Devils Lake Economic Development

Description:
The Renaissance Zone is a development program to help rebuild Devils Lake downtown area in an effort to maintain historic attractiveness.

Eligibility:
Tax Incentives:
Income Tax Exemptions & Credits
- An individual taxpayer who purchases or rehabilitates a single family residential property for their primary place of residence is exempt from up to $10,000 of personal income tax liability.

- Any taxpayer that purchases, leases, or rehabilitates residential or commercial property for any business or investment purpose is exempt from any tax on income derived from the business or investment location.

Property Tax Exemptions
- A partial or complete exemption from ad valorem taxation on single-family residential property for five years, excluding the land value, if the property was purchased or rehabilitated by an individual for the individual’s primary place of residence.

The Bank of North Dakota (BND) is the only state owned and operated bank in the nation. It offers economic and industrial development financing instruments that are not found elsewhere. Although the bank does not make direct loans to businesses, the loan programs can be accessed through participation with a lead financial institution.

The City of Devils Lake and the State of North Dakota have developed competitive and unique programs to help companies like yours decide to locate or expand in the City of Devils Lake.

Devils Lake’s community and business leaders have long recognized the importance of working together to encourage economic development. There are multiple and diverse sources of funding available for new and existing businesses.

Devils Lake is authorized to participate in an economic or industrial development project by lending its name to sell Industrial Revenue Bonds to help finance a project.

Job Service North Dakota administers a number of federally funded work force training programs and two North Dakota State funded training programs. The type of training which can be provided through these funding sources are company specific customized training, classroom training, on the job training, occupational upgrading, Workforce 20/20 employee training, North Dakota New Jobs Training and Work Opportunity Tax Credits. In addition, the community of Devils Lake is home to one of the most active and industry focused colleges in North Dakota. Lake Region State College recognizes their relationship with private industry for education and training programs that are directed to meet industry needs. Forward Devils Lake can provided scholarships and grants to expanding companies to be utilized for employee training.

Property tax exemptions can be granted to new and expanding businesses; payment in lieu of property tax may be negotiated; sales and use tax exemption for building materials used to construct an agricultural commodity processing facility; no sales and use tax on machinery or equipment used in processing and manufacturing; no sales tax on computer and telecommunications equipment for a new primary sector business; 5-year corporate income tax exemption; no personal property or inventory taxes.

A North Dakota Economic Development and Finance fund designed to provide flexible “gap” financing through loan and equity investments to new or expanding primary-sector businesses in North Dakota.

The Business Development Loan Program through BND (Bank of North Dakota) is designed to assist new and existing businesses in obtaining loans that would have a higher degree of risk than would normally be acceptable to a lending institution

The MATCH Program is designed to encourage and attract financially strong companies to North Dakota. The program is targeted to manufacturing, processing and value-added industries. Through this program, BND will participate in loans to financially strong companies and provide interest rates at some of the lowest in the nation.

FDL offers small grants to primary sector businesses (which includes tourism) that have their corporate headquarters in the Devils Lake area. Mini-grants can be utilized for research and development, business plans, marketing plans, feasibility studies, marketing tasks and patent fees. Project requests not directly benefiting a for-profit business will be referred directly to the Growth Fund and Devils Lake City Commission. Download application.