Fargo’s city planning director said the city’s Renaissance Zone project has been good for not only developing its downtown, but for the rest of the city taxpayers as well.
The city’s “RZ” program is designed to help develop downtown properties with a five year property tax exemption and a state income tax exemption.
A Legislative interim committee is studying the program.
Fargo city planning director Jim Gilmour said the program has helped Fargo in two ways. First, he says it has helped lower property taxes for all of Fargo.
"The downtown has increased in value by over $320 million," Gilmour said in an interview. "It's paying $4.7 million in taxes, which means that if we didn't have that growth, our property tax mill levy would be 11 mills higher. It has saved Fargo taxpayers millions of dollars."
Gilmour said the second benefit is the revitalization of Fargo’s downtown.
"It makes downtown a place where people want to visit and where people want to live," Gilmour said.
Gov. Doug Burgum (R) is also a big proponent of Renaissance Zones, as part of his “Main Street ND” program.
