MAGIC Fund Screening Committee

Members


Professional

          
  • Jason Zimmerman Chairman
    Term: November 2014 - June 30, 2020

Labor   

       
  • Pat Bachmeier
    Term: July 2013 - June 30, 2019
  • Julie Drady 
    Term: October 2015 - October 2018

Business  

         
  • Jarid Lundeen
    Term Expires: July 2019

Trade Area

          
  •  Byron Gates 
    Term: October 2014 - October 2020

Finance  

         
  • Perry Olson
    Term: July 2016 - June 2019
  • Ryan Hertz
    Term: June 2015 - June 2018
Agendas & Minutes
View Most Recent Agendas & Minutes.

Overview


Forty percent of the 1% sales tax, which was passed by the people of Minot on May 1, 1990, has been dedicated for use in economic and industrial development. The fund accumulated for this purpose is known as the MAGIC Fund. The primary purpose of the fund is to create new jobs, save existing jobs, expand the local tax base, increase capital investment, improve the entrepreneurial climate of the region, and generally to expand the primary sector financial base of the area. 

 "MAGIC" Funds are available to provide temporary or permanent financing of any business cost related to the relocation and/or establishment of a new business, or the expansion of an existing business. 


Appointment, Membership, Term


The MAGIC Fund Committee is appointed by the Mayor and confirmed by the City Council. The committee structure provides that there be two representatives from the financial community, one professional representative, one trade area representative, two labor representatives and one business representative. Members will be appointed to three year terms with a maximum of two consecutive terms with the first members of the committee being appointed to staggered terms. Individuals who have served the maximum of two consecutive terms may serve again on the committee providing one term of three years has intervened between the time they complete their service on the committee and the time that they are re-appointed. 

 No officer, director, member or employee of the MAGIC Fund Screening Committee, Minot Area Development Corporation (MADC), City of Minot, or MADC or MAGIC Fund Screening agency may have an ownership position in a business funded by the MAGIC Fund. Funding will not be considered until 12 months after an applicant's disability under this paragraph terminates.


Source


Chapter 28 1/2, Article IV, Section 112 (2). Minot Code of Ordinances. City Council Action, April 2, 1990 (Committee Membership and Terms). City Council Action, June 2, 1997 (Terms) 

 MAGIC Fund General Policy Guidelines adopted by City Council June 2, 2003 and amended February 6, 2006 and April 6, 2009.
Revised 10/2017