Oakes Enhancement, Inc. ()
OEI and the City of Oakes offer a range of programs to help businesses cost-effectively locate and expand their operations within our community. These programs are designed to provide assistance in the form of tax incentives, business financing, infrastructure development, employee recruitment and training, and general assistance.
Businesses and individuals may qualify for one or more tax incentives for purchasing, leasing, or making improvements to real property located in a North Dakota renaissance zone. To qualify:
· Projects of commercial property located within the Renaissance Zone must have improvements exceeding 50% of the true and full.
· Projects of single family residences located within the Renaissance Zone must have improvements exceeding 20% of the true and full value.
Business Upgrade & Maintenance Program (BUMP)
The “BUMP” program provides funding assistance for businesses and business owners to make necessary improvements and upgrades making Oakes the best place to ‘live, work and be in business’.
· Submit complete application with required supporting documents to Emily Ptacek
o -or- 501 Main Ave, Oakes, ND
Property Tax Exemptions
Improvements to Commercial & Residential Buildings
Improvements that Qualify
1. Renovation, remodel or alteration of existing structure. Cannot be the complete replacement of one building with another or a separate structure not attached to existing building.
a. Renovation - to restore to a previous condition or to a good state of repair.
b. Remodel - to change the plans, form or style of a building to correct functional deficiencies.
c. Alteration - to effect change, modify or vary, to change materially.
2. Buildings must be at least 25 years on the assessment date to qualify for the exemption.
3. Commercial improvements, which meet or exceed $50,000, are eligible for a 3-year exemption.
4. Residential improvements, which meet or exceed $25,000, are eligible for a 3-year exemption.
*Complete and submit(ND Office State Tax Commissioner, form 24840) with the City Assessor.
*Complete and submit, if applicable.
The City Assessor will determine if the improvements qualify for the exemption; however, the City Council must approve the exemption before it becomes effective.
Exemption is the difference of assessment value of the structure at time of approved application and at the time of completion. Exemption not applicable to land values. Exemption not applicable to changes due to market value adjustments but only on changes in value due to improvements.
New or Expanding Businesses
A primary sector or tourism business may qualify for an income tax exemption for up to five years.have been set by the State.
Complete an application and file with the City Auditor. City Council reviews and makes recommendation to Dickey County for exemption.
Dickey County Job Development Authority (JDA)
The Dickey County JDA exists to provide financial resources and other support to encourage and assist in the development of employment/job creation within the county. Contact County Auditor for more information on available programs and incentives.
Dickey County Courthouse: (701)349-3249 | 309 N. 2nd Street ⁄ P.O. Box 215, Ellendale, ND 58436
North Dakota Trade Office ()
The NDTO is “the catalyst in a collaborative effort among the state's universities, state and federal government agencies and private export service professionals that provide North Dakota companies with the support they need to succeed in the global marketplace.”
“The Trade Office staff are experts at creating a pathway for connecting North Dakota companies internationally.” Members receive access to export services including:
· Market-entry research
· Export education and certification
· Trade mission management
· Assistance in finding reliable international distributors
The mission of STEP ND is to increase the number of small businesses that are exporting and to increase the dollar value of exports for those small businesses. Participating companies can receive up to a 75% reimbursement for eligible costs generated from approved activities. Examples of approved activities: Shipping of sample materials/products to trade show/sales trip, Foreign trade missions or trade shows, Domestic trade shows, Foreign market sales trips (includes Canada or Mexico), RAISE Program, Website translation to a foreign language, Foreign marketing materials.
**Oakes Enhancement, Inc. is a current member of NDTO. If you have questions or are interested in any of the opportunities listed above, please reach out to Emily Ptacek at 701-742-3508 or .
South Central Dakota Regional Council ()
The SCDRC assists local communities and business owners secure funding for development projects, in the counties of Wells, Foster, Griggs, Stutsman, Barnes, Logan, LaMoure, McIntosh, and Dickey.
The CDBG Program provides financial assistance to eligible units of local Governments in the form of grants and loans for Public Facilities, Housing Rehabilitation, and Economic Development projects.
· Business Development
· Business Consulting
· Workforce Development
· Loan Funds
Borrowers may be a primary, retail or service sector business.
o Community Development Loan Fund – Loan requires 1:1 match and job creation with a minimum of $50,000.
o EDA Revolving Loan Fund – Loan requires a 2:1 match, job creation or retention with a $130,000 maximum.
o USDA Intermediary Relending Program – Loans require 1:1 match, job development with a $150,000 maximum.
SCDRC can assist in two ways:
· Through the Childcare Initiative program, a forgivable loan of up to $5000 per FTE position created is available to eligible childcare providers.
· Organization having 2 years to fill projected FTE (32+ hours/week) positions
· Organization must have grant/forgivable loan dollars matched by a loan secured through their preferred lender.
· SCDRC can provide technical assistance as well as connect the organization with their partnered lender (Bank Forward).
Development Fund Loan
· Available to any licensed childcare provider
· Funding limit is a maximum of $100,000 or availability of funds
· Interest Rate – 2.5% Fixed
· Terms: Working Capital 1-3 years, Equipment 3-5 years, Real Estate 7-10 years