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Incentives

Financial Assistance

The following tools are available to enhance the commercial, industrial, and manufacturing base in the City of Princeton:

Revolving Loan Fund Program:  The City provides gap financing for business start-ups and expansions, including equipment purchasing, land purchases, building renovations, etc.

Small Cities Development Program Interested in rehabilitating your commercial property?  Assistance is available in the form of 0%, ten year loans (that turn into grants after ten years of ownership).  Express your interest to city staff today!

Tax Abatement:  The waiver or forgiveness of all or part of local property taxes for a prescribed period of time.  The City can forgive up to $200,000 per year city wide. Partnerships with the County are available.

Tax Increment Financing (TIF): A tool used to create public and private investment in redevelopment or housing that uses increased or captured taxes to pay for land improvements and acquisition.  Primarily available for low income housing and industrial uses, with some exceptions.  Must meet “but for” test.

Incentive packages through a combination of programs are available.  Please contact the Community Development Specialist at 763-389-2040 or Shillesheim@princetonmn.org or stop in City Hall if you are interested in learning more about these and other programs available.  Economic Development staff looks forward to working with you!

ECRDC
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DEED
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Initiative Foundation
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Small Business Development Center
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