The City recognizes the need to stimulate private sector investment in industrial and commercial activities in order to maintain the vitality and viability of Mora's business community. The City shall continue its support of community and economic development projects by utilizing any and all available economic development financing tools, including but not limited to Revolving Economic Development (RED) Loan Program, Mora Industrial Commercial (MIC) Loan Program, Tax Increment Financing (TIF), Tax Abatement, and industrial park land sales.
Mora is Shovel Ready!
Mora Industrial Park 2nd Addition has 20 acres remaining for immediate development and an additional 20 acres available for future development. Much of this land is certified as Shovel-Ready by the Minnesota Department of Employment and Economic Development. The Shovel-Ready certification process ensures that the most time-consuming legal, technical, and regulatory aspects of development are already complete. Sites certified as Shovel-Ready have had all of the planning, zoning, surveys, title work, environmental studies, soils analysis and public infrastructure engineering completed prior to the site being offered for sale.
Click HERE for more information about Mora's Shovel Ready Site.
Mora Designated as an Opportunity Zone
Much of Mora - census tract 27065480300 - has been designated as one of Minnesota's 128 Opportunity Zones. Mora Industrial Park 1st and 2nd Additions are located entirely within Mora's Opportunity Zone. Opportunity Zones are designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026. If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%. Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.
Click HERE for more information about Opportunity Zones.
The following is a list of economic development partners available to assist businesses:
- Mora Area Chamber of Commerce Visit to learn more about the county-wide chamber.
- Kanabec County Economic Development Authority The EDA is available to assist new and existing businesses in particiapting Kanabec County cities and townships.
- East Central Regional Development Commission Visit to learn more about the East Central Regional Development Commission and its economic development programs.
- GPS:45:93 Visit to learn more about East Central Minnesota's regional economic development organization.
- Central Minnesota Initiative Foundation Visit for information on the Initiative Foundation's business programs.
The Mora Economic Development Authority administers two revolving loan programs available to local businesses: the Revolving Economic Development (RED) Loan Program and the Mora Industrial Commercial (MIC) Loan Program. The RED Loan is available to industrial / manufacturing businesses and the MIC Loan is available to industrial / manufacturing, commercial retail, and service businesses. Eligible uses for both programs include land acquisition, new construction or rehabilitation of existing structures, interior and/or exterior renovations, site improvements, utilities or infrastructure, equipment, inventory, training, and working capital. Both loan programs provide gap financing, which means the eligible project will involve a lead lender and owner equity. Loans will be made based on a business’ ability to meet established economic development goals and ability to meet other loan program requirements. For more information about the RED and MIC Loan Programs, contact Community Development Director Beth Thorp at 320.225.4807 or email.
Click HERE to view and print the loan application.