The City of Faribault understans the importance of making fiscally responsible decisions, and the role financial and tax incentives have in the location decision and selection process. Faribault is committed to providing an attractive financial incentive package - utilizing local, regional, state, and federal resources to help projects which meet the business subsidy requirements.
There are a number of economic development partners, including the City of Faribault, who offer revolving loans for development projects. The economic development partners who utilize revolving loan incentives as a tool for gap financing, each with the own terms and limits, include: City of Faribault Economic Development Authority (EDA), Rice County, Faribault Industrial Corporation, and Southern Minnesota Initiative Foundation (SMIF).
The City of Faribault and Rice County are proud to offer tax abatement as an economic development tool to incentivize quality development within the City and County. These agencies have a history of working together to provide a tax abatement package that is custom tailored to the site and business needs. Making this an attractive resource for businesses, meeting the select tax abatement criteria, to expand and develop in Faribault and Rice County
In addition to the local incentives and partnerships, the State of Minnesota offers customizable incentive opportunities for businesses expanding and redeveloping within the State. The most popular resources offered include: Job Creation Fund, Minnesota Investment Fund, Minnesota Job Skills Partnership, and Job Training Incentive Program. The City of Faribault has had tremendous success assisting local industries with applying for and obtaining incentive from the State of Minnesota. We look forward to affording each project the same opportunities to help offset development costs!