Duluth offers investment funds, before they dissapear
Duluth officials are scrambling to invest public funds into new job creation ideas before a temporary state program expires.
The Duluth Economic Development Authority has $750,000 available to supplement private investments, but the deadline is tight. The state of Minnesota's 2010 jobs bills lets cities like Duluth invest tax increment financing (TIF) money in economic development projects outside the district where the money was generated. But it's a temporary change in the rules.
The city is hoping for a jobs home run, Duluth Economic Development Authority Executive Director Brian Hanson said.
"We're looking for big projects that really sort of move the needle of the economy in the city of Duluth," Hanson said.
The Duluth Economic Development Authority is ready to invest up to 20 percent in projects valued at $500,000 or more. The projects have to create new jobs, be underway by July 1, 2011, and be completed by the end of 2011.
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