By choosing to locate in Osakis, businesses can access the following incentive programs that are designed to support successful business growth.
The future growth and long-term prosperity of Osakis’ economy are tied to securing new job opportunities for our community. Our office works with State, County and City government to impact our economic growth. Our partnerships are essential to our collective efforts to strengthen our economy and create job opportunities for our residents.
For further information on these programs, please see our:
Tax Increment Financing
Tax Increment Financing is a method local governments use to pay for the costs of qualifying improvements necessary to create new development, redevelopment, or public assisted housing. The financing of the qualifying improvements is paid from the increased property taxes generated from new development, redevelopment or housing development that would not have occurred without such assistance.
Tax Abatement is a municipal financing program that uses the increase in property taxes generated from new development and redevelopment to pay for qualifying improvements. To qualify for Tax Abatement, a project must meet a number of public interest benefits established by Minnesota State Statutes. Each local unit of government, i.e. city, town, county, and school district can grant a tax abatement for economic development purposes.
Osakis Revolving Loan Funds
Revolving loan funds (RLF’s) can provide businesses with direct loans, loan guarantees, and other financial assistance. As the Fund receives the principal and interest payments from outstanding loans, the money is made available to another borrower. RLF’s are designed to alleviate the high cost and short supply of capital by providing flexible loan terms. RLF’s usually provide lower rates, longer terms, and reduce the overall risk of the loan.
The City of Osakis has three types of revolving loan funding:
- Commercial: Eligibility – Acquisition for demolition, building rehabilitation improvements, demolition of non-functional buildings and public facilities.
- Industrial: Eligibility – Land, building, machinery, equipment, working capital, relocation, demolition and public facilities.
- Equipment: Eligibility – Projects must be located within city limits and open to businesses located in zoning districts C-1 (Central Business), C-2 (General Commerce), C-3 (Hwy Commercial )
Store Front Grant
Osakis Businesses are encouraged to apply for a store front application to improve their business. The Osakis EDA offers a 50% grant up to $3,500 to improve your business front.
Starting A Business? Don’t know what to do next?
Cultivating and supporting an entrepreneurial spirit is what Douglas county is about. Many of the area businesses and companies were started right here. We know how to help hard working people with great innovation and ideas.
Looking to Relocate?
The companies in our area have found a balance not only for their business, but for their lives and families. So, no wonder once you come here you don’t want to leave.
Wanting to Stay & Expand?
We want to make sure that you are able to expand and grow your business to new heights. When you’re ready we will be here to help you in that next step.