Role in Economic Development
Forty percent of the one percent tax is earmarked for economic development and is used to help finance relocations, start-ups and expansions in the Minot area. Minot Area Development Corporation, the lead economic development agency for the city of Minot, targets primary sector businesses such as those in value-added agriculture, knowledge-based business and the energy industry. The availability of MAGIC funds makes Minot more appealing to businesses. The MAGIC Fund is very progressive in that it was one of the first growth funds in the state of North Dakota and the first one to be used regionally.
Read more about this topic: MAGIC Fund (Minot)
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