Why this manufacturer relocated to Alex — and how they landed $1 million in funding
When Massman Companies needed room to grow, they found everything they needed in Alexandria, including local support, great amenities, and valuable TIF financing.
FINANCIAL INCENTIVES
See what funding is available for you in the Alexandria area.
When you locate your business in Douglas County, you have access to financing and grants that can help you get ahead. The Alexandria Area Economic Development Commission has provided hundreds of millions of dollars in incentives to other businesses in town—and we’re excited to help you too.
LOANS & GRANTS:
Check out the range of programs available in Alexandria—and connect with us directly. We’re here to help you find the funding you need.
Tax Abatement
Similar to a TIF, the Tax Abatement program can be used to finance your project, based on the increase in property taxes that will be generated from your new development or redevelopment. To qualify for Tax Abatement, your project must meet a number of public-interest benefits established by Minnesota state statutes.
Industrial Revenue Bonds (IRBs)
The city of Alexandria can use its bonding authority to help you raise revenue for a project. Once raised, that money is passed through to your business, and you are then responsible for repayment. IRBs are tax-exempt, which gives you a lower interest rate. This type of financing is generally best for larger projects because the up-front expenses incurred with IRBs require a bonding amount large enough to make the reduced interest rate and other benefits attractive.
City of Alexandria Loans
Alexandria offers three types of revolving loan funding:
- Commercial Loans: For demolition projects, building rehabilitation improvements, and public facilities.
- Industrial Loans: For the purchase of land, buildings, machinery, or equipment, as well as for working capital, relocation costs, demolition projects, and public facilities.
- Equipment Loans: For the purchase of equipment. Available to businesses located within Alexandria city limits that are located in zoning districts I-1 (Light Industrial), I-2 (Heavy Industrial), or I-B (Industrial Business).
