In 1990, Minot voters approved a measure which established a 1% city sales tax, 40% of which is designated for economic and industrial development. The funds accumulated from the sales tax became the Minot Area Growth through Investment and Cooperation (MAGIC) Fund. The tax generates approximately 1.6 million dollars per year to provide financial incentives to new and existing primary sector businesses.
The MAGIC Fund dollars may be used to provide temporary or permanent financing for business costs that are related to the expansion of an existing business, the relocation of an existing business, or the establishment of a new business.
