Renaissance Zone

City of Finley Renaissance Zone

The Fifty-sixth North Dakota Legislative Assembly enacted the Renaissance Zone Act allowing North Dakota cities to create a maximum of 23 contiguous blocks area with a duration of up to 15 years, where certain types of tax exemptions and credits can be applied to stimulate revitalization, or redeveloped to attract businesses and residents to that area.

Tax Incentives Available:

• Single family property tax exemption on renovations- The city will grant a 100% exemption from property taxes for five years on improvements to single family residential property that is rehabilitated by an individual for use as their primary residence.
• Single family property tax exemption on new construction- The city will grant a 100% exemption from property taxes for five taxable years on construction of a single family residential property built by an individual for use as their primary residence.
• Single family property tax exemption on purchases- The city will grant a 50% exemption from property taxes for five taxable years on the purchase of a single family residential property purchased by an individual for use as their primary residence.
• Business investment property tax exemption on renovations- The city will grant a 100% exemption from property taxes for five taxable years on the improvements of any property rehabilitated as an approved Zone project for any business purpose.
• Business investment property tax exemption on construction- The city will grant 100% exemption from property taxes for five taxable years on any property newly constructed as an approved Zone project for any business purpose.
• Business investment property tax exemption on purchases- The city will grant a 50% exemption from property taxes for five taxable years on any property purchased by an individual for any business purpose.

There are also income tax exemption incentives available. Please visit the link below, there you will find the income and financial institution tax incentives available under the North Dakota Renaissance Zone Act in more detail:

The ND Renaissance Zone Tax Incentives Guidelines :  

http://www.nd.gov/tax//genpubs/renaissance.pdf

Application Procedure

1. Send or fax request for Certificate of Good Standing from the ND State Tax Department.
2. Fill out the Renaissance Zone application completely.

The application will have to be submitted and approved by all parties before you start construction/rehabilitation. Review of the application takes approximately one month from time of submittal until final approval.

        Submit completed application packet, before construction begins or lease is signed, to Suzanne Halverson with the following;

1. Renaissance Zone application
2. Certificate of Good Standing
3. Copy of cost estimates from all contractors for projects that include construction. All cost estimates will need to delineate capital improvements vs. non-capital improvements in their application. Please make sure all estimates clearly list separately any non-capital improvements such as floor coverings, window treatments, wall coverings, cabinets and furnishings.

You may attend the Renaissance Zone Authority meeting to present and answer questions about your project. Suzanne Halverson will notify you when your project will be in front of the RZ Authority. She will notify you if your application has been approved or not, and you may attend the City Council meeting when the application is on the agenda. A final  letter will be issued by the State for conditional approval of the RZ application. A copy will be sent to you when it is received. Then after you have received the letter, you may proceed with construction, rehabilitation or with signing of the lease.

Check the link below to see if your project would be located in Finley’s Renaissance Zone:

Finley Renaissance Zone Map