MAGIC Fund Screening Committee

Overview

Fifteen (15) percent of the 1% sales tax shall be expended either (1) on permanent flood control projects; (2) for creation of jobs through retaining and expanding commercial, industrial, agricultural, recreational and educational activities in the Minot area with said expenditures to be governed by the applicable criteria imposed by the MAGIC Fund Committee and Minot City Council; (3) for City of Minot economic development activities to be approved by the Minot City Council; or (4) for any combination of (1), (2), and/or (3);

The MAGIC fund has been dedicated for use in economic and industrial development. The primary purpose of the fund is to create new jobs, save existing jobs, expand the local tax base, increase capital investment, improve the entrepreneurial climate of the region, and generally to expand the primary sector financial base of the area. 

 "MAGIC" Funds are available to provide temporary or permanent financing of any business cost related to the relocation and/or establishment of a new business, or the expansion of an existing business. 

Appointment, Membership, Term

The MAGIC Fund Committee is appointed by the Mayor and confirmed by the City Council. The committee structure provides that there be two representatives from the financial community, one professional representative, one trade area representative, two labor representatives and one business representative. Members will be appointed to three year terms with a maximum of two consecutive terms with the first members of the committee being appointed to staggered terms. Individuals who have served the maximum of two consecutive terms may serve again on the committee providing one term of three years has intervened between the time they complete their service on the committee and the time that they are re-appointed. 

No officer, director, member or employee of the MAGIC Fund Screening Committee, Minot Area Development Corporation (MADC), City of Minot, or MADC or MAGIC Fund Screening agency may have an ownership position in a business funded by the MAGIC Fund. Funding will not be considered until 12 months after an applicant's disability under this paragraph terminates.

Source

Chapter 28 1/2 - 108. (Dedication of tax proceeds) Minot Code of Ordinances. City Council Action, April 2, 1990 (Committee Membership and Terms). City Council Action, June 2, 1997 (Terms) 

MAGIC Fund General Policy Guidelines adopted by City Council June 2, 2003 and amended February 6, 2006 and April 6, 2009.
Revised 10/2017; Revised 12/2018: MAGIC Fund Policy Guidelines

Year End Compliance Reports

2012,   2013,   2014,   2015,   2016,  2017,  2018, 2019, 2020, 2021, 2022