(KNOX) -The Grand Forks Committee of the Whole gave the green light for Renaissance Zone lease improvements.
The Franklin on 4th building is nearing completion and is starting to lease up its commercial spaces. The project lies within the boundaries of the Renaissance Zone.
Grand Forks Economic Development Manager Andy Conlon says that there are four businesses that would like to move into the area.
“The applicants are ICON Architectural Group; Northridge Construction; Avant Hair and Skin Care Studio; and Johnson Wealth Management,” Conlon said.
The Renaissance Zone incentives have no city property tax component. The regulations for the Renaissance Zone do require applicants to be approved at the local level and by the State of North Dakota.
“Renaissance Zone process does require local approval, then it is forwarded to the state,” Conlon said.
Each of the prospective tenants have submitted applications to meet the Renaissance Zone requirements
The full Grand Forks City Council must approve the applications, then they will be sent to the state for approval.