Mandan to renew and expand Renaissance Zone
BISMARCK, N.D. (KFYR) - Mandan commissioners have given approval for the renewal and expansion of the city's renaissance zone.
Mandan businesses could benefit from the renaissance zone, but one feature many don’t know about is that it can also work for your home.
”The residential side of the program is one that hasn’t caught as much attention by citizens of our community that you can qualify in an owner occupied home with investment in that structure for property and income tax exemption as well,” said Ellen Huber, business development director.
It offsets the costs of renovation with five year property and income tax exemptions based on how much is spent.The current Mandan renaissance zone started in 2005. Recent changes to the law allow up to nine more blocks to be added with the renewal.
They can also add up to three blocks in a separate area.
”The one that has the most opportunity for redevelopment and the need of an incentive to make that redevelopment happen because of the existing conditions of the properties would be in that 2300 to 2500 area of west Memorial Highway,” said Huber.
The program has subsidized 73 projects since it started.
Home renovation needs to cost at least 20% of the building's value to qualify.
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