Minot stretching into Montana, South Dakota and Saskatchewan by offering identity preserved bulk transportation at the intersection of two Class One railroads, two major state highways and airport runway facilities, all near the geographical center of North America. Construction began in 2006 (citation), and in March, the project took a huge step forward when BNSF Railway announced its cooperation with a proposed statewide rail strategy to reduce rates for containers of bulk commodities shipped from the Minot and Fargo-Dilworth areas.

Another major project the MAGIC Fund is aiding in is in the Value-added Ag Complex, an agri-business park also located in northeast Minot. Minot Milling, anchor tenant of the complex, recently celebrated its tenth anniversary of operations in Minot and was named the recipient of the Corporate Citizenship Award for its years of service to the community and for being such a valuable asset to the Ag Complex. In late September 2008, California-based C&F Foods closed on the purchase of MG Grain, an unfinished lentil processing facility in the Ag Park.

The third major project aided by the MAGIC Fund is the Great Plains Energy Park. The project was first conceptualized in March 2008 and in April $1.1 million in MAGIC Funding was approved for the infrastructure of the park. The first Phase of the Park has been entirely sold out, allowing Minot Area Development Corporation to pay back $857,000 to the MAGIC Fund In October, after the repayment of initial funding, $1.69 million in additional MAGIC funding was approved for the build out of Phase II of the Park.