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THE GRIGGS-STEELE EMPOWERMENT ZONE
The Griggs-Steele Empowerment Zone is located in the eastern part of
North Dakota. The Empowerment Zone includes all of Steele County and
one census tract in Griggs County.
The Empowerment Zone and Enterprise Community program is designed
to afford communities real opportunities for growth and revitalization.
The framework of the program is embodied in four key principles: The
four key principles are found in their Mission statement:
- To increase population while maintaining rural values and lifestyles
- To enhance community facilities and services to support revitalization
- To end out-migration
- To invigorate and diversify the economy
Vision Statement:
We envision a future where our friends and children no longer have
to leave in order to make a satisfying life for themselves.
THE ZONE ADVANTAGE
REVOLVING LOAN FUND: The Zone has a low interest gap financing loan fund which is available to applicants on an approval basif for funding levels up to 50% of their project.
EQUITY FUND: A venture capital fund has been established that allows the Zone to participate in financing primary sector businesses by making an equity investment in the company. The Zone is allowed to invest up to $250,000 per company based on $20,000 per projected jobs to be created for full-time employee (FTE) .
FEDERAL EMPLOYMENT TAX CREDITS: Companies taht employ workers that live and work in the Zone can qualify for federal income tax credits of up to $3000 per employee. The credits can be carried forward for 20 years if not used in the year they are accrued.
TAX EXEMPT BOND FINANCING: Sate or local goverments can issue Enterprise Zone Facility Bonds to rais funds to provide an Empowerment or Enterprise Zone business with capital (for qualified zone properties). This typically reduces the cost of capital in comparison to conventional financing by 1.5% to 2.5%.
INCREASED ACCELERATED DEPRECIATION LIMITS (SECTION 179): Companies that are located in the Zone have the advantage of expensing up to an additional $35,000 per year on qualified property placed in service.
WORKFORCE DEVELOPMENT PROGRAM: The Zone provideds for a cash reimbursement of up to $500 per full-time employee that goes through the training process.
EMPLOYEE RECRUITMENT PROGRAM: The Zone provides fo a cash incentive of $500 per employee that moves to and works in the Zone.
Click Here for the Empowerment Zone website
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