As construction season begins, many home and business owners are thinking about much needed capital improvements that their property may need such as windows, roof, siding, furnace, air conditioning or even new construction. The Renaissance Zone could provide owners extra incentive to get these projects done.
The City of Bowman's Renaissance Zone block area is still available for those located within the zone's 23 block radius covering most of Hwy 85 and east.
The zone, which requires that applicants apply before construction begins, provides both a five year property tax and ND Business Income Tax exemption for projects approved.
To qualify, residential or commercial property can be renovated, purchased or build new. If renovating, there is a required percentage of the property's value that must be met with total renovation costs. For commercial projects, fifty percent (50%) of the structure's true and full value excluding land and for residential, twenty percent (20%) of the value must be met.
Commercial projects within the zone have an added incentive if planning to renovate, use of the Bowman County Development Corporation's Store Front Grant. The Store Front Grant will cover half of the investment up to $1000 as a match for improvements to store fronts including all signage.
The intent of the Renaissance Zone is to encourage new investment in both commercial and residential districts as well as to clean up aging areas of the community.
Applications for the zone can be picked up at Bowman's City Hall.