The City of West Fargo Renaissance Zone program is a tool to help revitalize the community through tax incentives made available to qualifying residents and business owners to increase the economic vitality of the community. The program works to update and expand commercial properties and residences located in the Renaissance Zone.
The goal of the Renaissance Zone program is to reinvest in the existing commercial and residential districts through increased amounts of residential units and industrial developments, within the zone. The City of West Fargo partners with business owners and residents in the Renaissance Zone in various ways such as to create affordable housing, make improvements to the downtown area, and encourage new development. Working to keep a community healthy is an ongoing effort. The North Dakota State legislature wanted to provide another tool that could be used to strengthen communities.
The development and investment activity that takes place within the Renaissance Zone may become eligible for a variety of tax exemptions and / or credits. These incentives are meant to stimulate growth which in turn will provide a renewed vitality to the designated geographic area (Renaissance Zone). Approved zone projects are eligible for a five-year property tax exemption and state income tax exemptions.
The maximum duration of the Renaissance Zone is 15 years. On May 18, 2015, the City Commission extended renaissance zone for five more years.
The program is offered through and administered by the City of West Fargo Economic Development office.