Senate Bill would create a ‘neighborhood zone’ similar to the Renaissance Zone program
BISMARCK, N.D. (KFYR) - The Renaissance Zone allows cities to designate a certain area in the community to get local and statewide benefits, which can be help offset costs for redevelopment projects.
Property owners can receive a local property tax exemption for up to five years and a state income tax exemption up to five years.
Mandan recently expanded its Zone from 28 to 39 blocks in its downtown area.
Interim Commerce Commissioner Shawn Kessel says the Zone program is a win-win, because residents and property owners get a revamped facility. Plus, the city usually gets more property tax revenue after the five-year exemption period.
“It really allows the community flexibility when working with landowners or property owners that want to change the way the building functions today as opposed to how it may have functioned when it was originally built,” Kessel said.
There’s currently a bill in the legislature to add a neighborhood zone program similar to Renaissance Zone.
It would apply to single-family homes built prior to a certain date and would offer similar advantages if owners want to renovate.
For more information on that bill, visit legis.nd.gov, and look up Senate Bill 2139.
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