The North Dakota Department of Commerce announced today it has renewed the Renaissance Zone Program for the city of Valley City for five additional years.
The Renaissance Zone Program is a tool for community redevelopment and economic investment that incorporates tax incentives to business and residential properties.
Valley City started utilizing the Renaissance Zone Program in 2000 and has had 125 approved projects. Recent major projects include Brockopp Brewing LLC in 2020 and Valley Lumber Company in 2018.
“Valley City has used the Renaissance Zone Program to encourage reinvestment and redevelopment in its downtown area to enhance business and improve housing,” said Rikki Roehrich, program manager at the North Dakota Department of Commerce. “The program is often used in smaller rural communities to attract businesses that provide vital services to their populations.”
The Renaissance Zone Program currently includes 58 cities across North Dakota. Since the program’s inception in 1999, more than 1,600 projects have been approved and more than 1,300 have been completed.