Mutually beneficial development
9 Oct 2017
Cites use a wide range of tactics cities to help stimulate private sector investments. Low interest and forgivable loans can be a great way to encourage small business growth.
Development funds currently available through Elk River’s Housing and Redevelopment Authority are serving a secondary purpose: to promote the sale and redevelopment of structurally substandard properties. The Blighted Properties Forgivable Commercial/Industrial Loan funds are geared towards business startups, expansions and relocations.
Target industries can be commercial, retail, industrial, manufacturing or technology-related. The goal is to increase the area’s tax base and improve economic vitality. Businesses must create one job for every $15,000 requested, up to a maximum of $74,999 per property.