Grand Forks Economy

[SIOUXFAN97]

how many other parcels does the "school board" own?

[TheFlop]

5 hours ago, gfhockey said:

I thought thread was going to be the next Big start up? Wonder what happened all the Grand Forks CEDC guys were always whining and dining Josh.

Time for Pete to get the old food truck fired up again?  

[SIOUXFAN97]

7 minutes ago, TheFlop said:

Time for Pete to get the old food truck fired up again?  

didn't he "give" it away?

[BIGSIOUX]

3 hours ago, SIOUXFAN97 said:

how many other parcels does the "school board" own?

They don't own this one. 

I'm not sure what you don't understand.

Three main taxing entities in Grand Forks,   CITY, COUNTY, SCHOOL DISTRICT.

IF you apply for a TIF or PILOT, (AKA discounted tax valuations for a period of time) the taxing entities have to agree to give it to you.  The idea is your not receiving much revenue off the property currently, so agree to continue that low tax valuation rate for an agreed upon amount of time.  It saves the developers $$$$.  They can recoup their investments, sell to someone else, then they can pay the increase in tax valuation going forward.  For the taxing entities, hopefully spurs development of low value property, increasing total tax base.

 

 

[SIOUXFAN97]

40 minutes ago, BIGSIOUX said:

They don't own this one. 

I'm not sure what you don't understand.

Three main taxing entities in Grand Forks,   CITY, COUNTY, SCHOOL DISTRICT.

IF you apply for a TIF or PILOT, (AKA discounted tax valuations for a period of time) the taxing entities have to agree to give it to you.  The idea is your not receiving much revenue off the property currently, so agree to continue that low tax valuation rate for an agreed upon amount of time.  It saves the developers $$$$.  They can recoup their investments, sell to someone else, then they can pay the increase in tax valuation going forward.  For the taxing entities, hopefully spurs development of low value property, increasing total tax base.

 

 

yes, i'm stupid and confused...guilty as charged....i thought "schools" were just straight up funded by property taxes....gf county schools needs x million this year....x million is raised thru property tax thru the county assessment....

did not know that that the "school district" or "school board" was in the real estate business...nor should they imo

[jdub27]

7 minutes ago, SIOUXFAN97 said:

did not know that that the "school district" or "school board" was in the real estate business...nor should they imo

They aren't but they are one of the 3 taxing entities.
So if developers are going to apply for tax incentive programs, all 3 taxing entities who would be foregoing funds need to approve those incentives.
This process has happened with all of the large developments that have applied for incentives.

[gfhockey]

Did Pete work for thread?

[TheFlop]

27 minutes ago, gfhockey said:

Did Pete work for thread?

Appears so. 

Will be interesting to see how much loan money wont be getting paid back to various entities.   

[TheFlop]

https://www.grandforksherald.com/news/local/grand-forks-tech-company-thread-closes-after-eight-years

You don't sell the steak you sell the sizzle!

[UNDBIZ]

9 minutes ago, TheFlop said:

https://www.grandforksherald.com/news/local/grand-forks-tech-company-thread-closes-after-eight-years

You don't sell the steak you sell the sizzle!

Scammers scam.

[SIOUXFAN97]

honest question...

i thought if you wanted to open a daycare...you

1. leased a place/buy a place

2.  hire employees

3. get clients

4.  bill clients

5. make money

where does the state/fed gov come into play....?

[The Sicatoka]

9 minutes ago, SIOUXFAN97 said:

honest question...

i thought if you wanted to open a daycare...you

1. leased a place/buy a place

2.  hire employees

3. get clients

4.  bill clients

5. make money

where does the state/fed gov come into play....?

Register the business with tax commissioner.
Licence to operate. 

[SIOUXFAN97]

Just now, The Sicatoka said:

Register the business with tax commissioner.
Licence to operate. 

where do the state/local funds come into play?  was/is it temporary?

 

[The Sicatoka]

This is dancing on the head of a pin ... too close to politics. Move along. 

[SIOUXFAN97]

3 minutes ago, The Sicatoka said:

This is dancing on the head of a pin ... too close to politics. Move along. 

under economy....honest question....why would the state of north dakota or any other state GIVE millions to run a business?

[UNDBIZ]

5 minutes ago, SIOUXFAN97 said:

under economy....honest question....why would the state of north dakota or any other state GIVE millions to run a business?

The thought is people (moms, generally) are staying home with their kids because it doesn't financially make sense for them to work when daycare costs more than their monthly pay.  So the government subsidizes the daycare to reduce cost for the parents.  Then there is a shortage of daycare space because you suddenly have an influx of kids due to the government subsidies.  In response, the government gives start-up grants and other incentives for opening a new daycare.

The intent is to help supply workers for the economy.  It appears some have taken advantage of the program's lax oversight.

[SIOUXFAN97]

7 minutes ago, UNDBIZ said:

The thought is people (moms, generally) are staying home with their kids because it doesn't financially make sense for them to work when daycare costs more than their monthly pay.  So the government subsidizes the daycare to reduce cost for the parents.  Then there is a shortage of daycare space because you suddenly have an influx of kids due to the government subsidies.  In response, the government gives start-up grants and other incentives for opening a new daycare.

The intent is to help supply workers for the economy.  It appears some have taken advantage of the program's lax oversight.

how long do the subs go on for?  forever?

do all states do this?  is it fed/state money?

[UNDBIZ]

8 minutes ago, SIOUXFAN97 said:

how long do the subs go on for?  forever?

do all states do this?  is it fed/state money?

In North Dakota it's state money.  Supposed to be income-based.  I assume they have to apply each year, but not sure on that.

[nodak651]

31 minutes ago, UNDBIZ said:

The thought is people (moms, generally) are staying home with their kids because it doesn't financially make sense for them to work when daycare costs more than their monthly pay.  So the government subsidizes the daycare to reduce cost for the parents.  Then there is a shortage of daycare space because you suddenly have an influx of kids due to the government subsidies.  In response, the government gives start-up grants and other incentives for opening a new daycare.

The intent is to help supply workers for the economy.  It appears some have taken advantage of the program's lax oversight.

I'm in MN with a 2 yo 4yo and 6 yo and never thought for a second we'd be able to take advantage of any daycare funding from the govt.  Dissapointing to see there has bee so much fraud.  Especially because I just got a letter from MN stating that they are going to claw back a property tax refund that I claimed in 2023.  Just depressing.

[SIOUXFAN97]

59 minutes ago, nodak651 said:

I'm in MN with a 2 yo 4yo and 6 yo and never thought for a second we'd be able to take advantage of any daycare funding from the govt.  Dissapointing to see there has bee so much fraud.  Especially because I just got a letter from MN stating that they are going to claw back a property tax refund that I claimed in 2023.  Just depressing.

yeah i got a friend in town ..married one kid...takes daughter to daycare in a house by century on the coulee....costs a fortune...and he and his wife aren't rich (not poor either)...but bt health insurance on a second kid AND a second daycare bill...almost impossible to have their second.

had no idea this kind of funding/fraud was going on....crazy stuff