15% 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
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 a representative from the financial community, one professional representative, one trade area representative, two labor representatives and two business representatives. 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 two years has intervened between the time they complete their service on the committee and the time that they are re-appointed.
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.