Minot City Council has voted to extend its Renaissance Zone Program pending state approval.
Once state authorities agree, the program will run for another five years.
The Renaissance Zone Program allows property owners to invest in specific sections of the city in exchange for tax incentives.
Since it began 20 years ago, 97 percent of property owners have received the incentives.
“The renaissance zone is to redevelop buildings in older neighborhoods,” according to Community and Economic Development Director Brian Billingsley.
Billingsley said by “doing that, it attracts new businesses and creates jobs, increases property value and expands the city’s tax base and it helps prevent spot blighting and reduces criminal activity.”
Property owners must invest up to 50 percent of the true value of their property to receive the benefits.
Meanwhile, applications have slowed down the last five years. This year the program received only one.
Now city officials are urging businesses to take advantage of newly zoned areas.
“Last year our city council extended the zone and we added 18 new blocks to the zone so we want to notify all the property owners of the benefits that are available to them,” he said.