Whether you are starting your business or you need to expand, Burnsville can put together a program that will work for you.
OPEN TO BUSINESS
'Open To Business' provides free, one-on-one business counseling to current and prospective entrepreneurs. Consultants will work with Burnsville residents or businesses to develop a strong business plan, identify challenges and opportunities, and to tailor solutions.
In addition to direct consulting, the Open to Business program can link entrepreneurs with additional resources to help them succeed, including training programs, community or governmental servcies, and industry and business professionals. Open To Business also offers a loan program up to $25,000 for start-ups and larger loans/packages for established businesses. Consultant hours are by appointment. Appointments can be made by emailing Karen Schaffhausen or calling her at 612-706-3926.
For more information contact Burnsville Economic Development Coordinator Jamie Scheffer via email, or calling 952-895-4454.
Visit the Open to Business website for more information.
TAX INCREMENT FINANCING
Tax Increment Financing (TIF) uses the increased property taxes generated by new real estate development within a tax increment financing district to pay for certain eligible costs associated with the development. The value that is "captured" (i.e, the increase in value over the year the TIF district was established) generates property taxes. These "incremental" taxes go to the development authority or the city authority rather than to the city, county, school district, or other taxing jurisdictions that normally share in the total property tax bill. The captured taxes are used to subsidize eligible project costs such as land acquisition, demolition, public and site improvements, and related consulting and administrative costs. The value of the property prior to development (i.e, the "non-captured" portion) continues to generate property taxes which are distributed to all appropriate taxing jurisdictions.
Tax abatement refers to the capture or deferral of property taxes. Under Minnesota law, taxes due on real property subject to tax abatement must still be paid as due. If tax abatement is in place, the appropriate portion of the taxes can be captured for development purposes. Just what the appropriate portion is depends on which governmental entities hold public hearings and adopt abatement resolutions. A participating city, county, or school district is required to act separately to determine the use of its share of property taxes.
Any political subdivision, including statutory cities, home rule charter cities, towns, counties, and school districts, is authorized to abate property taxes on selected parcels if:
- The benefits gained equal or exceed the cost to the political subdivision, and
- The abatement is in the public interest because it does one of the following:
- Increases or preserves the tax base;
- Provides employment opportunities;
- Provides or helps acquire or construct public facilities;
- Helps redevelop or renew blighted areas;
- Helps provide access to services, or finances or provides for public infrastructure; finance or provide for public infrastructure; phase in a property tax increase on the parcel resulting from an increase of 50% or more in one year on the estimated value of the parcel, other than an increase due to improvement of the parcel.
Cities, counties, and school districts as combined jurisdictions may grant an abatement for no longer than 15 years (8 year maximum if no initial duration is specified), or for no longer than 20 years if two or fewer jurisdictions participate.
Property Assessed Clean Energy (PACE) is an innovative finance solution for building owners interested in energy efficiency and renewable energy upgrades. The PACE structure overcomes financial challenges that hinder projects by eliminating upfront costs, and providing low-cost, long-term financing.
For more information visit St. Paul Port Authority website.
SCORE® is a nationwide organization of active and retired business men and women who volunteer their services to assist small businesses and entrepreneurs. SCORE® provides free business counseling and offers low-cost workshops on a variety of business topics. Perhaps most importantly, experienced SCORE® counselors offer free, one-on-one, personal confidential counseling on all aspects of small business management from financing to manufacturing to marketing.
Phone: 952-890-7019 SCORE website