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Williston launches two STAR Fund programs to spur commercial investment
Summary
The commission approved two STAR Fund programs — a Mini-Match grant program and a Flex PACE Express interest buy-down program — to encourage commercial and industrial building improvements within the city and its one-mile extra-territorial zone.
The Williston Board of City Commissioners on Dec. 8 approved two new STAR Fund economic development programs: the Mini-Match and the Flex PACE Express.
Tom Rolfstad told the commission the Mini-Match program will match qualifying private investment in commercial and industrial property on a 1:1 basis, with STAR Fund contributions up to $5,000 per project for projects between $2,500 and $125,000, and up to $10,000 per project for projects between $125,000 and $250,000. The STAR Fund proposed a $200,000 budget for the program in 2010. The city would reimburse applicants based on submitted construction bills after inspection by the city building inspector.
The Flex PACE Express program targets loans above $250,000 by matching Bank of North Dakota Flex PACE interest buy-downs; the STAR Fund portion will not exceed $24,999 and the Bank of ND would match the STAR Fund on a 2:1 basis, potentially providing up to $75,000 in interest savings. Rolfstad said the programs apply to commercial or industrial businesses within the city’s one-mile extra-territorial zone and require applicants be current on property taxes and limited to one project per business per year.
Commissioner Bekkedahl moved to approve the programs subject to the guidelines in the packet and Commissioner Klug seconded; the motion carried 5-0. Rolfstad said applications will be available online when the Economic Development website is updated early in the new year.
