The Renaissance Zone incentives help encourage investment in downtown properties. The Storefront Rehab program can help give deteriorating buildings a new look. The programs are finding new uses for existing buildings, attracting new businesses to downtown, and increasing the availibility of housing in the downtown area.
The City adopted the original Fargo Renaissance Zone Plan in 1999. It was last modified in 2005: Fargo Renaissance Zone (RZ) Plan. Dozens of projects have been completed with more than $93million invested in historic and new downtown properties.
What are the incentives?
The Renaissance Zone provides both property tax and income tax incentives to owners who invest in qualified projects.
- 5 year property tax exemption on value of improvements (excludes land)
- 5 year state income tax exemption on income generated from the location of the Renaissance Zone project (up to $10,000 per year)
- Historic Tax credit (state income tax) in the amount of 25% of the cost of the renovation - RZ Historic Tax Credits
Commercial tenants who lease space in an approved Renaissance Zone project
- 5 year state income tax exemption