Economic development is a key area of focus of the Community Development Department. From vibrancy initiatives, to downtown planning, to the management of financing and incentive programs, the Department works in a variety of ways to promote the economic well-being of the Grand Forks Community. Some of the major programs and initiatives through which that aim is pursued are explained further below.
Grand Forks Growth Fund
The Grand Forks Growth Fund, a Jobs Development Authority (JDA) is the primary economic development funding program for the City of Grand Forks. The Growth Fund is funded from a variety of sources, including a portion of local sales tax, loan and lease repayments, bonding, and federal funding sources. Community Development Department personnel directly staff the Growth Fund and handle the administration of its various programs, in collaboration with the Grand Forks Region Economic Development Corporation. The Growth Fund oversees a diverse portfolio of economic development programs, including interest rate buy-down loans, federal loans, leases of JDA properties, and start-up business loans. Please contact Brandon Baumbach at the Grand Forks Region EDC for further program information. CLICK HERE to view the Growth Fund's Policies & Procedures.
The Renaissance Zone (Ren Zone) is a state program allowing for certain tax benefits for development or improvement projects that fall within an established boundary (see below). Grand Forks most recently updated its Renaissance Zone Plan in 2016, which can be founding by clicking here. Additional program guidelines, types of eligible projects, and incentives available can be found here. Please contact Community Development at 701-746-2661 for further information or to see if your project is eligible.