Advertisement

Minot, Chamber EDC come to incentive agreement over intermodal facility

business incentive agreement
business incentive agreement(KFYR-TV)
Published: Jan. 20, 2022 at 9:07 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

MINOT, N.D. – Minot city leaders approved a business incentive agreement with the Minot Area Chamber EDC’s LLC to help development at the intermodal facility.

It grants a more than $1.5 million forgivable loan to the company the chamber set up to be paid back in five years. They have to keep adding jobs and operating the intermodal port in that time.

“A lot of communities choose the five, or less than ten, years for a reason and that is the competitive edge. And we talk continually about being business friendly and competitive,” said Mayor Shaun Sipma.

The agreement was changed from a 10-year pay back to five years before passing.

Copyright 2022 KFYR. All rights reserved.