MINOT, N.D. (AP) - Minot’s Downtown Business and Professional Association has put a hold on a plan to use city economic development dollars to help businesses dealing with disruptions from a three-year infrastructure upgrade project.
The group wants to further discuss the plan with its members to see if any tweaks are necessary, Association President Chris Lindbo told the Minot Daily News (https://bit.ly/1ZWiI9P ).
“We just want to make sure that it was the way that we need it to be,” he said.
The Magic Fund screening committee in December endorsed using up to $500,000 from the economic development fund to pay down interest on debt for affected downtown businesses. Each business would be eligible for up to $3,000 in aid.
However, many established businesses with no outstanding loans said they would be left out and that other ideas for aid should be considered, such as reduced special assessments on property taxes or discounts on water and sewer bills,
The City Council was to consider the interest buy-down plan on Monday but now will not consider an aid request until business association officials visit with members.
At least 55 downtown businesses have been affected by the infrastructure projects that began last summer. They include replacing water and sewer lines, repaving streets and building two parking ramps. The work has shut down several streets, affecting traffic flow and parking.
Information from: Minot Daily News, https://www.minotdailynews.com
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