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Business Financing and Incentives Announced
Mankato, MINN (December 20, 2018) – The City of Mankato and Greater Mankato Growth are now providing online information for two Opportunity Zones tax incentives.
The incentives were part of the 2017 Tax Cuts and Jobs Act designed to spur economic development and job creation using untapped capital gains to invest in economically distressed census tracts nationwide.
The details put into perspective the zones and their linkage to the Renaissance Plan for downtown providing potential investors some guidance on what possibilities are for real estate and business support.
"This has the potential of accelerating the goals of the Renaissance Plan especially with Old Town and Sibley Parkway," said Jim Santori, Director of Business Development for Greater Mankato Growth. "It has generated a great deal of interest not only with real estate developers but high-tech companies looking to put their capital gains to good use.
About Regional Economic Development Alliance
In 2009, the Regional Economic Development Alliance (REDA) began with a progressive group of communities and counties joining together with Greater Mankato Growth in business attraction and development efforts. REDA participants include Eagle Lake, Lake Crystal, Mankato, North Mankato, Saint Peter and Blue Earth and Nicollet Counties. By working together, the group is able to efficiently provide regional and individual city and county information to businesses interested in the Greater Mankato marketplace. As a result of promoting the individual strengths of each community, along with the combined assets of the regional marketplace, all experience collective success.
About Greater Mankato Growth
Greater Mankato Growth exists to develop the regional center by promoting, supporting and serving as a catalyst for economic development through: business growth, talent growth, and regional livability and advocacy of the marketplace. Greater Mankato Growth, the regional chamber of commerce and economic development organization, is a business unit of Greater Mankato Growth, Inc. (GMG) which also includes the local convention and visitor's bureau, Visit Mankato; the downtown development organization, City Center Partnership; and GreenSeam which utilizes agriculture to build on the region’s extensive agribusiness assets to develop the ag economy. For more information, please visit: greatermankato.com.