City of Rice Revolving Loan Fund The City of Rice administers a small revolving loan fund and offers flexible, low-interest financing for new and expanding businesses. Loan funds can be used for a variety of purposes, particularly building modifications and/or equipment purchases. Loan applications are available at the City of Rice Economic Development Department or can be downloaded here. Loans range between $5,000-$100,000 and individual terms are negotiated. Loan Application
Tax Increment Financing Parameters of Eligibility Tax Increment Financing (TIF) is an incentive offered to eligible developments by the City of St. Cloud. State statutes define the parameters of eligibility. Basically, the base tax value is calculated as the current status of a particular parcel of development property. Next, a value is projected for the project when the development is complete. The difference is called the tax increment. The total amount of tax increment is calculated for the projected term of the district. A developer can then obtain a loan based on the projected tax increment revenues to use the funds upfront for development purposes.
Establishing Public Interest The assistance must be in the public interest by accomplishing one or more of the following purposes:
Increase or preserve tax base:
Provide access or services for the residents
Provide increased employment opportunities
Provide public infrastructure
Redevelop or renew blighted areas
Tax Abatement A development project may request a form of property tax abatement from the local taxing jurisdictions, including the city, county, and school district. Real estate taxes are rebated to qualified and approved projects. Projects must apply to each taxing jurisdiction individually.
205 Main Street E PO Box 179 - Rice, MN 56367 (320) 393-2280