Business Incentives – City of Pelican Rapids

Choose any two incentives you wish to be considered for:

City of Pelican Raids Business Incentives

Free or reduced City utilities up to $5,000.00 or for 1 year, whichever comes first
City of Pelican Rapids Tax Rebate Program
1. Year 1- 70% City tax rebated to payer
2. Year 2- 50% City tax rebated to payer
3. Year 3- 30% City tax rebated to payer
Waive utility hook up fee and street breakup fee for new construction
Other (Specify):

*** Click here Business Incentives_Pelican Rapids_Final for the Business Incentives form and make sure you connect with Jordan Grossman prior to completion of the form. ***

Business Facade Improvement Grant Program (Pelican Rapids Economic Development Authority)

This fund is to assist building owners with the implementation of the vision of Pelican Rapids, through Commercial Rehabilitation projects that restore historic character or exterior enhancements to commercially zoned buildings. Each applicant can apply once annual for a matching grant of up to $5,000. All applicants need to speak to CEDA Rep, Jordan Grossman prior to application submission.

Pelican Rapids Business Facade Improvement Program Guidelines_Final

Pelican Rapids EDA Business Facade Improvement Program App_Final

Larger development/re-development projects could be eligible for

Tax Abatement: Qualifying taxes are “abated” (or more like “rebated”) to a qualified business for a set period of years (up to 15-20 years). Would need to go before each taxing district separately: the city, the county and the school district for approval.
Tax Increment Financing (TIF): Qualifying taxes are “captured” and used to write down the costs of the project. Some of the eligible activities include land, site improvements, and utilities. Would need to go before the city for approval.

Contact: CEDA Rep, Jordan Grossman or City Administrator, Lance Roisum

Development Resources

Local

Local low interest loan programs & grants Home | Pelican Rapids Area Economic Development Corporation (pelicanedc.org)
CEDA Microenterprise Revolving Loan Fund Small Business - CEDA (cedausa.com)
Lake Region Electric Cooperative revolving loan fund: http://www.lrec.coop/your-co-op/economic-development

Regional

Community Development and Housing - Otter Tail County, MN
Otter Tail Power Company business assistance: https://www.otpco.com/business-services/economic-development/

State and National

Veteran Entrepreneur Portal: Resources about financing and business development for veterans.
Minnesota Investment Fund: Low-interest loan program from the state, which grants money to the city, which in turn lends money to the business at a negotiated rate, typically 1% - 4%. Dollar amount of loan is based on number of jobs created at certain wage thresholds, up to $500,000
Greater MN Job Expansion Fund: The Greater Minnesota Job Expansion Program provides tax benefits to businesses located in Greater Minnesota that increase employment.
Minnesota Angel Tax Credit: Provides a 25-percent credit to investors or investment funds that put money into startup companies focused on high technology, new proprietary technology, or a new proprietary product, process or service in specified fields.
MN Job Creation Fund: The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets.
USDA Business Loans and Grants: The USDA has a variety of loan and grant programs available to businesses, many specific to particular industries. For example, the Rural Business Intermediary Relending Program has up to $250,000 available at a negotiated interest rate between 1-4%. Can be used for land, building, equipment, working capital, feasibility studies, interest, and fees for professional services.

Business Management Resources

Pelican Rapids Market Area Profile

Starting and Managing a Business

Small Business Development Center (SBDC): Our regional SBDC at Minnesota State Community and Technical College- Moorhead Campus. Their team can assist you directly with low or no-cost business planning and counseling. Contact SBDC here --> Contact Us (westcentralmnsbdc.com)

BUSINESS RETENTION & EXPANSION (BR&E) PROJECT 2016

Pelican Rapids Business Retention and Expansion report

PELICAN RAPIDS MARKET AREA PROFILE - JANUARY 2017

Informational Links for Businesses

Related to business starts, expansion, funding and education.

http://mn.gov/deed/

http://www.positivelyminnesota.com/Business/Get_Help_from_Our_Experts/Small_Business_Development_Centers/

http://mn.gov/deed/business/financing-business/tax-credits/greater-mn-job-expansion/

https://www.otpco.com/business-services/

http://wcif.org/what-we-do/funding/applications.html

http://www.research.umn.edu/business/#.VKRTRmAtGM8

http://www.launchminnesota.org/get-started.html