- Associated Press - Saturday, March 11, 2017

MINOT, N.D. (AP) - Minot’s economic development fund awarded nearly $57,000 in assistance last year as its reserves grew despite declining income.

The Magic Fund had a year-end cash balance of $7.14 million, while sales tax collections that support the fund decreased by $349,530, a nearly 17.9 percent from 2015, the Minot Daily News (https://bit.ly/2lOntTX ) reported.

Collections totaled $1.6 million last year, which more than offset spending.

Awards from the fund included $10,000 to Crosby Kids Day Care and $20,172 as an annual grant to Souris Basin Planning Council along with its required local match for federal funds. The fund also supported Minot Area Development Corp. by providing a direct payment of $365,000.

A performance audit resulted in Kalix, a nonprofit, paying back $1,179 to the fund in August. Kali bought a new recycling baler in 2014 in part with $252,000 in assistance it received from the Magic Fund. As a condition of the grant, it must pay 42 cents for each hour less than 30,000 worked by employees at its recycling center. Employees worked 27,192 hours over the audit period.


Information from: Minot Daily News, https://www.minotdailynews.com



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