Economic Development

Faribault's Economic Development Authority is responsible for a number of locally initiated development and redevelopment programs: tax increment financing, industrial loan programs, commercial rehabilitation programs and an assortment of public improvements projects. Funding support is governed in large part by the EDA's Tax Increment Financing and Business Subsidy policies.

Faribault-Small Town Pride Video.

Faribault - Small Town Pride Big City Opportunities Brochure (pdf) — Large File: 2MB

Faribault Building and site search

Official Economic Development Authority Web site (includes the Development Toolbox)

Economic Development Authority (Boards & Commissions page)

Economic Development Programs

Job Opportunity Building Zones (JOBZ)
Minnesota's Job Opportunity Building Zones (JOBZ) Minnesota Governor Pawlenty's initiative to stimulate economic development activity in Greater Minnesota by providing local and state tax exemptions to new and expanding businesses. Use the JOBZ link to learn more about the benefits of JOBZ. More information can be found at Minnesota Properties Community Profiles.
Economic Development Revolving Loan Program
The Economic Development Revolving Loan Program provides low interest loans and grants to downtown property owners wishing to rehabilitate substandard commercial buildings and to renovate or restore the exterior of their commercial structures. Program priorities are the renovation of historically or architecturally significant properties and storefronts, life and safety improvements, and the repair or replacement of upper level windows. Program activity is limited to downtown Faribault with priority given to those commercial properties abutting Central Avenue.
Industrial Development Loan Program
The Industrial Development Loan Program provides low interest loans to for profit entities in support of private efforts to establish, expand or relocate new and existing industries within the community. Program priorities are value added industrial projects, which provide for the diversification of the local economy, the creation or retention of quality employment opportunities, and the expansion of the property tax base.
SCDP Revolving Fund Program
The SCDP Revolving Fund Program provides low interest loans to for profit entities in support of private efforts to establish, expand or relocate new and existing industries within the community. Program priorities are value added industrial projects, which provide for the diversification of the local economy, the creation or retention of quality employment opportunities, and the expansion of the property tax base. Program funds are made available through the Community Development Block Grant program and as such, recipients are subject to the regulations established by the US Department of Housing and Urban Development.
Minnesota Investment Fund
The Minnesota Investment Fund provides low interest loans to establish, expand or relocate new and existing industries within the community. Program priorities are value added industrial projects that provide for the diversification of the local economy, the creation or retention of quality employment opportunities, and the expansion of the property tax base. To be eligible, a project must result in significant job creation. Participating firms must pay a minimum of $10.00 per hour for all new jobs created. Roughly $6,000 per job is available to qualifying projects and a minimum $12.00 per hour for all jobs created. Roughly $10,000, per job is available to qualified projects.
Tax Increment Financing and Tax Abatement
Tax increment financing (TIF) provides an opportunity for the community to invest property tax revenues in a variety of economic development, redevelopment, renewal and housing projects. Projects are evaluated on a case by case basis by the Economic Development Authority (EDA) and the City of Faribault in accordance with adopted policies.

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